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Our Auction Sales Methods

To cater to our wide range of clients from landlords, social housing providers to the average homeowner, Property Solvers offer both traditional (28-day) and modern method (56-day) options.

Traditional 28-Day Auction

  • List your property on our market-leading auction platform in a just a few days
  • Easy to use ‘eBay-style’ secure bidding platform (see our example listing)
  • Secure a committed buyer and exchange contracts within 3 weeks of listing on our auction service
  • Rigorous buyer ‘Pre-Approval’ checks carried out before the auction
  • Discounted legal packs available
  • Direct access to the UK’s largest property investor / auction database and 45,000+ strong LinkedIn membership group
  • Excellent exposure on the major portals including Rightmove, Zoopla, Prime Location and many more;
  • 24-hour enquiry line and buyer viewings available 7-days a week
  • Buyers can bid from anywhere in the UK (or the world) from the comfort of their own home – 24/7
  • “Buy it Now” and cash buyer options available (to sell even faster!)
  • Low sale fall-through rates

Modern 56-Day Auction

  • All the benefits of selling through a 28-day auction
  • Provide sellers with the opportunity to achieve higher estate agency prices with the security of sale that auctions bring
  • Longer sales timeframes that enable buyers to organise more competitive auction finance
  • Deal with serious buyers (no-timewasters) who undergo a thorough buyer checks
  • Winning bidders are charged a non-refundable reservation fee, committing them to the sale
  • Exchange of contracts occurs 4 weeks after fall of the online hammer with completion another 4 weeks (our sale completions are 50-80% quicker than using an estate agent, without compromising on price)
  • No waiting times for auction catalogues and maximum exposure to buyers (on all the major portals)
  • A great way to sell land, commercial and mixed-use properties (much faster than private treaty)
  • Ask us about our 6-week (42-day) unconditional sales options
  • Very slim chance of sale collapse (due to built-in procedural checks and guarantees)

FREE Auction Valuation Report

Property Solvers House Valuation Report

How Our Property Auctions Work

Initial Phone Discussion with Seller

Initial Phone Discussion with Seller

Sellers reach out to us via our online form or calling our 24/7 property auction call centre on 0800 044 3922.

We start by having a discussion about the current sales situation, specific details on the property and what the price expectations may be. The aim here is to find out whether using an auction service like ours is genuinely the best way forward.

For instance, we sometimes see that our fast house sale or quick estate agency options may work better.

We’ll also run through our auction process in however much detail as desired. There will never be any pressure to use our service and appreciate that sellers may simply just be making enquiries.

Auction Property Factfind and Valuation

Auction Property Factfind and Valuation

Our sales manager will ask some headline questions regarding the condition of the seller’s property and request other specifics.  This can include tenancy agreements, leasehold / freehold documentation, relevant covenants and other confirmations (that can be forwarded to [email protected] or the direct email provided).

The more information we can feed into our valuation modelling here the better.  We’ll then use specific Royal Institute of Chartered Surveyor (RICS) guidelines that adopt HM Land Registry sold price data to revert back to the seller with a recommended guide and reserve prices for auction. We can also value property portfolios of any size.

We also have an auction industry-specific valuation report which contains a range of detailed and relevant information.  We’re more than happy to run this off for both auction buyers and vendors.

Seller Decides on Unconditional or Conditional Auction

Unconditional or Conditional Auction

Choosing between a shorter (28-day) or slightly longer (56-day) auction timeframe will often depend on the vendor’s own plans as well as the condition and marketability of the property.

For instance, if the property is unmortgageable, in probate (inherited) or the seller would prefer a cash buyer only transaction, the 28-day (unconditional) auction is the better option.

Others are happy to wait longer and open their property to retail buyers (i.e. those that will typically buy with a mortgage). Here, our 56-day sale would be the better option as we can still take a non-refundable deposit to secure the sale when the virtual hammer falls.

The exchange of contracts happens after 28 days meaning the buyer would need to pay the 10% deposit and complete the sale within the following 28 days.

