FAQs

Yes. Be prepared. We recommend a number of things. Firstly, set your budget. Decide your maximum bid. Have the money available to you at the time of bidding. Secondly view our properties. Browse our listings. View the property details including photographs, descriptions, floor plans and legal packs. Thirdly hire your conveyancer or solicitor if you do wish to proceed to bid. Make sure they have auction experience.

This is personal to you. Some do and some do not. It is possible to arrange a physical inspection or a virtual viewing from any uploaded video of the property. You can consider hiring a surveyor to assess the property’s condition. It is an expense you need to factor in to your budget and consider you may be outbid. Do make sure both you and your conveyancer or solicitor read the legal pack for each property you are interested in bidding on. Also before the on-line auctions starts read the legal pack again to make sure there are no amendments. It is advisable for your conveyancer or solicitor do the same so you enter the bidding auction fully aware of all conditions.

A guide price is set by the seller as a guide to what the property may sell for. However, it is often the case that bids are higher than the guide price and you must be prepared for this. A guide price is not a guarantee or promise the property will sell for that amount. It is simply a guide. Bidders in the bidding process will bid and the highest bid will be the price the property is sold for subject to it reaching its reserve price. Always check the property details to see if the guide price changes before the on-line auction process begins. It is always advisable for a bidder before the on-line auction process begins to re-read everything concerning the particular property lot again to check nothing has changed.

A reserve price is set by the seller and it is a price that the auctioneer cannot sell the property below. If a property fails to meet the reserve price, then the property will not be sold to the highest bidder. A reserve price remains confidential. It is for the seller to set. However, it is usually 10% above the guide price. There is no guarantee this will be the case.

Yes. All bidders will be asked to register prior to auction. To register to bid you need two forms of ID including proof of address and either your up-to-date passport or driving license as photographic ID. We may allow other forms of ID and we can give you a list when applying to pre-register to bid. We may also ask which properties you are hoping to bid on. We do use trusted third-party providers to undertake the above checks. Don’t leave it to the last minute to register. We still by law have to undertake identity checks and we do not want you to miss the chance to bid on the property you are interested in. At the time of registration, we will ask for your bank details. Please read our section below on how we Mango Auctions take money to cover our fees.

Legal packs are confidential documents about a property for any serious bidder to view. As such you will need to sign up with us and give minimum information about yourself like email address, name etc. Once signed up you are able to view the legal pack by signing in.

If you are the winning bidder, you will be required to pay a 10% deposit [of the winning price bid] and sign the Memorandum of Sale to purchase the property lot. Signing of the Memorandum of Sale is exchange of contracts for the purchase of the property. The 10% deposit relates to the property. This is distinct from the Mango Auctions fees, which do not form part of the deposit and are taken separately. Mango Auctions’ fees are listed in the property description for each property lot. You must have sufficient liquidity to cover deposit and fees and the ability to transfer clear funds. Beyond this you will be expected to complete the purchase and pay all remaining sums due by the completion date which is usually around 28 days from exchange of contracts. This is a very short time frame. It will be necessary to have money to be available to complete on time. It is strongly advisable to put in place monies sufficient to cover the whole property purchase and all charges before you bid. Please read out section below on how Mango Auctions takes their fees so you are fully aware of the timing of the same.

All our auctions are by online bidding. You will need to be part of the online bidding process to bid as long as you have registered to bid. We do not allow proxy bidding.

Firstly, the company must be one recognised in law in the UK and not just a trading name of a person. If it is recognized in English law we will require:

Full company name, registered office, company number and shareholder names and % shareholdings. If any shareholder holds more than 25% of the shareholding in the company their personal ID verification is required along with a letter of authority from the company on appropriate letter head signed by a director or officer of the company giving you authority to bid on behalf of the company concerned. It is in the discretion of Mango Auctions to make enquiries and may request further authority. Your personal ID will be checked.

If the company is foreign registered you must contact Mango Auctions about the way forward. It may involve the requirement for certain certified documents. You must allow sufficient time to register to bid under a company as the checks take longer than an individual. Don’t leave it to the last minute you may miss the auction you wish to bid in.

The bidding date is clearly set out within the specific property lot section. It will have a start time and end time. Once bidding commences no offers whether verbal or in writing will be placed before the seller and all offers must be through the bidding process. Always check in periodically and make sure the bidding date or start time has not changed.

You must have successfully registered to bid. Do not leave it to the last minute to register. Registration checks will be made and processes put in place. These take time. We endeavor to move fast on the registration checks and processes but we do have third party providers and they need sufficient time to complete the process. Leaving it hours before the start of the online bidding process may mean you cannot bid as you have not passed the registration process in time. Be realistic and pre-plan registration. We highly recommend you register no less than five working days before the live auction date.

When starting the bidding process, you will be provided with a bidding reference code, which will keep your identity secret from other bidders and vice versa.

