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process
Modern Method of Auction
An online-only conditional auction format. The winning bidder pays a non-refundable reservation fee (typically 4–5%) and has 56 days to exchange and complete using a mortgage if needed.
In simple terms
Like a traditional auction with extra time and finance flexibility — but with a hefty fee paid by the buyer instead of a deposit.
Example
Hammer £200,000. Buyer pays a £8,400 (4.2%) reservation fee and then has 28 days to exchange, 28 more to complete via mortgage.
If you're buying
More mortgage-friendly than traditional auction, but the reservation fee is sunk cost — added to your real purchase price.
If you're selling
Wider buyer pool than traditional, but longer timeline and higher fall-through than traditional auction.
Related terms