Alternatively, the seller may wish to dispose of the property as a private sale (to a We Buy Any House company, for example).

Suggested Guide and Reserve Prices

Suggested Guide and Reserve Prices

Our recommended prices for auction often depend on the property’s size, location and condition alongside seller objectives to name a few of the factors involved.

The guide (advertised) and reserve (minimum) prices are also based on whether the seller chooses our unconditional (56-day) or conditional (28-day) option.

Typically, as there is more time with our conditional (56-day) sale, we would normally suggest a guide price of 90% of the market value with a reserve of 85%. However, it’s not uncommon to see properties sell for 100% of their market value.

With our 28-day auction sales, we usually recommend a guide price of 85% and a reserve of 80% of the valuation.  Similarly, it’s not uncommon to see properties with these auctions achieving well above their guide prices.

Above all, as auctioneers, we’re very conscious of not “over-pricing” properties that attract no bidding interest.  We therefore use our many years of industry expertise to generate strong buyer interest and fair prices for our seller clients.

Indeed, historically, property auctions have always been the best place to let the market do the talking (rather than allow for estate agents and other third parties to have what can often be a speculative influence on pricing).

Auction Agent Viewing / Confirmation

Auction Agent Viewing / Confirmation

Although not always necessary, we can visit the property and meet the seller 7 days a week at a time that suits the current owner or tenants residing at the property.

Sometimes, especially if the legal pack is already prepared, it makes sense for us to take photos and produce a floorplan at the same time.  We can also organise the Energy Performance Certificate (EPC) at the same time if necessary.

Unlike most auction houses across the UK, this – combined with our unique capacity to upload properties in as little as 24 hours – means we can get properties to market in just a few days.

RICS Survey

RICS Survey

Sellers are under no obligation to book a Royal Institute of Chartered Surveyors (RICS) valuation.

It can, however, sometimes encourage more potential bidders as more feel comfortable with proceeding and things are being kept transparent.

Many sellers we work with often have RICS reports which can be of use, provided they are relatively recent.

Property Auction Terms and Conditions

Property Auction Terms and Conditions

For all our auction sales, Property Solvers observes the 4th Edition of the ‘Common Auction Conditions’ reproduced with the consent of the Royal Institute of Chartered Surveyors).

We also require sellers to digitally sign an agreement prior to initiating the promotion process.  This will protect all parties involved in the transaction.

Auction Legal Pack

Property Auction Legal Pack

We would rarely suggest that sellers proceed with an auction sale without a full legal pack in place. Omitting this key information often means that buyers will feel less confident about the purchase and bid lower

Extra information will also be required if you’re selling a tenanted, pre-repossession, inherited/probate or commercial property / land.

Property Solvers have conveyancing partners we can put you in touch with who offer competitive ‘pay now’ and ‘pay later’ options.

Check out our propety auction sellers legal guide which explains how things work in this regard.  Please also feel free to complete this form and our competitively-priced conveyancing partners will reach out to discuss your requirements and quote.

Photography, Floorplan and EPC

Photography, Floorplan and EPC

If this process was not undertaken during our initial viewing, we’ll get these organised for free at a time convenient for the seller or occupants of the property.

We can also arrange for an Energy Performance Certificate (EPC) if this has not been undertaken in the last 10 years. This is a legal requirement prior to marketing a property on the open market.

Advertising for Auction

Advertising for Auction

We take pride in providing high-quality listings and the property will be published on all the major portals to draw in the maximum amount of attention (see where we advertise). Rest assured, this is what we do best!

Property Solvers Auctions also has an excellent social media presence, including via the UK’s largest LinkedIn Group for Property Investors / Developers.

We typically recommend marketing the property for 21 days before starting the bidding process. However, we are happy to adjust this as our seller client’s circumstances dictate.

Viewings and Open Days

Viewings and Open Days

Our experts are available 7 days a week (including evenings) to host viewings anywhere in the UK.

In many cases, we run open days where we invite multiple buyers to view the property. This reduces the level of inconvenience for any occupants.

