FAQs: United Kingdom
How does the BidX1 process work?
Our digital platform is secure and efficient, combining cutting-edge technology with market-leading expertise to enhance the property transaction process. The BidX1 team have sold thousands of assets on the platform, from houses and apartments to offices, industrial units and development sites, as well as large-scale investment portfolios.
The process is straight-forward and user-friendly. All bidders register in advance of the auction and provide a Bidder Security Payment, relative to the reserve price of the property. Every bid placed during the auction is logged and displayed on the website in real-time; the process is fully transparent. BidX1 exchange contracts on behalf of both the buyer & the seller on auction day, and these contracts are legally binding.
When is your next auction?
What kind of properties do you sell?
We sell a broad mix of commercial and residential properties from houses and apartments to retail units, offices, industrial units and developments sites, as well as large-scale investment portfolios.
We sell for private individuals, government agencies, charities, receivers & insolvency practitioners, housing associations, private equity funds & developers, all of whom are seeking the best and most transparent price, via maximum market exposure and competitive bidding.
How much does it cost to sell a property at a BidX1 auction?
Our fees are broken down into an initial entry fee followed by a commission (a percentage of the sale price). Fees vary depending on lot size and property type; this is something that can be further discussed on enquiry. For more information please see our Sell with BidX1 page.
What makes an auction different from a private treaty sale?
Unlike the private treaty process, auction properties are not sold ‘subject to contract’, ‘subject to finance’ or ‘subject to survey’. When a lot is sold, a legal and binding contract has been formed: if you are the purchaser, you are legally obliged to complete the sale.
We strongly advise potential purchasers to check that they have read and understood all the various legal documents and terms & conditions prior to bidding.
Can I view a property before the auction?
We normally hold 2-3 open viewings for each lot. Viewing times are listed on the relevant property page, below the property images. Please note that it may be a few days from the launch of the catalogue before viewing times have been arranged.
Can I arrange a survey before the auction?
Yes – surveyors are welcome to attend one of the open viewings.
Where can I view the legal documents relating to a property?
The vendor’s solicitors prepare legal packs containing special conditions of sale, title deeds, leases etc. These documents will help you and/or your legal adviser to make an informed decision about the lot.
Legal documents can be downloaded from the relevant property page. Simply click on the ‘Legals’ tab below the images of the property.
Please note that you will need to create a BidX1 account to access the legal documents. This is free and takes less than two minutes.
Where should I direct queries about the legal documents relating to a property?
The vendor’s solicitors are best placed to answer queries relating to the legal documents. Details of the relevant solicitor can be found on each property page. The key contacts for each property are listed below the property images.
Do I need mortgage approval in order to buy a property at auction?
If you need to arrange a mortgage it is important that you obtain a binding offer from your lender before the auction. Most building societies and banks will wish to instruct a surveyor to prepare a valuation report before making a mortgage offer so you will need to make your mortgage application as early as possible.
You will usually need to complete your purchase four weeks after the auction and should discuss this with your lenders to make sure that this will not be a problem.
Please note that auction properties are not sold ‘subject to contract’, ‘subject to finance’ or ‘subject to survey’ - if you are the purchaser, you are legally obliged to complete the sale.
How long do I have from the day of the auction to complete the sale?
You will usually need to complete your purchase (transfer the full amount to the vendor’s solicitor) four weeks after the auction. However, the exact completion date for each lot will be stated in the Contract for Sale, which is available in the legal documents for each property.
Can I buy a property before the auction?
A small number of properties are sold prior to auction. Please contact the relevant BidX1 Property Contact if you wish to discuss this.
The key contacts for each property are listed on each property page, below the main photograph, where you will find the relevant surveyor listed under ‘Property Enquiries.’
Can properties be withdrawn from the auction?
On some occasions, properties are withdrawn from the auction. This is often because the legal documents have not been prepared with enough time for potential buyers to complete the necessary due diligence. In many cases, these properties will be re-offered at a future auction date.
