Our experts answer your questions
If you have any questions or need further details, feel free to explore our guides or reach out to our team.
Benefits of buying at auction
Auctions offer a dynamic platform with a wide range of homes and investment opportunities, allowing buyers to quickly secure properties at competitive prices.
Complete faster
Auction offers quicker completions vs. Private Treaty where it can take over 100 days to complete.
Quick and simple bidding
We’ve revolutionised online auctions, letting you bid anytime, anywhere, 24/7, from home.
Buy with a mortagage
Our Modern Method of Auction option provides an extended timescale of 56 days from receipt of draft contracts for completion.
Additional security
The buyer and vendor enter into a Binding Reservation Agreement, committing them to completing the purchase.
Modern Method Auction (MMoA)
This is our most popular auction method as it combines elements of Private Treaty and auction. It provides the speed, transparency and security of a traditional auction but exchange and completion take place within 56 days from receipt of draft contract. Here are some things to consider:
Buyers should be aware that a 4.2% non-refundable Reservation Fee must be paid within 2 hours of the auction closing if they are the successful bidder. This fee is in addition to the final purchase price and should be factored into the total budget. It's essential to ensure that sufficient funds are available on auction day to cover this fee.
In certain cases, sellers may choose to cover the auction fees, in which case buyers will need to pay a Reservation Deposit instead of the Reservation Fee. This deposit is typically also 4.2% of the purchase price and counts towards the final purchase price. Buyers must clarify which option applies to their situation to avoid any surprises.
Buyers are required to complete the purchase within 56 days of receiving the draft contracts. To facilitate this, it is advisable to secure a mortgage agreement in principle before the auction. This preparation ensures that buyers can move quickly and meet the necessary deadlines once they win a bid.
Understanding the auction process
It’s essential to do your research on the property and comparable sales in the area. Consider your budget and any additional fees, such as the Reservation Fee. We also provide insights and guidance to help you determine a competitive bid.
If you win, you’ll need to pay a Reservation Fee within a specified time frame, typically 2 hours after the auction closes. You’ll also have a set period (28 or 56 days) to complete the purchase, so ensure your financing is ready and your solicitor is instructed.
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