Buyers Guide To Living Property’s Online Property Auctions
Buy or Sell with Confidence: Living Property’s Online Auction Services
At Living Property, we provide two distinct online auction options tailored to meet the needs of buyers and sellers: Unconditional Auction and Conditional Auction. These services ensure transparency, speed, and efficiency in property transactions.
Unconditional Auction
Also known as a ‘Traditional Auction,’ this method finalizes the sale when the virtual gavel falls, forming a legally binding contract between buyer and seller.
- Deposit and Fees: After the auction concludes, the buyer pays 10% of the sale price, along with disclosed fees detailed in the Auction Legal Pack.
- Completion Timeline: Purchases must typically complete within 28 calendar days. Failure to do so may result in contract breaches and financial penalties.
- Best Suited For: Properties requiring modernisation, structural repair, or those deemed unmortgageable, including residential, commercial, land, and investment opportunities.
Why Choose Unconditional Auction?
- Fast and transparent transactions.
- Ideal for securing a quick sale.
Buyer Tip: Ensure due diligence by reviewing the Auction Legal Pack and arranging funding before bidding.
Conditional Auction
Also referred to as the ‘Modern Method of Auction,’ this option blends competitive bidding with added flexibility.
- Reservation Fee: Upon a successful bid, the buyer pays a non-refundable reservation fee.
- Timeline: Contracts are typically exchanged within 20 business days, with completion occurring in 28 days thereafter.
- Best Suited For: Freehold or leasehold residential properties in good condition, whether vacant, tenanted, or owner-occupied.
Why Choose Conditional Auction?
- Provides more time for buyers, allowing mortgage arrangements where applicable.
- Great for sellers of mortgageable properties in good condition.
Key Auction Information
Guide Price vs. Reserve Price
- Guide Price: Indicative starting price, within 10% of the reserve price.
- Reserve Price: Minimum sale price, confidential between seller and auctioneer.
Auction Duration
Properties are listed as ‘coming soon’ before the legal pack is finalized. Bidding typically opens 5 days before auction close.
Is My Bid Binding?
- Unconditional Auction: Legally binding upon winning the bid.
- Conditional Auction: Binding unless the property is found to be unmortgageable, requiring proof to the auctioneer.
Placing a Bid
- Create an account on our platform.
- Complete anti-money laundering checks during registration.
- Provide card details (processed only if you win).
- Browse, download legal documents, and arrange viewings.
What If the Reserve Price Isn’t Met?
If a property remains unsold, you can:
- Submit an offer for seller consideration.
- Wait for the property to be re-listed at a lower price.
Unavailable During Auction?
Enter a maximum proxy bid in advance to ensure participation.
FAQs for Auction Buyers
Reading the Legal Pack
Access the legal pack via the property listing page. We recommend consulting a solicitor to review it on your behalf.
Getting a Mortgage
- Conditional auctions allow time for mortgage applications.
- For unconditional auctions, consider short-term financing options from specialized providers.
- Not all properties qualify for mortgages; a survey is highly recommended.
Arranging a Survey
Yes, you can arrange a survey. This ensures both your satisfaction with the property and its eligibility for mortgage security.
Need Assistance?
Our auction experts are here to help. From understanding the process to ensuring you make informed decisions, we’re committed to your success.
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