The Modern Method of Auction (MMoA) is ideal for both private individuals and investors. It allows buyers extra time to arrange finances (e.g., a mortgage) while offering sellers a secure and committed route to sales.
Unlike traditional auctions that require immediate exchange, the modern auction offers a 28 day exclusivity period followed by an additional 28 day completion window, giving both parties time to prepare after the auction ends.
| Feature | Description |
|---|---|
| Reservation Fee | Buyer pays a non-refundable reservation fee (typically between 5%–10%) to secure the property |
| Flexible Timescales | Up to 56 days to complete the transaction (28 days to exchange, 28 days to complete). |
| Wider Buyer Pool | Suitable for mortgage buyers, making it more inclusive. |
| Online Accessibility | Entirely online process, from registration to bidding. |
| No | Step | What You Need to Do |
|---|---|---|
| 01 | Browse Properties | Navigate to our Modern Method Auction Listings and select a property. Each listing includes property details, legal packs, and auction countdown. |
| 02 | Register to Bid | Create an account, verify your identity, and agree to auction terms. |
| 03 | View Legal Pack | Review the Seller Legal Pack and consult a solicitor if needed. |
| 04 | Conduct Viewings | Book a virtual or physical viewing to inspect the property. |
| 05 | Place Bids | Enter the live bidding interface and start bidding within the time window. |
| 06 | Win the Auction | If you're the highest bidder, pay the reservation fee to secure the property. |
| 07 | Complete the Purchase | Work with your solicitor to exchange contracts within 28 days and complete within the next 28. |
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