Auction Services

We offer online property auctioning services, with two distinct auction methods being available; Traditional Auction, and Conditional (Modern) Auction. Both methods share some characterises but also have some key differences.

The following apply to both auction methods:

  • Our auctions take place online, with bidder registration and bidding taking place on our website.
  • The length of time for which bidding will be open is at the discretion of the seller, although we will always offer advice to suit the property and current market conditions. Bidding could remain open from a matter of hours to anything up to 4 weeks.
  • The seller will place a reserve price on the property, meaning that if bidding does not meet or exceed this amount, the property will not be sold. The reserve price cannot be any greater than 10% above the advertised guide price.
  • Completion timescale is up to a maximum of 28 days after contract exchange unless otherwise stipulated in the special conditions which are put in place by the seller.
  • We do not charge the seller an agency fee for auctioned properties, instead we will take our fee from the buyer’s side.

Although both auction methods share the characteristics already outlined, the table below illustrates the key differences between the two auction methods:

Traditional Conditional (Modern)
Contract Exchange immediately at the point bidding closes Contract Exchange within 28 days of bidding closing
Buyer fee of £6,000 minimum, inc. VAT charged to buyer at point bidding closes Reservation fee of £6,000 minimum, inc. VAT charged to buyer at point bidding closes
Buyer Funding: Cleared funds only (cash) Buyer Funding: Mortgage or cleared funds (cash)
Suitable for any property Only suitable for properties on which it is possible to obtain a mortgage

Some properties do not meet the minimum standard for a bank to lend against, for example a property requiring significant renovation. For these properties a conditional (modern auction) would not be possible, and traditional auction would be used instead. However, traditional auctions are not limited to mortgageable properties, they can be used for any property, and are sometimes used when the seller simply requires a faster sale.