The Modern Method of Auction
Buying through our property auction could not be easier. You can bid from your desk at work or from the comfort of your own home! If you can’t bid online and need us to make a bid on your behalf don’t hesitate to get in touch.
All our properties are offered for sale via the Modern Method of Auction. This is not to be confused with the Traditional Method, where a legal exchange of contracts is required immediately after the auction ends. Our auction is a more client-friendly process, still based around a fixed timescale but allowing longer periods for exchange and completion to further accommodate the residential buyer and seller (and organise that removal van!).
The Modern Method
• A reservation fee paid within 48 hrs of auction completion (this is a reservation fee and does not form part-payment of the final selling price)
• 28 days for exchange of contracts
• 28 days for completion of contracts
A more client friendly process allowing time for buying with finance and organising a removal van!
The Traditional Method
• 10% paid immediately after auction
• Immediate exchange of contracts
• 14-28 days for completion of contracts
A process more appropriate for commercial investments or repossession stock
What happens when you’re the successful bidder?
If you're the successful bidder you will be alerted by email and contacted by a member of our staff to discuss the next step. Within 48 hours of winning the auction you will be required to do the following:
1. Confirm bank transfer of the reservation fee
2. Sign the ‘acknowledgement of reservation’ form that will be issued by the auctioneer in relation to your purchase.
Once both steps have been confirmed you and your solicitor will be issued with a memorandum of sale and any other supporting documentation.
Two more key processes will take place after the memorandum of sale has been issued:
1. Exchange of contracts: this will take place on or around the 28th day after instruction. Normally a proportion of the purchase price will be paid, the sale becomes legally binding and a date will be set for completion.
2. Completion of contracts: This is the when the legal transfer of title takes place. The final balance of the purchase price is transferred, the buyer legally becomes the owner of the property and the keys will be made available for the new owner.