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Deposit (auction)
The 10% of hammer price paid by the buyer immediately after the hammer falls in a traditional auction. Forms part of the purchase price at completion.
In simple terms
Auction's version of a holding deposit, only it's contractually binding and 10% of the sale price.
Example
Hammer £200,000 → £20,000 deposit due same day. The remaining £180,000 follows at completion.
If you're buying
Bring banker's draft or cleared funds for the deposit. Card payments are usually not accepted.
If you're selling
The deposit covers losses if the buyer defaults — your solicitor holds it as stakeholder.
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