Traditionally buying at auction is seen as something for people with cash in the bank. Using our modern method of auctioning property you do not exchange contracts on the fall of the hammer; you enter into an exclusivity agreement with the seller to buy their property. To do this you have to put down a non refundable deposit of 5% of the purchase price (subject to a minimum of £5,000, this goes towards the purchase price of the property and includes your auction fees), this then commits both the seller and yourself to an exchange of contracts in 28 days, giving you time to complete the legal work and your funding, if required. Like in a traditional auction you have access to all of the legal paperwork in advance for your solicitor to check over and you need to pre-arrange your finances so you know what you can afford to bid.
To make the auction fair to everyone, bidding is carried out virtually online and the bidding is open for 48 hours so you have plenty of time to secure the property. All you need to do is register your details on our live auctions page and then you can access the bidding portal and the legal documents.