Basis of Sale
Properties are offered subject to the relevant auction terms, the legal pack, special conditions of sale, seller instructions and any applicable Common Auction Conditions. Buyers must take independent legal advice before bidding.
Legal Centre
Auction Terms & Conditions
The auction rules governing registration, bidding, legal-pack acknowledgement, completion obligations, payment requirements and default remedies.
Bidder Registration
Bidders must register, verify their identity, pass required AML/KYC checks and acknowledge the legal pack before bidding. Letterbox may refuse, suspend or cancel bidding access where compliance checks are incomplete or unsatisfactory.
Bidding Process
A bid submitted through the Letterbox online auction service is an irrevocable offer at the amount entered. Bids are timestamped and recorded in an auction record. Auctions may auto-extend where bids are received close to the scheduled end time.
Buyer Reservation Fee and Total Purchase Budget
The successful bidder must pay a buyer reservation fee of 4.5% of the accepted bid price inclusive of VAT, or £6,600 inclusive of VAT, whichever is greater, unless a lot-specific legal pack states a different approved structure. The fee is a contractual commitment made by the buyer after a successful bid and is payable in addition to the bid price and normal purchase costs. Buyers must include it in their full acquisition budget and should obtain independent advice on SDLT, tax treatment and affordability before bidding.
Completion Requirements and Lot Timetable
The successful bidder must follow the post-auction payment, memorandum, conveyancing and completion requirements stated for the lot. Where the terms or legal pack refer to a standard 56-day expectation, buyers should treat it as a contractual timetable to check against the lot documents and solicitor advice, not as a promise that completion will occur by that date.
Default and Remedies
Failure to pay sums due, provide information, sign documents or complete may lead to forfeiture of payments, cancellation, resale, recovery of losses, interest and other remedies available under the auction terms and legal pack.
Independent advice
Property auction documents should be reviewed with appropriately qualified legal, financial, tax and surveying advisers before any binding decision is made.