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


 Q.  How long does each bidding period last?

The seller has the freedom to choose how long their bidding period lasts. A countdown timer is attached to each property, so bidders can see how long is left. Whenever a bid is placed in the final 5 minutes, the bidding timer will reset to 5 minutes. This is to allow other parties a fair chance to place another bid. The bidding will end when the countdown hits zero.

 Q.  I’ve placed my bid. Can I bid again if my bid is exceeded?

Of course! You are free to bid as many times as you feel comfortable. You will have to go through the bidding steps, so make sure you place that bid in time!

 Q.  Do you use automatic proxy bidding?

To maintain transparency, the amount that you enter to bid is the bid that is accepted and shown on the site. There is no automatic proxy bidding system in place. With this in mind, we recommend that you keep an eye on the bidding to make sure you don’t miss out. We have a time extension mechanism in place to give you time to put another bid in - whenever a bid is placed in the final 5 minutes, the bidding timer will reset to 5 minutes. This is to allow other potential buyers a fair chance to place another bid.

 Q.  Are there minimum bidding increments?

Yes. When a bid is placed, we will automatically snap the next bid to the minimum increment:. Please note that we may vary the minimum increment depending on the property, so not every property will have the same minimum increment.

Remember, whenever a bid is placed in the final 5 minutes, the bidding timer will reset to 5 minutes. This is to allow other parties a fair chance to place another bid.

 Q.  Can I download and print legal documents?

Yes, you are free to download and print the legal documents. We recommend you use a solicitor or conveyancer to review the legal documents, but that is entirely your decision.

 Q.  How do I know the seller owns the property?

The legal pack should include an official copy from the Land Registry. This document will specify who owns the property and whether there are any charges or mortgages that need to be cleared. Your solicitor can assist you with this information.

 Q.  I’d like to arrange a viewing – how do I do this?

Arranging a viewing couldn’t be easier. Block viewing times will have been arranged and can be seen from the drop down box on the individual property page. Just pick the date most convenient for you, click submit and turn up at the property at your chosen time. To see if it is possible to arrange a viewing outside of these times please contact us. Unless we specify, please don’t just turn up at the property - you might not get a chance to view it and could be left disappointed!

 Q.  I’ve won the bidding. What’s next?

Firstly, congratulations!

We will contact you if you are the successful bidder and will automatically charge you a fee of £6,000 (incl. VAT) (using the payment details provided). Where applicable, you may be required to pay any outstanding amounts of the reservation fee immediately at the end of the bidding, if your bid is successful.

You should check the Reservation Contract document contained as part of the legal documents for each property. A reservation agreement is produced at the end of the bidding period and we are authorised to sign this on behalf of both the successful buyer and the seller to evidence that an exclusivity agreement is in place between both parties. You then have 40 working days to exchange on the property.

You should contact your solicitor immediately after winning the bid (we will also contact you and your solicitor).

If you do not exchange on or before the expiry of the 40 working day period, you will forfeit the entirety of your reservation fee. If due to the actions of the seller, the exchange does not occur on or before the expiry of the 40 working day period, then your reservation fee is fully refundable.

 Q.  Are there any fees to pay?

A reservation fee of 2.4% inclusive of VAT is due if you win the bid, subject to a minimum fee of £6,000 (incl VAT) £6,000 inc VAT is charged immediately at the end of the bidding period and any outstanding amounts of the reservation fee is payable immediately by BACS after the end of bidding.


 Q.  Are there any other fees to pay?

No, not apart from your usual purchase costs like your solicitor's fee and any mortgage application fee. Don’t forget that the seller has already provided you with the land searches so you won’t have to pay for those.

Also be aware that for some properties, you may be required to pay VAT on top of the purchase price. This will generally be for commercial properties and the legal pack and/or the sale memorandum will make reference to this.


Want to find out about selling on MyLondonHome Auctions? Check out the Selling Guide.

 

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