A Bidder Security must be provided at the time of registration. This amount will be dependent on the reserve price which has been placed on the property and the number of lots you wish to bid on, subject to change. The amount required for any given property is displayed when you click into the relevant property.
Payment of the Bidder Security can be made via bank transfer. If you are not the purchaser at the auction your bank transfer will be returned in line with our terms & conditions.
Our digital platform is secure and efficient, combining cutting-edge technology with market-leading property expertise. The BidX1 team have sold thousands of assets through the platform, from houses and apartments to offices, industrial units and development sites, as well as large-scale investment portfolios.
The process is straight-forward and user-friendly. All bidders register in advance of the auction and provide a Bidder Security, relative to the reserve price of the property. Every bid placed during the auction is logged and displayed on the website in real-time; the process is fully transparent. BidX1 exchange contracts on behalf of both the buyer & the seller on auction day, and these contracts are legally binding.
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We sell a broad mix of commercial and residential properties. Our sellers include private individuals, government agencies, charities, receivers & insolvency practitioners, housing associations, private equity funds and developers.
Our fees are broken down into an initial entry fee followed by a commission (a percentage of the sale price). Fees vary depending on lot size and property type and this is something that can be further discussed on enquiry.
For more information on the benefits of selling with BidX1, or to get in touch with our team about your property, click here.
Unlike the private treaty process, auction properties are not sold ‘subject to contract’, ‘subject to finance’ or ‘subject to survey’. When a lot is sold, a legal and binding contract has been formed: if you are the purchaser, you are legally obliged to complete the sale.
We strongly advise potential purchasers to check that they have read and understood all the various legal documents and terms & conditions prior to bidding.
We normally hold 2-3 open viewings for each lot. Viewing times are listed on the relevant property page.
Yes – surveyors are welcome to attend one of the open viewings.
The vendor's solicitor prepares a legal pack containing special conditions of sale, title deeds, leases etc. These documents will help you and/or your legal adviser to make an informed decision about the property.
The legal pack can be downloaded from the relevant property page. Simply click on the 'View Legal Pack' button below the property summary.
Please note that you will need to create a BidX1 Account to access the legal documents. This is free and takes less than two minutes.
The vendor’s solicitor is best placed to answer queries relating to the legal documents. Details of the relevant solicitor can be found at the bottom of each property page, under 'Legal Information.'
If you need to arrange a mortgage it is important that you obtain a binding offer from your lender before the auction. Most building societies and banks will wish to instruct a surveyor to prepare a valuation report before making a mortgage offer, so you will need to make your mortgage application as early as possible.
You will usually need to complete your purchase four weeks after the auction and should discuss this with your lender to make sure that this will not be a problem.
Please note that auction properties are not sold ‘subject to contract’, ‘subject to finance’ or ‘subject to survey’ - if you are the purchaser, you are legally obliged to complete the sale.
You will usually need to complete your purchase (transfer the full amount to the vendor’s solicitor) four weeks after the auction. However, the exact completion date for each lot will be stated in the Contract for Sale, which is available in the legal pack for each property.
A small number of properties are sold prior to auction. Please contact the relevant BidX1 contact if you wish to discuss this; the key contacts for each property will be listed on the property page.
On some occasions, properties are withdrawn from the auction. This is often because the legal documents have not been prepared with enough time for potential buyers to complete the necessary due diligence. In many cases, these properties will be re-offered at a future auction date.
A Guide Price is an indication of the seller’s current minimum acceptable price at auction.
The Reserve Price is the seller’s minimum acceptable price at auction, the figure below which the auctioneer cannot sell.
As properties cannot be sold for less than the Reserve Price, an appropriate starting bid will be set on the day of the auction. This is known as the Invited Opening Bid – it is the lowest bid that can be placed on the property. For example, you will not be able to place an opening bid of £1,000 on a property reserved at £6 million.
The Invited Opening Bid will be made public the day before the auction and is displayed in the blue bidding panel to the right of the main property image (or at the bottom of your screen if you’re using a mobile device). It replaces the ‘Reserve’ or ‘Guide Price’ figure.
Typically, registration opens 3 weeks prior to an auction. The registration opening date and time are advertised on individual lots as timings are subject to change.
The registration process is easy, and includes the following steps:
You'll then be asked to do the following:
After these steps have been completed, we will review your registration and let you know once you are approved to bid.
A buyer's administration fee is applicable to the successful purchaser of each lot. This is paid in advance of the auction by each party when registering to bid. If you are not the buyer, this amount will be refunded to you in full after the sale has closed.
When registering to bid at an auction, you will need to have the following information to hand:
Your Identification Documents
Additional Purchaser Information
If you are purchasing the property with another individual, you will need to provide details about this individual including their name, email address and phone number (they will receive an email asking them to confirm these and to provide further details and identity documents).
Director & Shareholder Information
If you are purchasing the property on behalf of a Company, you will need to provide details about the Directors and Shareholders including their names, email addresses and phone numbers (they will receive an email asking them to confirm these and to provide further personal details and identification documents).
Solicitor Information Details of your solicitor including the firm name, contact name, address & phone number.
Payment Information Bank Account details.
Once you have been approved to bid by our teams, you are free to place bids as soon as the auction opens. Placing a bid is easy, and you can practice at any time using our Bidding Demo.