Provided that the seller is completely comfortable with handing the keys over to us until completion, we are happy to take full control of this process.

For buyers, will also make ourselves fully available to answer any questions relating to the property and can run second viewings when appropriate to do so.  Note that any requests for surveys or other condition reports will be at the seller’s discretion.

Auction Bidder Registration

Auction Bidder Registration

By law, we are required to formally register potential buyers before allowing them to bid on our portal.

This requires us to undertake full identification and Anti-Money Laundering (AML) checks to ensure that there is nothing untoward.

Undertaking this process saves a lot of administrative and legal hassle once the auction process concludes.

Property Auction Bidding

Property Auction Bidding

Prior to the start of the auction and during what is typically a 6-day bidding window, buyers can contact our team for any clarifications through our 24/7 enquiry line.  We also have a series of “auction build up” emails

We typically allow a 48-hour bidding period (at the end of the 6 days) and – in addition to continually monitoring progress – will make ourselves completely available to answer any buyer and seller questions.

There is no limit to the amount buyers can bid up to.  We will send alerts when bids have been beaten (which can also be seen via the listing itself).

Sellers can see bidding activity directly on the portal. We will also advise you of any proxy bids – i.e. where buyers enter a maximum bid and we bid up to that amount on their behalf (similar to eBay). This also means that the sale cannot be gazundered (i.e. see a drop) and things are kept completely fair.

SOLD! At Auction

SOLD! At Auction

At the end of the bidding period, the virtual hammer (“gavel”) will fall and the sale price is confirmed.  Regardless of whether it’s a 28 or 56 day auction sale, the buyer is committed to proceeding.

We will also be communicating with the winning buyer to confirm the next steps, completing the Memorandum of Sale and moving things forward.

The buyer will also sign a Reservation Agreement and/or the exchange contract immediately for 28-day sales.  The latter is usually at the request of the solicitors involved (as some are happy with the Reservation Agreement alone).  Either way, our auction team is happy to work to any request to ensure a smooth sale (and, of course, cover any associated costs).

No Refund Reservation Fee

No Refund Reservation Fee

With both our 28-day and 56-day auctions, the buyer will be required to pay a non-refundable reservation fee of 2% + VAT to secure the property.

We usually take a charge on all bidder’s debit/credit card and the money will be withdrawn from the winning bidder automatically.

This avoids any confusion at the close of the auction.

Exchange of Contracts

Exchange of Contracts

One of the many benefits of selling at auction is that, once the hammer has fallen, the chances of things falling through are slim to none.

With our 28-day (unconditional) auction, the terms and conditions state that exchange of contracts happens at the fall of the virtual hammer. This means that the buyer – unless otherwise agreed – must pay a deposit of 10% (within 24 hours) and complete on the sale within 28 days. Failure to do so could mean the loss of the reservation fee, deposit paid alongside other financial penalties and other abortive costs.

Note that with the 56-day auction, buyers have 28 days after the fall of the hammer to exchange contracts. Similar to the 28-day auctions, buyers will need to pay the non-refundable deposit and face heavy penalties if they were to withdraw from the sale.

Auction Conveyancing

Auction Conveyancing

Although much of the conveyancing work is already completed pre-auction, there will be some final processes to undertake – particularly on the buyers side.

You will also be sent legal documents to sign to finalise the sale.

Completion and Post Auction Sales Assistance

Completion and Post Auction Sales Assistance

Once the sale is complete, the team at Property Solvers will be completely at hand to organise key handovers and assist with any other issues that may emerge.

Common Questions About Our Auction Service

Please also check out our complete Frequently Asked Questions (FAQs) page or contact us directly on 0800 044 3922 (lines open 24/7) or [email protected].

Property Solvers Auctions was originally set up on the back of Directors James Durr and Ruban Selvanayagam‘s 40+ years’ collective experience in direct-to-vendor property sales.

We work differently from many auction houses by virtue of the fact that we are able to list properties in record time and offer flexible options based on our clients’ specific requirements.

