Buyer Guide United Kingdom
Buyer Guide United Kingdom
Buyer Guide United Kingdom
Buyer Guide United Kingdom
Buyer Guide United Kingdom

Buyer's Guide - United Kingdom

Buying property with BidX1 is a straightforward and simple process. The following steps will take you from viewing your chosen property to bidding on the day of a sale. 

You should find all the answers to your questions below but if you have any further queries you can contact our experienced team of property professionals who are on hand to help. 


Find your Property

All of our current properties are listed here. If you’d like to be notified when new properties in the UK are available, it's a good idea to join our mailing list. You can do so by clicking the 'Sign Up' button at the bottom of every page on our website.

Each property is managed by one of our surveyors and they will be able to help you with any questions you may have in the run up to bidding.

Each property is listed with a Guide Price, which is an indication of the seller’s current minimum sale price. It may not be the figure at which the property will sell, and it may change prior to the auction. You can read more about Guide Prices and other terminology in our FAQs.

All information relating to the property will be listed on the individual property page. Here, you will find a detailed property description, location map, viewing details and legal documentation, including the Contract for Sale. 

Open viewings are arranged for most properties and you are welcome to attend any of the advertised slots. Your surveyor is also welcome to attend.


Property Legal Documents & Due Diligence

The BidX1 platform is fully transparent; once the property is listed on our website you will be able to access all of the legal documents which have been provided by the seller’s solicitor. 

We urge you to examine the documentation carefully and to take professional legal advice as our auctions are unconditional. This means that the successful bidder is legally contracted to complete the purchase. Therefore, it's important to make sure that you have done all your legal due diligence on the property before the auction, that a surveyor has carried out relevant checks if required, and that your mortgage or finances are in place.


Registration Process & Bidder Security

If you are interested in a property and wish to bid, you will need to register with us. To get started, click the 'Register to Bid' button on the relevant property page.

We take security very seriously and, just like with any property sale, we do require you to provide proof of identity. This must be in the name of the individual who will be logged on and placing the bids on the day of the sale as we undertake legal due diligence on every single bidder prior to the auction.

You are required to provide the following:

If you are purchasing a property through a company or on behalf of someone else, you will be required to supply alternative documentation. This is clearly explained in the registration process.

To provide security for both the buyer and the seller, BidX1 take a small Bidder Security before the day of the sale which is fully refunded if you are not successful. You are required to provide the following:

Your funds are held in a secure bank account until the property has been sold. Please note that if you are not the successful purchaser, your Bidder Security and administration fee will be returned to you in full as follows:

By Card - These will be processed immediately after the auction has closed and refunded 2-5 working days thereafter depending on the efficiency of your card provider. 

By Bank Transfer - These will be processed immediately after the auction has closed and refunded at least 1-2 workings days thereafter. 


Auction Day

On the day of the auction, allow plenty of time to log in to your BidX1 account. Our platform can be accessed from desktop, tablet or mobile, so you aren’t confined to a location.  

Placing a bid is easy, and you can practice at any time using our Bidding Demo. 

Bidding takes place on the relevant property page – the same page that you’ve been visiting to get information about the property and to register for bidding.

Once bidding opens, approved bidders are free to place bids on any properties they have registered for. All bidding opens at the same time; however, each lot will have its own individual closing time. 

As properties cannot be sold for less than the reserve price, we’ll set an appropriate starting bid. This amount will be made public the day before the auction and it’s the lowest bid that can be placed on the property. For example, you won’t be able to place an opening bid of £1,000 on a property reserved at £6 million.

There are two bidding options to choose from: you can place a bid manually by using the 'Instant Bid' button or set an 'Auto Bid' to let the system do the work for you. 

As our process is fully transparent, you will be able to see all of the bids placed on the property. They are logged and recorded on the property page in real-time. But don’t worry, your name will not be shown; bidders are identified only by their unique bidding number.


Auto Bids &Time Extension Periods

If you don’t want to place bids manually, you can set an Auto Bid. In this case, the system will enter bids for you – but only to maintain your position as the highest bidder and only up to the maximum amount that you’ve specified. Your pre-set maximum can’t be viewed publicly, so only you will know how high you’re willing to go.

Each property has a separate closing time which will be listed on the property page. If a bid is placed within 60 seconds of the closing time, an additional 60 seconds will be added to the clock. We call this an Extension Period, and it gives everyone a fair and equal chance to place an additional counter-bid, if they wish to do so. This will continue to happen until a full 60 seconds passes with no bids being placed.


Closing Time: Contracts & Final Payments

Once the bidding has finished, the virtual hammer will fall, indicating exchange of contracts on behalf of both the buyer and seller. If you’ve been successful – congratulations! – you will need to arrange payment of a 10% deposit within two working days. A proportion of this 10% has already been provided by the Bidder Security you submitted during registration, so you only need to pay the balance. A member of our team will be in touch to discuss the outstanding amount and how it can be paid. 

If you’ve been out-bid, there is always next time. Your Bidder Security and administration fee will be returned to you in full within 2-5 working days.

Still got questions?