As, in all property purchases, its strongly recommended that you view the property, before making an informed decision on what your next steps are going to be. Buying a property blind, is NOT advised by Moovd.
Once you’ve viewed the property and have fully satisfied yourself, the next steps are register to bid, read the legal pack provided and discuss it with your solicitor or legal representative.
(All properties that are offered via our timed online auctions, have a downloadable legal pack available to all registered bidders).
Registering to bid...
Is a very simple process whereby you simply log on to our website and click ‘Register’. Once the form is completed, you are then registered to bid.
Types of Online Property Auctions...
Moovd specialise in both 'Unconditional Online Auctions' and 'Conditional Modern Method of Auction'. The timed Online Auction is normally over a 28-day period. Most bids will occur within this time; however, bids can be made directly to us, prior to the conclusion of the timed online auction.
Our standard fees...
Moovd will take a Non-Refundable Administration Fee of £2,400 Inc VAT (£2,000 + VAT) and a Deposit of either (5% or 10% of the purchase price, subject to a minimum of £5000) from the successful buyer.
For any further queries or questions, please do not hesitate to contact us.
Q & A
This is the process Moovd must follow, to be compliant with new Anti-Money Laundering rules and regulations 2017. It is our process that ALL bidders must register via a ‘Bidder Registration Form’ and the required appropriate information is taken from them, for Moovd to be compliant with the new regulations. If you the buyer is unwilling to complete this process, then unfortunately we are unable to take a bid from you.
When looking to buy a property
, a good idea for buyers is to look at the total purchase price with the Buyer Administration Fee included. All the properties available through Moovd are priced realistically and to sell.
When purchasing via auction, you buy within fixed timescales, to ensure the whole process runs as quickly and efficiently as possible. The process can be as quick as 28 or 56 days, depending on the type of auction, compared to between 4-6 months for Private Treaty.
Once a sale price is agreed on the ‘fall of the virtual hammer’, there are no further negotiations, both parties are committed to the sale at the agreed price, under the terms of the Exclusivity Agreement for (Modern Method of Auction).
Unconditional (Traditional) Auction, both buyer and seller have legally exchanged contracts at ‘fall of the virtual hammer’ and the property could be yours in under 28-days. No Gazumping and a fall through rate of less than 1%!
The great thing about our timed online auction system is the transparency from start to finish. Unlike Private Treaty and the sealed bids process, where you are unable to see previous bids, you can see all ‘current live’ bids throughout the auction.
The pack of documents relating to the property being sold via our timed online auction, containing the personal local search, personal drainage search, land registry title and plan, copies of any deeds referred to in the register, property information form, fixture and fittings, lease information (if applicable), tenancy agreements (if applicable), energy performance certificate (EPC) and special conditions of sale.
The Legal Pack has already been prepared by the seller’s solicitor. Therefore, all necessary documents (local searches, title plans, special conditions etc) are available for your solicitors to read on your behalf during the auction.
Under Modern Method of Auction, you can buy with a mortgage. It is recommended you arrange this in the Exclusivity Period of the Exclusivity Agreement but this can be done prior to placing an offer.
It’s the contract between the seller and buyer, for our timed online Conditional Auction (Modern Method of Auction) agreed by both parties prior to bidding. Once entered, you the buyer are given an Exclusivity Period, normally 28 days, to exchange contracts with the seller. Commonly, in this period, it is expected that you organise your finance to purchase the property. As a result, arranging surveys, mortgage offer, arranging the remaining balance of your deposit and thus being able to exchange contracts come the end of the Exclusivity Period.
The Exclusivity Period is the time limit during which the Exclusivity Agreement lasts for between seller and buyer during the Modern Method of Auction.
Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time during the timed online auction. A guide range is between two figures, E.G £70,000 - £80,000.
A Reserve Price is a figure below which, the auctioneer cannot sell the property, during the timed online auction. The reserve price will be set somewhere within the Guide Range or no more than 10% above a single figure Guide Price. This is agreed confidentially between the auctioneer and seller, prior to the online timed auction beginning.
This is the opening minimum bid we will take on the property through our timed online auction. This is set by us the auctioneer.
An EPC is to provide information on a property's energy use and typical energy costs, and to make recommendations about how to reduce energy usage and increase efficiency. It is the responsibility of the property seller to arrange an EPC to show to prospective buyers.
If you have any further questions, please feel free to contact us.