Bidding on a property

A guide price is the marketing figure for the lot. The guide price can be listed as a single price, or a price range. The guide price can change at any point, but the latest guide price will be displayed on the auction page.

The reserve price is a figure agreed between the auction house and the seller, below which the lot will not sell. The reserve price cannot sit more than 10% above a single guide price, for example the highest the reserve could be on a property with a £90,000 guide price would be £99,000. Where the price is a sliding guide, the reserve cannot be above the higher point on the guide price, for example with a guide price of £90,000 - £100,000 the reserve cannot be above £100,000.

A legal pack are the documents produced by the seller’s solicitors to enable legal exchange to take place at the auction. Legal packs are available to download via the bidding window on our website. We advise for all buyers to read the legal packs before bidding and where possible get their solicitor to check them over.

Pearson Ferrier run an unconditional auction where legal contracts are exchanged on the fall of the virtual hammer. Completion is then set to take place within 20 working days of the auction unless otherwise stated in the legal pack. It is essential that buyers have funds in place to complete in time.

Once we have a legal pack in place then we are in position to sell the property under auction conditions. Properties can sell before the auction if the seller accepts an offer. If properties fail to sell at auction then they can be bought pre auction under the same auction conditions.

You do need to register to be able to bid. This is done via the website on the lot page that you want to bid on. If you have an auction passport account with EIG you just need to login to the account via the bidding window on the lot. You may need to update your ID documents. If you do not have an auction passport account, just click the register to bid button then click sign up. You then follow the steps to register.

Once the auction is live simply login to your bidding account on the lot you wish to bid on. You will be able to see the latest bid and should you wish to increase the bid then place the amount you wish to bid and click bid now.

You can place a proxy bid. To do this you would need to increase the bid amount to your maximum bid and click bid. If the bids are below the reserve it will automatically take you to the reserve price (or your highest bid if it is below the reserve). Once the property has met the reserve then your bid would only increase by one bid above the next bidders amount.

During the registration process you will upload a copy/photo of your picture ID and address ID. Below are examples of what are acceptable:

Photographic ID


• Current passport


• EU member state identity card


• Current photo card driving licence


• Armed Forces ID card


• Firearms or shotgun certificate

Proof of Residency


• Utility bill/statement – dated within past 3 months


• Current mortgage statement from a recognised lender


• Bank or building society statement – dated within past 3 months


• Council tax bill for the current year

We do viewings on most of our properties where possible, please contact a member of the team to arrange a viewing.

There is no cost to bid, however you will need to place a security deposit on your card to enable you to bid at the auction. If you are not successful in bidding, then this will be refunded in full. If you are the winning bidder then you will have a buyer’s premium charge and a buyer’s administration fee to pay, which will be on top of the purchase price. Details on these fees will be in the advert as well as on the Auction Memorandum in the legal pack. You will also pay a 10% deposit on the lot (minimum £3,000), which will be deducted from the purchase price. If there are any further associated costs from the seller’s side, these will be located in the legal pack.

Legal contracts are exchanged on the winning bid. The security deposit you have placed on the lot will be taken towards your buyer’s premium charge and buyer’s administration fee, with the remaining amount being put towards your deposit. Once the deposit and fees have been paid in full we will send all documentation over to your solicitor. Completion is set for within 20 working days of the auction (unless stated otherwise in the legal pack), so please make sure that you have everything in place to complete within these timescales.

It is possible to buy a property via auction with a mortgage, however we advise you to seek advice from your mortgage lender and solicitor. With legal exchange being done on the winning bid and completion taking place within 20 working days (unless stated otherwise in the legal pack) you will need to ensure that this can be done. This would involve, but not be limited to, getting the legal pack checked over by your solicitor and ensuring that the survey has been done from your lender and your full mortgage offer is out. It is possible to arrange auction finance which tends to be a quicker option, please contact a member of our team for further details. If you are unsure whether you can adhere to the timescales we would advise you to take advice from your solicitor or lender.

On most lots we can look at pre auction offers. These offers would still be under the auction conditions, therefore we would need the legal pack in place before we can look at pre auction offers. The legal pack can be accessed under the legals tab in the bidding window on each lot.

When the winning bid is accepted, it represents an exchange of a legally binding contract between the seller and the buyer. It is too late to change your mind. The sale is required to proceed in accordance with the contractual terms and at the price that was concluded when the bid was accepted. Anyone bidding at auction needs to remember that the winning bidder exchanges contracts straight away. If you are unsure about buying the property at any time you are advised not to bid.