Why use BidProp.co.uk?

The current economic climate presents unrivalled opportunities for buyers, at least in theory.
Often it is very difficult to find the competitively priced properties out there that match your criteria,
we hope to change that. 

Our properties are sourced from banks and administrators as well as offering new developments
and conventional properties sold through estate agents – only at more attractive prices.

By employing technology we seek to make real estate transactions less cumbersome and more
enjoyable and cost effective for all parties. We require that all the properties have a discount of 10%
to the the most recent asking price/or RICS valuation, but often the discount will be significantly larger.

We have developed a state-of-the-art yet easy to use bidding process, allowing members to place
bids with confidence.  Some key features of the system include:

We work closely with specialist financial brokers to help arrange all your investment and financial
requirements and they are very creative in the packages they can put together. This includes:
Buy-to-let mortgages at special rates, bridging loans, surveys and valuations, and buildings insurance,
for more information see our Finance section further down.

You can use one of our appointed Solicitors or your own. Using one from our panel will ensure the
transactions are not held up and can be monitored through the site administration. Once seller &
buyers register and agree the Terms & Conditions, the sale is legally binding as soon as the auction ends
(and the reserve price has been met).

Auction avoids any Gazumping, by placing the highest bid (and meeting the reserve price) you ensure
that you will secure the property. Watch the flag on the bidding page, once it turns green , this indicates
reserve price is met and the highest offer secures the property!

General Questions about the Auction

How long are properties listed for bidding on BidProp.co.uk?
Properties are generally listed for a bid period of 14 days. However, real estate agents offering
conventional market properties on BidProp.co.uk may choose between 7-, 14- or 21-day auction
timeframes.

How does BidProp.co.uk get paid?
BidProp.co.uk charges a fee to the Buyer of the property, called a Buyer´s Premium or Internet
Transaction Fee in the amount of 1% + VAT. This fee is calculated based on the purchase price of
the property and levied on successful completion of a purchase.

Why would someone pay a premium fee to purchase on an online auction site?
BidProp.co.uk is primarily a discount property site, not a retail venue for properties; therefore,
our 1% + VAT fee should be set against the significant saving you make in the first place.

Is the bid binding?
Yes, once you make an offer the bid is binding and if your bid meets the reserve price at the close
of the auction, this constitutes an exchange of contract. At which point we will deduct a reservation
fee of £1,000 from your credit card, which in turn work towards the 1 % + VAT transaction fee. 

How quickly do I have to buy the property?
You need to be able to complete the property within 28 days.  A deposit is required to be sent to the
seller’s conveyancer client account within 1 working day for 10 % of the total bid amount following
the close of the auction. Deposits must be paid by cheque or by bankers´ to the sellers conveyancer.

How do I place bids?
There are two stages of registration and you need to go through both in order to qualify for bidding:

A.    Quick Registration (free) – instant access
Allows you to view all the available documents for any of our property, and enables you to arrange viewings

How: Fill in your registration details on the the top left side and confirm your registration by clicking on the link
in our automatically generated email.

B.    Bidding Registration (free) – allow for 24 hours to process your registration.
Allows you to bid for any of our properties. Note that for non-UK residents please contact us in advance so
we can approve you manually.

How: Once you are logged in (you must have completed Quick Registration), go to Bidding Registration and enter:

1. Credit card information
2. Driving Licence number or Passport Details
3. Appoint a solicitor to represent you; Either

• Using a solicitor from our panel of carefully selected solicitors by simply selecting this option
  (who will only charge should you be the winning bidder); 

• Alternatively use your own solicitors, the details of which you will need to provide.

What is Pre-Auction Viewing?
Whilst the properties are displayed in the Pre-Auction Viewing section, registered users are able to view
properties’ particulars, and arrange surveys and viewings if required. The time allocated for this will be
displayed by the countdown and may vary depending on whether we are waiting for documents to be
received, but will typically last for 7 days. When the Pre-Auction Viewing time has ended the properties
will automatically move into the Live Auction section.

Does the seller have to accept the highest bid offered?
Yes, when it meets the "undisclosed" minimum reserve price (agreed with the seller prior to the auction
commencing), reserve price remains confidential until it has been exceeded during the bidding. At which
point, all bidders are notified by the system via email that the reserve has been met. Once the reserve price
has been met, the sale will go through. A reservation fee is then deducted via credit card and exchange of
contracts takes place.

