#WITH VIRTUAL AUCTIONS

Registration: To take part in the auction, you must first create a bidding account and complete our verification steps. This typically includes providing your full name, contact details and agreeing to the auction terms and conditions.

Proof of ID: You will be asked to upload a valid, government-issued photo ID (for example, a passport or driving licence). The name on this ID must match the name on your bidding account and any payment method you use.

Proof of residence: You will usually be required to provide a recent utility bill, bank statement or official letter showing your current address. This must be dated within the last 3 months and must clearly display your name and address.

Note: Your registration must be fully approved before you can place any bids. Incomplete or unreadable documentation can delay your access to the auction.

Timed auction format: In a timed online auction, each lot is open for bidding over a fixed period. You can place bids at any point while the lot is live. The highest valid bid when the countdown reaches zero will normally win, subject to the reserve price being met.

Bid increments: Bidding moves in set increments. When you enter a bid, the system will automatically adjust it to the next valid increment if needed. You can also place a maximum bid, allowing the system to bid on your behalf up to your chosen limit.

Extended bidding: If a bid is placed in the final moments of the auction, the closing time for that lot may be automatically extended. This prevents last-second “sniping” and gives all interested buyers a fair chance to respond.

Note: Always check the individual lot page for the exact end time and any specific rules on extensions or reserve prices.

Auctioneer fee: On winning a lot, an auctioneer fee (sometimes called a buyer’s administration fee) will be due immediately. The amount or percentage will be stated clearly in the lot details or auction terms.

10% deposit: In addition to the auctioneer fee, you will normally be required to pay a 10% deposit on the final purchase price. This is payable as soon as your winning bid is confirmed and forms part of your total payment for the property or asset.

Remaining balance within 30 days: The remaining 90% balance is typically due within 30 days of the auction end, unless a different completion period is specified in the legal documents. You are responsible for ensuring funds are available and for coordinating with your solicitor, lender or financial adviser.

Note: Failure to pay the auctioneer fee or 10% deposit immediately may result in your bid being cancelled and the lot being re-offered.

Buyer’s fee: Many auctions charge a separate buyer’s fee, which covers the costs of running the sale and providing the platform. This fee is usually payable on top of the final hammer price.

How it is calculated: The buyer’s fee may be a fixed amount, a percentage of the winning bid, or a combination of both (for example, a minimum fee plus a percentage over a certain threshold). The exact calculation is set out in the auction terms and on the lot page.

Interaction with other charges: The buyer’s fee is in addition to the auctioneer fee, the 10% deposit and any legal or conveyancing costs. Always review the full breakdown so you understand your total commitment before you bid.

Note: The buyer’s fee is usually non-refundable once the lot has been won, even if you later decide not to proceed.

Post-auction confirmation: Once the auction ends and you are the highest bidder (and the reserve has been met), you will receive an immediate on-screen confirmation and an email summarising the key details of your purchase.

Legal documentation: The legal pack and memorandum of sale will be issued, usually via email, setting out the contractual terms and completion date. You should pass these documents to your solicitor straight away so they can begin the post-auction process.

Payments and timelines: You must pay the auctioneer fee and 10% deposit promptly, and make arrangements to settle the remaining balance within the agreed completion period (commonly 30 days). Delays on your side do not usually extend the contractual deadline.

Note: Keep a clear record of all payments, correspondence and deadlines to avoid any misunderstandings during completion.

Loss of deposit and fees: If you fail to pay the required amounts or do not complete the purchase within the specified timeframe, you may lose your 10% deposit, auctioneer fee and buyer’s fee. These amounts can be retained by the seller and/or auctioneer as compensation.

Potential resale of the lot: The seller may instruct the auctioneer to re-offer the lot. If the property is later sold for less than the price you originally agreed to pay, you may be liable for the shortfall and any associated costs.

Legal and credit implications: Non-payment can lead to legal action to recover losses and may impact your ability to bid in future auctions. Some auctioneers may suspend or permanently block your account if you default on a purchase.

Note: Only bid when you are fully satisfied with the legal pack, funding arrangements and timescales. Bids placed in the auction are legally binding once the reserve price has been met and the lot is declared sold.