All terms
process
Traditional auction
An unconditional auction format. The hammer falling creates a binding contract — buyer pays 10% deposit on the day and must complete within 28 days, usually with cash or bridging.
In simple terms
The classic auctioneer-with-a-gavel format. Win the lot, you're locked in.
Example
Win a lot at £180,000 → £18,000 deposit paid that day, balance of £162,000 due within 28 days. No mortgage delay.
If you're buying
Demands cash or bridging finance lined up before the auction. Walking away forfeits the deposit and exposes you to damages.
If you're selling
Fastest, most certain route to completion. Used by most traditional auction houses.
Related terms