Can I place bids outside the auction process?
Once a property is listed for auction, ALL bids and offers are required to be placed on the website to foster
competition, therefore, there are NO offers that will be considered "outside" the auction process.
 

What if the reserve price is not met during the duration of the auction?
On occasion the seller might leave the property for  ‘post-auction’ negotiation period, which can last up to
seven days. During this period we accept offers and will communicate these to the seller, who in turn can
accept or refuse the offers, should the seller accept your offer, the normal auction condition will apply.

How do I get started to bid?
You must first Register as a Buyer. This is completely free and all details about our properties will be made
available online. 

What is the process once I have successful won a property?

1. When a successful bid for a lot is placed you are obliged to buy that lot on the terms of the sale
   memorandum. The price will be the amount you bid plus our transaction fee of 1% + VAT
2. A reservation fee is then deducted from your credit card of 1,000  (this works towards our 1%
   transaction fee).
3. We immediately contact the sellers conveyancer’s and yourself, if you have notified us of your
   conveyancer’s details we contact your appointed conveyancer’s otherwise we can appoint one
   for you.
4. You sign a memorandum of sale and return this to us, we use a standardised Memorandum
   provided by RICS.
5. A deposit is required to be sent to the seller’s conveyancer client account within 1 working day
   for 10 % of the total bid amount. Deposits must be paid by cheque or by bankers´ to the sellers
   solicitors.
6. Completion, unless otherwise states, takes place 28 days following exchange, and must be paid
   by cheque or bankers’s draft to the seller’s conveyancer’s client account.
7. On completion the difference between our reservation fee of £1,000 and the 1% + VAT transaction
   fee is due to BidProp. For example, if you successfully offered £200,000 for a property. Our
   transaction fee is in this case is £2,000 + VAT (300). We have deducted 1,000 as a reservation fee
   and your remaining outstanding balance is £1,300, which is due, to BidProp on the day of completion
   and paid to the solicitor on top of the completion moneys.

Arranging Finance

We suggest that you contact a broker or lender prior to bidding and get agreements in principle from a lender.
Similar to tradtional auction houses, your bid will become binding the moment that it is the winning bid and you
should be confident that you will be able to raise the required finance before making any offers. In addition
to our £1,000 + VAT reservation fee, you will have to pay 10% deposit within one working day from close of auction.
The deposit (and our fees) will be at risk if you cannot raise the finance to complete the transaction,
and completion must take place within 28 days of your bid being accepted.

It is highly recommended that you receive a decision in principle (DIP) from a lender (unless you are a cash buyer)
showing that the finance required is in theory available to you, given your circumstances.

We reccomend two companies depending on your particular requirements. For more conventional products
we suggest using The Mortgage Broker Ltd and for bridging type loans and expedient lending, we recommend
Auction Finance. 

 
The Mortgage Broker Ltd, an award winning mortgage brokerage offering FREE mortgage
illustrations, from specialist mortgage advisers, to consumers throughout the UK.

FSA registered and winner of numerous awards and committed to getting you a competitive mortgage in the
short time of an auction. Providing standard residential mortgage and re-mortgage expertise, specialist
advice in the Self Certification, Buy to Let, Offset and Adverse Credit Mortgages.

The Mortgage Broker Ltd are higly acclaimed with numerous awards. Call them on 0845 2932 673

*** Winner of the British Mortgage Awards - Best Regional Adviser 2009 ***
*** Highly commended in the 2009 British Mortgage Awards for Best specialist Adviser"
*** Highly commended in the National Customer Service Awards 2008
*** Finalist in The British Mortgage Awards for Best Self Cert Mortgage Broker 2008

Auction Finance Limited focuses on providing funds for property and land purchases at auction. Our streamlined
services enable us to transfer funds within 24 hours following completion, putting property professionals in a
position to buy – quickly.

Facilities include: bridging finance, development finance, property portfolio funding, land finance and buy to let.

As a principal lender, we pride ourselves on our service speed both property professionals. We are able to agree
your loan before, during or after an auction, with funds always being available in time for completion.

To find out how Auction Finance can help you call 0844 847 8391 now to discuss your requirements
with one of our experience decision makers or email bidprop@auctionfinance.co.uk