Note that bidding takes place on the relevant property page – the same page that you’ve been visiting to get information about the property and to register for bidding. On the right-hand side of this page (or at the bottom of your screen if you’re using a mobile device), you will see the Bidding Panel.
There are two bidding options to choose from: you can place a bid manually by using the 'Instant Bid' button or set an 'Auto Bid' to let the system do the work for you.
In both cases, you will be asked to confirm your bid amount before it is placed.
We will also keep you informed of your bidding via email notifications – you will receive an email for your records each time that you place a bid and if you are out-bid, a further email will be sent to notify you of this.
Please note that if a bid is placed within 60 seconds of the scheduled closing time, an additional 60 seconds will be added. This is known as an extension period. During an extension period, any further bid that is placed will result in the clock re-setting again for a further 60 seconds, giving all registered bidders a fair and equal opportunity to place another bid. This will continue to happen until a full 60 seconds passes with no bids being placed.
No; our auctions are fully online and we cannot accept bids over the phone.
However, our bidding technology is compatible with mobile phones, allowing you to place a bid from anywhere in the world with a working internet connection. We have also developed an Auto Bid function, which will place bids for you up to a pre-set limit decided by you.
We have developed a number of features to help in this instance:
Warnings
Our platform can usually detect when there is a connectivity issue between your device and our bidding system. In such instances we will inform you with on-screen prompts outlining the current connectivity issue e.g. slow speeds, complete loss of connectivity detected etc.
Auto Bids
Our platform will allow you to enter an automatic bid with a pre-set maximum amount that cannot be viewed publicly. The system will enter bids for you, only in order to maintain your position as the highest bidder, and only up to the maximum amount that you’ve specified.
If this maximum bid is overtaken, you will be notified via email and can enter another higher bid if you so choose.
Multiple Devices
Our platform will allow you to be logged in as a registered bidder on multiple devices simultaneously. This can mitigate the risk of losing broadband connection, or mobile connection.
Bidding typically opens on all lots at the same time, usually at 9am on the day of the auction. The closing time will be clearly advertised across all lots.
Although bidding on all lots usually opens at the same time on auction day, the closing time for each lot is different – this time will be advertised on the relevant property page. Lots can begin to close from 11am, sometimes earlier, and usually follow a staggered closing pattern of one lot every 4 minutes. Make sure you check the closing time for your lot in advance of the auction.
Please note that if a bid is placed within 60 seconds of the lot’s closing time, an additional 60 seconds will be added. This is known as an extension period, and is detailed further below.
The closing time for each property on auction day is different – this time will be advertised in the bidding panel on the relevant property page. However, if a bid is placed within 60 seconds of the property's closing time, an additional 60 seconds will be added. This is known as an extension period.
During an extension period, any further bid that is placed will result in the clock re-setting again for a further 60 seconds, giving all registered bidders a fair and equal opportunity to place another bid. This will continue to happen until a full 60 seconds passes with no bids being placed.
Due to variations in browser and connection speeds, bidders are advised to make a bid with at least 10 seconds remaining on the clock.
Our platform will allow you to enter an automatic bid with a pre-set maximum amount. This is known as an Auto Bid, and it cannot be viewed publicly. The system will enter bids for you – but only in order to keep your position as the highest bidder, and only up to the maximum amount that you’ve specified.
If this maximum bid is overtaken, you will be notified via email and can enter another higher bid if you so choose. It is important to note that once set, an Auto Bid cannot be cancelled.
The purchaser will receive both an email and a phone call from BidX1 confirming that they have purchased the property. BidX1 immediately sign contracts on behalf of both buyer and seller and you are required to provide the full 10% deposit within 48 hours. Some of this amount has already been paid by way of the Bidder Security payment when you registered to bid. Therefore, the amount required at this point is 10% of the purchase price, less the Bidder Security payment provided during registration.
Subject to Confirmation: this is a conditional sale where the buyer is invited to make an offer or place a bid at or above the opening bid price of the listed property. Once bidding has closed the seller has 2-5 business days to decide if they want to accept the highest bid or not (the confirmation period will be stated in the marketing particulars of the property).
If you are not the highest bidder, or if the highest bid is rejected, your participation fee will be refunded in full within 5 business days of the auction closing time. If you are successful following vendor acceptance, and in accordance with the authority you provided on registration, BidX1 will exchange legally binding contracts for the sale of the property on behalf of the buyer and the seller.
The invited opening bid should not be considered as a guide price, nor is it an indication of the reserve price.
We are committed to providing a professional service to all our clients and customers. When something goes wrong, we need you to tell us about it. This will help us to improve our standards.
If you have a complaint, please put it in writing, including as much detail as possible. We will then respond in line with the timeframes set out below (if you feel we have not sought to address your complaints within eight weeks, you may be able to refer your complaint to the Property Ombudsman to consider without our final viewpoint on the matter).
What will happen next?
The Property Ombudsman
Milford House
43-55 Milford Street
Salisbury
Wiltshire
SP1 2BP
01722 333 306
admin@tpos.co.uk
www.tpos.co.uk
Please note the following: You will need to submit your complaint to The Property Ombudsman within 12 months of receiving our final viewpoint letter, including any evidence to support your case.
The Property Ombudsman requires that all complaints are addressed through this in-house complaints procedure, before being submitted for an independent review.