With competitive fees, a state-of-the-art bidding platform, the very best exposure / property marketing plans and discounted legal packs amongst many other benefits, our auctions are an excellent way to bypass many of the hassles that come with open market sales.

For buyers, we offer a 24/7 enquiry line, secure bidding, access to competitive auction finance and access to the very best auction opportunities available in the UK.

Our 28-day unconditional auctions adopt Common Auction Conditions (CACs) as governed by the Royal Institute of Chartered Surveyors (RICS)

Essentially, this means that where an auction buyer successfully bids over the undisclosed reserve price, there is a legal commitment to the sale.

Our conditional (56-day) auctions also follow RICS guidelines.  However, our terms state that the winning bidder must pay a non-refundable reservation fee.  The buyer then has a 28-day “exclusivity period” before exchanging contracts (after which there is a legal commitment to the sale).

Although technically buyers could pull out of the sale after winning a bid, they will lose all the reservation fee and potentially face abortive legal (conveyancing) fees.  This is the reason why both our conditional (28-day) and unconditional (56-day) auction sales rarely fall through.

It’s also worth noting that well-known “in the room” auctions – including SDL Property Auctions, Auction House, Town & Country, Future Property Auctions, Strettons, Clive Emson, Allsop and John Pye – now offer online or stream bidding services in the same way as we do.

The property auction industry has evolved considerably over the last decade or so, attracting a wider spectrum of buyers and sellers than was historically the case.

Why 28-Day House Auctions?

At Property Solvers Auctions, we feel it’s important to offer a traditional (28-day) service that enables sellers to list their properties in record time and attract serious buyers into a competitive bidding environment who will exchange contracts at the fall of the online hammer.

Auction sellers know that they will receive the proceeds of sale within a set deadline and buyers can push forward safe in the knowledge that nothing will get scuppered along the way.

Why 56-Day House Auctions?

It’s often the case that traditional auction buyers either need to pay cash or use relatively costly bridging finance.

By extending the timeframes, our 56-day (modern method) auctions attract a wider pool of buyers who can access longer-term mortgage funding sources.

This means that sellers can achieve higher prices with a level of security that’s rarely available when selling via private treaty (i.e. through an estate agent).

Absolutely, Property Solvers Auctions is regulated by a range of industry governing bodies.

As legally required, primarily, we’re a member of NAEA Propertymark (our membership number is M0221747).

In order to provide extra security and confidence in our auction process, we’re also members of the following trade bodies and organisations:

  • The Property Ombudsman – a government-approved trade body that protects open market and private property sellers. Our membership number is D12343;
  • Trading Standards (Approved Code) – full adherence to their Consumer Codes Approval Scheme (CCCS);
  • Anti-Money Laundering Regulations – to assure complete protection of auction deposit funds or other client-held monies of any type;
  • Information Commissioner’s Office (ICO) – keeping buyer and seller’s personal contact details secure under the Data Protection Act (1998). Our registration number is ZA193637;
  • Royal Institute of Chartered Surveyors (RICS) Auction Regulations – we follow professional guidance known as Common Auction Conditions (CACs).

Please feel free to email us at [email protected] to request screenshot proof of our membership / registration with these bodies.

We bring auction properties onto our platform via a variety of means, including various direct online/offline marketing channels, existing clients, estate agent partnerships and word of mouth to name a few.

Property Solvers (our parent company) regularly speaks to homeowners in search of a fast sale.  Where our cash buying service doesn’t work or does not fit within our criteria, auction is often a great alternative.

We invest heavily in ensuring the very best advertising exposure and strategy for our auction seller clients.

Upon instruction, we have a UK-wide network of professional photographers and floorplan designers available at short notice.  Our auction administration team will draft the listing ready for publishing – in most cases – when the auction legal pack is ready (or we at least have a good idea of when the solicitors will forward the relevant documentation to us).

Our auction properties are marketed on the leading portals like Rightmove, Zoopla and Prime Location as well as a number of niche sites such as, The House Shop, Residential People, One Dome and HomeSearch amongst many others.

We can also circulate the property to our growing database of active auction buyers and investors and run the UK’s largest investor’s group on LinkedIn.

