A step-by-step guide to bidding on a traditional online auction with Haslams
1. Register
Every bidder must first create an account. This is very simple and we only ask for your email address to do so. To register, simply visit our auctions page, click the ‘register’ button in the top right-hand corner of the page and complete the online form.
Once you have registered, you will be able to search, download legal documents, arrange site viewings and contact the agent and the solicitors if you have queries on the property.
2. Verify your ID
We are committed to carrying out identity checks on all bidders so you will need to be authorised before you can bid. 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 results are immediate. This check will leave a soft footprint on your credit report (but it should not affect your credit rating).
3. Place your bid
To place a bid, you will have to follow a few steps, which we have designed to be as user friendly as possible:
- Insert details of your solicitor/conveyancer – we need this information so that we can ensure a smooth exchange/completion process if you win the bid. We will only contact your solicitor/conveyancer if you are the successful bidder.
- Insert payment details – If you are the successful bidder, we will charge you £5,000*. This amount is split between a buyer fee and part payment of the purchase price. Check the “Buyer Information – Fees” document in the documents section of each property for details of the buyer fee and the FAQs below for more information on fees. We will only charge you if you are the successful bidder. * If a property price is less than £5,000, you’ll still be charged £5,000 but we’ll immediately refund you the difference.
- You will then have by 12pm UK time the next business day to transfer the remainder of deposit (being 10% of the purchase price less the amount part paid towards the purchase price – you will be contacted by the agent as to how to do this) and submit all signed documents.
4. 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.
I’ve won the auction! What’s next?
Congratulations. Exchange has now occurred.
We will contact you if you are the successful bidder and will charge you £5,000, of which, at least £1,040 is held in a secure client account as agent for the seller as a holding deposit.
If the purchase price is less than £5,000 (including the buyer fee), then we will immediately refund you the difference.
You should check the “Buyer Information – Fees” document contained as part of the legal documents for each property.
You then have until 12pm UK time the next business day to:
- pay the remainder of 10% of the purchase price (the deposit amount due on exchange)
- submit all signed sale documentation.
- provide supporting documents (ID document and proof of funds) for the agent to do a full AML check. * You can do this in advance of bidding.
- You should contact your solicitor immediately after winning the bid (we will also contact you and your solicitor with next steps and further information).
- If you do not carry out these steps by 12pm UK time the next business day, you may lose the entire amount of the holding deposit. You will still need to pay the full purchase price.
Frequently asked questions
How long does each auction last?
The seller has the freedom to choose how long their auction period lasts. A countdown timer is attached to each property, so bidders can see how long is left of the auction. Whenever a bid is placed in the final 5 minutes, the auction timer will reset to 5 minutes. This is to allow other parties a fair chance to place another bid. The auction will end when the countdown hits zero.
Can I bid more than once?
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! We will notify you by email if you’ve been outbid.
Do you use automatic proxy bidding?
There is an automatic proxy bidding system in place. You can place your maximum highest bid at any point during the auction, the system will then automatically bid incrementally until that maximum bid has been reached. 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 auction timer will reset to 5 minutes. This is to allow other parties a fair chance to place another bid.
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.
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.
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 the auctioneer may vary the minimum increment depending on the property, so not every property will have the same minimum increment.
If you have any further questions, please don’t hesitate to contact us on 0118 960 1000 or email sales@haslams.net