Bidding in a MyLondonHome Auction couldn’t be easier...
Whether you are buying an investment property or your dream home, we believe that the process should be exciting and stress-free.
That’s why MyLondonHome Auctions is fast, simple and most importantly transparent and secure. If you are the successful bidder when the timer reaches 0, you then have 40 working days to exchange contracts. This is your reservation period. During the 40 working day reservation period, the seller is not able to accept other offers.
This guide is for buying property on MyLondonHome Auctions, if you are looking for information on how to sell your property on MyLondonHome Auctions, please view the Selling Guide.
A Step By Step Guide To Bidding
1. Registration and Verification
Every bidder on MyLondonHome Auctions must first create an account. This is very simple and we only ask for your basic ID details to do so. To register, simply click here to register and complete the online form. Once you have registered, you will be able to search, download legal documents, arrange viewings and contact us if you have queries on the property.
We are committed to carrying out identity and anti-money laundering checks and so, in order to bid, you will need to be authorised. Don’t worry, the process is quick and easy, you’ll need to complete a short form, as well as provide either a passport MRZ number or driving licence number. Verification is carried out online and the results are immediate. This check will leave a soft footprint on your credit report (but it should not affect your credit rating).
2. Place your Bid
Once you are fully authorised you will be free to place a bid.
To place a bid, you will have to follow a few steps, which we have designed to be as user-friendly as possible:
You place your bid online, either using the preset increments or by adding your own bid. You will be notified if someone outbids you giving you the option to increase your bid.
If you or another buyer enter a higher bid in the final 5 minutes of the timer, it resets the timer back to 5 minutes, giving you the opportunity to consider entering in a higher bid.
As you bid, other bidders will see your first name initial, and likewise, you can see their first name initial - all other information is only known to us.
At the end of the specified time period, when the timer reaches 0 - if you were the highest bidder you will enter into a reservation agreement with the seller and have 40 working days within which to exchange. If you fail to do so, you will lose your reservation fee.
If you are the successful bidder, we will automatically charge you £6,000 (incl. VAT), using the payment details provided, as payment towards a reservation fee.
The full reservation fee is 2.4% inclusive of VAT. You will be required to pay any outstanding amounts of the reservation fee immediately at the end of the bidding period. This will be specified in the reservation contract. We will only charge you if you are the successful bidder.
By placing the bid, you are authorising MyLondonHome to sign the reservation agreement on your behalf.
You then have 40 working days to exchange and transfer the full deposit amount.
3. Confirm terms and submit your bid!
We encourage responsible bidding. Remember that if you are the successful bidder, you will be legally obliged to pay the full amount of the purchase price.
With that in mind, we strongly recommend that you have funds in place before placing your bid and only bid up to your limit.
Frequently Asked Questions
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