We also get excellent coverage in a range of mainstream media publications including The Sun, The Express, The Mail, The Independent alongside a range of local and regional newspapers.

Having actively operated across various property sectors for over 2 decades, we are very confident in our ability to value auction properties with complete accuracy.

We typically start by having a close conversation with the seller regarding the location, condition, size and a range of other factors regarding the property (or properties).

Our auction appraisers will look closely at sold HM Land Registry data and to a lesser degree housing / commercial / land stock on the open market that’s recently been marked as Under Offer or Sold STC.

We also have access to Rightmove Plus, Zoopla Pro, PropertyLink (Estates Gazette) and Essential Information Grop (EIG) which contain a range of additional information that’s not available in the public domain.

Following these steps enables us to provide evidence-backed and unbias figures that will result in the very best outcome for our seller clients.  At the same time, we’re very conscious not to overprice properties for auction so as not to attract buyer interest.

The Auction Reserve Price

The reserve price is the minimum figure that the seller is willing to accept for the property (either pre-auction or once the bidding process has ended)

Please note that the reserve price is liable to change throughout the promotional process (and theoretically right up to the bidding process, although this rarely happens).

In the event that there are no further bids, the bidder who places the ‘highest bid will be declared the purchaser at the end of the auction process.

Establishing the Guide Price

The guide price is an indication as to where the reserve is currently set.

It is not necessarily what we expect to sell the property for, and should not be taken as a valuation or estimate of the sale price.

The reserve will not exceed the guide price by more than 10% if it is a single figure guide price.  If a guide price range is quoted, the reserve will fall within that range.

With the seller’s permission, Property Solvers are able to offer viewings 7 days a week.  Please call our freephone number 0800 044 3797 or email us at [email protected].

Typically with auction sales, we’ll run open days where a number of potential bidders can view the property at the same time.

Should you wish to have a second viewing or book in a survey, we are more than happy to make those arrangements (with the owner’s permission).

Although it is not compulsory, we strongly advise sellers to produce a legal pack.

Once registered, you will be able to view the legal pack directly from the listing itself.  It will typically contain the following:

  • The Title Register from HM Land Registry;
  • Conveyancing Searches;
  • Special Conditions of Sale;
  • Property Information Form (TA6);
  • Fixture & Contents Form (TA10);
  • Leasehold Information (TA7) and Property Enquiries (LPE1) forms;
  • Tenancy Agreements and Proof of Rental Receivables (if the property being sold is a buy-to-let);
  • Commercial property leases (where required);
  • Planning and building regulation documentation.

You can then refer this documentation to your own conveyancer and revert back to us with any questions at [email protected].

These are specific contractual terms related to the property in question that will not appear in the listing or property brochure.

Where included, we’ll include these terms in the Legal Pack.

Along with the terms and conditions, we would need you to acknowledge that you have read and understood them before allowing you to bid on any lot we advertise.

To allow you to bid on properties we market across all areas of the UK, we’ll need to undertake a couple of fairly simple checks.

First, we’ll need to verify your mobile telephone number (via text message).

Secondly, we’ll ask you to scan copies of your ID (typically your driver’s licence or passport) and proof of address – such as a utility bill or bank statement.

You will then be asked to read and accept our conditional (56-day) or unconditional (28-day) auction terms and conditions.  These are aligned with the 4th Edition Common Auction Conditions (reproduced with the consent of the Royal Institute of Chartered Surveyors).

There may also be specific documentation – such as Special Conditions of Sale – that you will need to read and accept before being able to bid.

Property Solvers will send these documents to your email for your records.

We will also require you to register a credit or debit card in your own name for the security deposit.  We use Stripe who will provide a secure, online card registration facility.  They will attempt to place a ‘hold on funds’ (sometimes known as a ‘payment shadow’).  The bidder security amount will be clearly displayed when registering your card.

Your card will be automatically debited for this amount only if you win the bid.  If you’re not successful, this payment will be released back at no cost to you (please note that this can take up to a week).

