Transforming the way you view auctions
Buying at auction offers a fast, flexible and transparent route to securing a property. With competitive bidding, you have the opportunity to purchase at a fair market price. The process is straightforward, often completing faster than traditional sales and online auctions provide the convenience of 24/7 bidding.
Modern Method of Auction
The Modern Method of Auction (MMoA) offers a transparent, efficient process, combining traditional auction speed with Private Treaty flexibility, ensuring exchange and completion within 56 days.
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
Purchasing a property at auction is straightforward and fast when you follow our step-by-step checklist below. By familiarising yourself with each step, your auction experience will be seamless and stress-free.
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Frequently asked questions
Do you still have questions or need more information? Feel free to browse our guides or contact our team.
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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