What does ‘Guide Price’ mean?
A Guide Price is an indication of the seller’s current minimum acceptable price at auction.
This Guide Price will be displayed in the bidding section for each property, to the right of the main image.
What does the ‘Reserve Price’ mean?
The reserve price is the seller’s minimum acceptable price at auction, the figure below which the auctioneer cannot sell.
What does ‘Invited Opening Bid’ mean?
As properties cannot be sold for less than the Reserve Price, an appropriate starting bid will be set on the day of the auction. This is known as the Invited Opening Bid – it’s the lowest bid that can be placed on the property. For example, you will not be able to place an opening bid of £1,000 on a property reserved at £6m.
The Invited Opening Bid will be made public the day before the auction and is displayed in the bidding section for each property, to the right of the main image. It replaces the ‘Reserve’ or ‘Guide Price’ figure.
When does registration for bidding open?
Typically, registration opens 3 weeks prior to an Auction. The registration opening date and time are advertised on individual lots as timings are subject to change.
How do I register to bid on a property?
The registration process is easy, and a full Registration Guide is available for further details.
- Create a BidX1 Account
- Navigate to the property that you wish to bid on
- Click on the pink 'Login/Register to Bid' button in the bidding section on the right-hand side of the page
- Complete the following sections:
- Fill in your personal details
- Read and accept the Terms & Conditions
- Confirm your selected lot(s)
- Payment of Deposit
After these steps have been completed, we will review your registration and let you know once you are approved to bid.
How much is the Bidder Security?
A Bidder Security must be provided at the time of registration. This amount will be dependent on the reserve price which has been placed on the property and the number of lots you wish to bid on, subject to change. The amount required is displayed in the bidding section for each property, to the right of the property image.
Payment of the deposit can be made via debit/credit card or bank transfer. If you pay via debit/credit card, the deposit will be taken from your card. If you are not the purchaser at the auction, the deposit will be refunded back onto your card, (which normally takes between 5 days) or your bank transfer will be returned in line with out terms & conditions.
Is there a Buyer’s Administration Fee?
A buyer’s administration fee of £1,000 including VAT applies to the successful bidder of each lot. If you have not made the successful bid your administration fee will be refunded to you.
What information do I need when registering to bid?
When registering to participate in a BidX1 Digital Auction you will need to have the following information to hand:
Bidder Information – Details of the individual placing the bid including name, address & phone number.
Bidder Identification Documents – we will need the following:
- Proof of Identification (copy of current passport or driving licence)
- Proof of Address (bank statement, utility bill or Government-issued correspondence dated within the last 6 months)
Purchaser Information – Details of the individual or other Legal Entity purchasing the property, if different from the bidder, including name, address & phone number.
Solicitor Information – Details of your solicitor including company name, contact name, address & phone number.
Payment Information – Credit/Debit Card details.
How do I place a bid?
Once your bidding registration application has been authorised by the BidX1 Team and the bidding period opens, you are free to place bids on your approved lot. Bidding takes place on the relevant property page – the same page you’ve been visiting to get information about the property and to register for bidding.
Placing a bid is easy:
- Log into your BidX1 account
- Click into the property you are approved to bid on
- On the right-hand side of the page, you will see the bidding section. Here you can decide the amount that you want to bid, your Next Bid, by using the + and – buttons.
When you're happy with the bid amount, you can either:
- Place Instant Bid - This will place a single bid for the amount you have specified.
- Set Max Bid - This will set a Maximum Bid for the amount specified. The computer will then enter bids for you, only as it becomes necessary to keep your position as the winning bidder, and only up to the maximum bid price that you’ve specified. Your Max Bid cannot be viewed publicly.
In both cases, you will be asked to confirm your bid amount before it is placed.
We will keep you informed of your bidding via email – you will receive an email for your records each time you place a bid and, if you are out-bid, a further email will be sent to notify you of this.