We can then run our credit and anti-money laundering checks (at our own expense).  We may need to contact you directly should we need some extra information.  Note that this process does leave a ‘soft footprint’ and will not affect your credit rating.

Once accepted we’ll send you a confirmation email and you’re ready to bid!

At any point during the auction cycle, please do not hesitate to email us at [email protected] should you have any questions or require any assistance.  We’re always happy to assist…

Our auctions sell everything from residential terraced / semi-detached / detached houses, flats / blocks of flats, chalet bungalow properties, cottages of all sizes right through to a range of commercial / industrial / retail opportunities, ground rents, land and everything in between.

As with any property purchase, caveat emptor (‘buyer beware’) applies.

We strongly advise that view the property and seek professional advice as to its condition and suitability.

You should also ensure that you thoroughly read and understand the legal pack and any other associated documentation that we provide, and take proper legal advice accordingly.

Please also appreciate the contract you are entering into and the financial commitment that you will be liable for should you be the successful purchaser.

Below are the costs that you will need to bear in mind when buying at auction:

Non-Refundable Reservation Fee

This is a percentage additional charge on the hammer price (winning bid at auction) of the lot that must be paid by the purchaser.

Stamp Duty Land Tax (SDLT)

You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England, Wales and Northern Ireland.  This will be charged if applicable and at the current prevailing rate.

Property Insurance

In most cases, you will be liable to insure the property from exchange of contracts. Further information can be found in the legal pack for the relevant Lot.

Conveyancing and Other Professional Fees

You will require a conveyancer / conveyancing solicitor and should set aside funds to pay for any of these additional fees.

Value Added Tax (VAT)

In the UK this is currently 20% and is charged on UK goods or services if they are eligible for VAT and if provided by an entity (person or company) that is registered (or should be registered) for VAT. For information regarding this clause, please refer to the special conditions of sale and addendum (if any), in the legal pack for the relevant property.

Income Tax

If you are buying a second or investment (income-generating) property at auction, we would strongly advise you to speak with a qualified tax advisor / accountant.

If you are buying as an individual or as a company, there are extra income tax liabilities that you will need to be mindful of.

Overage (Where Applicable)

This is the term normally used in the context of a property transaction to mean a sum which the vendor may be entitled to receive after completion if a specified condition is satisfied.

The condition may be:

  • The grant of new planning permission; or
  • The grant of planning permission for a new (perhaps more valuable) use of the land; or
  • The construction of more than a specified number of houses, or a larger than specified commercial development on the land; or
  • The on-sale of the land in its present state, where the vendor fears that the purchaser may take advantage of a rapidly rising market to make a quick profit from the land. This will be particularly useful in the case of a vendor who is anxious not to be embarrassed by being seen to have sold at an undervalue, such as a local authority or charity.

Further information regarding this clause, will be found in the legal pack for the auction property listing.

As well as all the major portals portals, please visit our property auction sales page (which has all our current listings).

Yes, this is entirely possible.

We would need to undertake the relevant identification checks on the bidder and receive a written letter of authority.

Please get in touch with us in good time before the start of the auction so that we can make sure things are set up in the right way.

Yes, this is possible.  We will present the offer to the seller (along with confirmation of the buyer checks, proof of funds plus other credentials we have) and inform you of the decision.

In our experience, most wish to wait and see how things go with the bidding but some may go ahead.

When the auction opens, you can place bids in line with the pre-determined bid increment levels, using the bid increase (+) and decrease (–) buttons provided.

Having set your preferred bid amount and clicking the ‘Place Bid’ button, you will be asked to confirm your bid at which point it will be placed.

Every time you submit a bid you will be clearly shown whether your bid was successful, and a full list of all bids will be displayed on the auction list.

Maximum (Proxy) Bids

You are not restricted to placing a bid at the minimum bid amount, but can instead increase your bid and place a maximum (proxy) bid in the system.

By setting a maximum bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your maximum bid amount.

If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.

We go more into the proxy bidding and payment processes in our ‘Buyer’s Operations Guide’ which you will receive via email once you have registered to access the platform.

