Online Auction: The bidding period is normally the final 30 minutes of the online auction marketing period which generally runs for 30 - 45 days. Our online auction platform is very easy to use and bids can be made by registered bidders during the nominated bidding period.
IS THE BID BINDING?
Traditional Auction (unconditional auction): On acceptance of a bid the buyer is required to sign the Contract for Sale and to pay a 10% (minimum of £6,000) part payment contract deposit. The winning bid secures the property exclusively for the successful bidder. Please check the special conditions of the Contract for Sale which will note any conditions to the sale. Normally 28 days are granted to the buyer to complete the sale.
Modern Method (conditional auction): On acceptance of a bid the buyer is required to sign a Reservation Form and to pay a £6,000 non refundable part payment reservation deposit. The winning bid secures the property exclusively for the successful bidder for the 28 day reservation period. The buyer must sign the Contract for Sale and pay the balance of the 10% contract deposit (if applicable) within the 28 day reservation period. After contracts for sale are signed by the buyer, they are granted a further 28 days to complete the sale. If the contract for sale is not signed by the buyer within the 28 day reservation period the buyers reservation deposit is forfeited and the seller can re offer the property to the market.
To place a bid on the Online Auction, buyers will first need to register for an account on the auction website. This is a simple process and will take a matter of minutes. Once a buyer has registered an account, they will then need to register on the individual property they are interested in bidding on. All bid registrations are reviewed by the auction team and approved if all is in order. The auction team recommends that buyers should aim to register to bid at least 48 hours before the bidding period opens.
All bids are made visible on the online auction during the bidding period allowing buyers to see the highest current bid. The bidding period remaining is clearly displayed on the countdown clock for each property. The auction end time will extend to 2 minutes remaining for every bid in the final 2 minutes of the bidding period.
Yes, the seller may decide to accept a bid prior to the nominated auction date. By law we must put all bids forward to the seller and they will decide whether to accept a bid or not. It is therefore important that buyers note their interest to the auction team early to avoid disappointment. If a bid is accepted by the seller before the nominated auction date it will be strictly under auction terms and conditions.
If the reserve price is not met on the online auctiont, we will communicate with the seller as well as buyers to see if a sale can still be achieved. If a buyer is interested in an unsold lot they should contact a member of the auction team to discuss as soon as possible.
A Property Information Pack will be uploaded for each property to the auction website once the pack is received from the seller’s solicitor. The pack will usually contain a reservation form, contract for sale, title information, title map, planning information, tax receipts amongst other supporting documentation to help buyers make a decision on their property of interest. The Property Information Pack can be viewed and downloaded from the auction website by registered users. The auction team advise buyers to employ a solicitor to review the pack for them ahead of bidding.
Buyers are free to undertake a structural survey on their property of interest ahead of bidding to ensure they are happy with the condition.
If you still have any unanswered questions or wish to talk to someone further, please don't hesitate to contact a member of our auction department. They are approachable, friendly and able to offer honest and sensible advice.
If you would like to discuss the auction route further please don't hesitate to contact a member of the Auction Department on 028 9560 8380 to discuss in greater detail.