Please note that if a bid is placed within 60 seconds of the lot’s closing time, an additional 60 seconds will be added. This is known as an extension period. During an extension period, any further bid that is placed will result in the clock re-setting again for a further 60 seconds, giving all registered bidders a fair and equal opportunity to place another bid. This will continue to happen until a full 60 seconds passes with no bids being placed.
What is a Bidding Increment?
A Bidding Increment refers to the amount which you can bid on a property. Our default bid amount is £1,000. This means that £1,000 is the lowest bid you can place, and that you’ll only be able to bid in multiples of £1,000 eg. £2,000, £3,000, £4,000 etc.
It is possible that a lot will have a different (higher/lower) Bidding Increment. This change will be clearly advertised.
Can I place bids over the phone?
No; our auctions are fully online and we cannot accept bids over the phone.
However, our bidding technology is compatible with mobile phones, allowing you to place a bid from anywhere in the world with a working internet connection. We have also developed a Maximum Bidding function, which will place bids for you up to a pre-set limit decided by you.
What happens if I have an unreliable internet connection?
We have developed a number of features into our online auction platform to help in this instance:
Our platform can usually detect when there is a connectivity issue between your device and our bidding system. In such instances we will inform you with on-screen prompts outlining the current connectivity issue e.g. slow speeds, complete loss of connectivity detected etc.
Our platform will allow you to enter an automatic bid with a pre-set maximum amount that can’t be viewed publicly. The computer will enter bids for you, only as it becomes necessary to keep your position as the winning bidder, and only up to the maximum bid price that you’ve specified.
If this maximum bid is overtaken, you will be notified via email and can enter another higher bid if you so choose.
Our platform will allow you to be logged in as a registered bidder on multiple devices simultaneously. This can mitigate the risk of losing broadband connection, or mobile connection.
When does bidding open?
Bidding typically opens on all lots at the same time, usually at 9am on the day of the auction. The closing time will be clearly advertised across all lots.
When does bidding close?
Although bidding on all lots usually opens at the same time on auction day, the closing time for each lot is different – this time will be advertised on the relevant lot page. Lots can begin to close from 11am, sometimes sooner, and usually follow a staggered closing pattern of one lot every 4 minutes. Make sure you check your approved lot(s) closing times in advance of Auction Day.
Please note that if a bid is placed within 60 seconds of the lot’s closing time, an additional 60 seconds will be added. This is known as an extension period, and is detailed further below.
What is an extension period?
The closing time for each lot on auction day is different – this time will be advertised on the relevant lot page. However, if a bid is placed within 60 seconds of the lot’s closing time, an additional 60 seconds will be added. This is known as an extension period.
During an extension period, any further bid that is placed will result in the clock re-setting again for a further 60 seconds, giving all registered bidders a fair and equal opportunity to place another bid. This will continue to happen until a full 60 seconds passes with no bids being placed.
Due to variations in browser and connection speeds, bidders are advised to make a bid with at least 10 seconds remaining on the clock.
What is a Maximum Bid?
Our platform will allow you enter an automatic bid with a pre-set maximum amount. This is known as a Maximum Bid, and it cannot be viewed publicly. The computer will enter bids for you, only as it becomes necessary to keep your position as the winning bidder, and only up to the maximum bid price that you’ve specified.
If this maximum bid is overtaken, you will be notified via email and can enter another higher bid if you so choose. It is important to note that once set, a maximum bid cannot be cancelled.
I am the winning bidder. What are the next steps?
The purchaser will receive both an email and a phone call from BidX1 confirming that they have purchased the property. BidX1 immediately sign contracts on behalf of both buyer and seller and you are required to provide the full 10% deposit within 48 hours. Some of this amount has already been paid by way of the bidder security payment when you registered to bid. Therefore, the amount required at this point is 10% of the purchase price, less the Bidder Security payment provided during registration.