This will depend on the specific sales circumstances and the level of interest generated during the marketing period.

Typically, however, we tend to open up the bidding period for a minimum of 24 hours which will provide all interested parties with ample time to bid against the property.

We would strongly recommend that you ‘Watch’ any properties you’re interested in.  We will be able to keep you informed of what is happening.  For example, should the vendor decide to accept a ‘Bid Now’ offer you will be notified.

Yes.  Regardless of whether the auction sale is conditional (56 days) or unconditional (28 days), if you’re the highest bidder above the set reserve price for the property you will be committed to the sale.

As the winning bidder of a conditional auction, you are not bound to buy the property but will have the right to exchange contracts within 28 days and complete on the property at the agreed price within the subsequent 28 days of draft contracts arriving with your conveyancers.  You will also be committed to paying the reservation fee (of 2%) which will not be returned should you not exchange or complete on time.

As the winning bidder of an unconditional auction, you are legally required to exchange at the fall of the online gavel, pay 10% of a deposit (in most cases) + the reservation fee (2%) and complete the sale within 28 days.

Failure to comply with the auction terms and conditions could result in heavy financial losses.  For this reason, please be aware of your legal obligations prior to placing a bid.

Absolutely not.

Unlike eBay, bid sniping is impossible on our online auction platform.

All auctions will close as per their advertised ‘Auction End Date’.  However, if a bid is placed within the final 60 seconds of the auction’s scheduled end time the auction will be extended by an additional 60 seconds – known as the ‘bidding extension window’.

If a bid is placed in the bidding extension window, the countdown clock will immediately reset to 60 seconds again.  The auction will only finish when an entire 60-second bidding extension window passes without any further bids being placed – i.e. 60 seconds of ‘bidding silence’.

This ensures every bidder has a fair and equal opportunity to place another bid.

Do not leave your bid to the last few seconds.  It gives you no advantage and you risk your bid not being received by the server in time and you could lose the lot to another bidder.  Bidding is based on the server time and not your device which could be up to 2 seconds behind the server.

Once the online hammer (or gavel) falls, you will be informed if you are the winner or not via email.

The next steps will depend on whether this is a conditional (56-day) or unconditional (28-day) auction.

Fall of the Online Hammer – Conditional (56-Day) Property Auctions

As the winning bidder, you have the exclusive ‘right to exchange contracts’ on the property within the prescribed time frame – usually 28 days (20 business days).  This will be confirmed in the terms and conditions of sale and/or legal pack.

The bidder must also pay the non-refundable reservation fee.  At the point of exchange, the buyer will typically pay 10% of the agreed sales price into the conveyancer’s client account.

Once exchanged, the property sale must be completed within 28 days.

Fall of the Online Hammer – Unconditional (28-Day) Property Auctions

There is an immediate exchange of contracts and, unless otherwise agreed, you must deposit 10% of the property’s agreed sales price into your conveyancer’s client account.

The non-refundable reservation fee must also be paid to Property Solvers.

At this juncture, you will then have 28 days to complete on the sale.  Failure to do this in time could potentially mean losing the deposit and reservation fee as well as incur abortive penalties from the conveyancers handling the sale.

The team at Property Solvers will produce a Sales Memorandum the moment the auction is concluded.

This will be circulated amongst the conveyancers to proceed with the next stages of the sale.

Yes.  HM Revenue and Customs policy states that a reservation fee for a land or property transaction will be deemed as chargeable consideration.

Property Solvers operates a different pricing structure to many other auctioneers in that we charge both buyer and seller fees (many pass the fees straight on to the buyer).

This creates a more even playing field and, in addition to creating a non-conflicting bidding environment, means that your extra stamp duty liability is more reasonable.

Nonetheless, we would encourage factor this into your calculations before and during the bidding process.  We would also suggest speaking to a qualified tax advisor prior to purchasing any property.

Yes, we would encourage you to complete our Property Investor Profiling Form.

We can then forward any potential opportunities aligned to your criteria, including pre-auction opportunities.