Traditional auction
When bidding ends, the highest bidder is legally committed. Contracts exchange immediately, the buyer pays a deposit (commonly 10% of the price) and completion usually follows within about 28 days.
Best for: cash buyers and investors with finance ready, and sellers who want maximum certainty.
Conditional auction
Often called the modern method of auction. The winning bidder pays a non-refundable reservation fee and gets a longer period to exchange and complete, often around 56 days in total. That extra time suits buyers who need a mortgage.
Best for: buyers using a mortgage, and properties that appeal to owner-occupiers as well as investors.
At a glance
| Traditional | Conditional | |
|---|---|---|
| Exchange | On the day | Within the reservation period |
| Paid on the day | Deposit, often 10% | Reservation fee |
| Time to complete | Usually about 28 days | Often around 56 days |
| Typical buyer | Cash or bridging | Mortgage or cash |
Always check the lot
Terms vary between auction houses and between lots. The method, fees and timescales for each property are shown on the listing and in its legal pack. Read them before you bid.
Which should a seller choose?
Traditional gives you the fastest certainty. Conditional can widen the pool of bidders by including mortgage buyers. We'll recommend a method when we value your property, based on its type and who is most likely to buy it.
Buying?
Register free and get lots before auction day.
Bid online from anywhere. Legal pack up front, no chain.