You can, however, in real time see the amount placed for each bid and the bidding reference number for that bidder. You can see how many people are bidding and the level of increase between bids. It is easy to check the current highest bid and through your reference code to see where your bid is in relation to others. It is an interactive process and best to keep a keen eye on the bids. The bids are live.

The on-line bidding process on average lasts around 24 hours. However, it may be extended if bids continue up to the cut-off point of the bidding process. Do not be caught out by this and do check in if you are still wishing to bid and wait for the auction to formerly end. Never assume your bid is the winning bid.

Make sure you give no one access to your computer or mobile phone or any other hand-held device through leaving it open and accessible or sharing the passwords and do not share any information which would put you at risk of someone pretending to be you and bidding. You are advised to read very carefully our Agreements all on our website. It states quite clearly that you will be liable for any winning bid even if someone uses your computer, phone or other hand-held device as you owe yourself a duty to keep such information and computers private.

No problem. Your name does not appear in the live bidding process when you make a bid but the assigned bidding reference code, we give you before you start bidding. Others can only see the bidding reference code. Further not anyone can view the bidding process, they have to have pre-registered and if they have done so they are unlikely to be serious bidders.

Make sure you are registered to bid and given yourself sufficient time for Mango Auctions to have undertaken the necessary checks to allow you to bid. You will be sent a one-off reference code on the bidding day as you place your first bid. Make sure you have viewed the property details and carefully read the legal pack of all the properties you are interested in bidding on. Make sure before the bidding starts you have re-visited the legal pack to check there have been no updates. Have a conveyancer or solicitor ready to proceed if you are the successful bidder. It is best they have prior auction experience. Make sure you have set your budget and have in mind a maximum bid. Set sufficient time aside to be involved in the live on-line bidding until you reach your maximum bid or the bidding process ends. If you are bidding on more than one property double check when the bidding starts and stay within your overall budget. Each live online auction for a specific property lot will assign you a different and unique bidding reference code. Bear this in mind if you think you cannot see your bid. Do not get confused between the different bidding reference codes.

It means at the fall of the online gavel you are legally bound to complete the property transaction and pay any fees due along with a 10% deposit on the property.

Mango Auctions will confirm your winning bid by email. At the time of registering to bid you would have provided to us proof of ID and residency, as well as further personal details which will include national insurance number, length of time you have lived at your current address and your past addresses. You will also have provided your bank details. See our section on how and when monies are taken below. At the time of the winning bid, we may carry out further electronic verification to comply with anti-money laundering regulations.

You will be required to pay the 10% deposit of the value of the winning property bid immediately and online and further exchange contracts by signing the Memorandum of Sale. You will also be required to pay any other charges stated in the property lot and terms and conditions such as the administration fee, buyer’s premium and any disbursements. Please read our section below on when and how fees and charges are taken.

A memorandum of sale will be sent to you by email. At this point the property matter is referred to your conveyancer or solicitor to complete the sale.

What ID is needed depends if you just wish to sign up with us to view the legal packs in advance of the auction day for the property lots you are interested in or wish to bid or are the winning bidder. If you wish to bid under the law, we must undertake Anti-Money Laundering (AML) checks. We will require photographic ID and proof of address and any other documents deemed required for the AML checks. We will provide you with a full list of what documentation is acceptable to meet our AML duties. If you are the successful bidder, we may request further documents and undertake further checks to fulfil our AML duties. The AML check process is designed to be straightforward and user friendly.

A buyer’s premium is charged on all properties sold at Mango Auctions and is payable at the time of exchange. The exact amount appears in the property lot description for each specific property lot. If you are the successful bidder at the drop of the online gavel you are contractually obliged to complete and buy the property you bid for. The buyer’s premium becomes due at the time of exchange of contracts, which is when the Memorandum of Sale is signed. Exchange of contracts occurs immediately after the winning bid is accepted. At this point you will sign Memorandum of Sale document, pay 10% deposit towards completing the sale and also pay the buyer’s premium and any other fees due to Mango Auctions. Please read our section below on when and these fees are taken.

It is common practice to charge an administration fee that covers the auctioneer’s costs of those who are interested in purchasing the property. It is exclusive of VAT and VAT may be added. It is payable by the buyer plus the 10% deposit after the gavel falls and you are the successful bidder. It is calculated as either a fixed fee or a percentage of the sale price but is subject to a minimum amount. The exact amount appears in the property lot description for each specific property lot. Please read our section below on when and these fees are taken.

If you are a successful bidder you will need to pay:

• A 10% deposit of the winning bid price of the property which is due immediately;

• All additional administration charges and buyer’s premium fees and other charges applicable which is due immediately and set out in the property lot description;

• The balance of the purchase will be paid via seller’s conveyancer or solicitors as part of the completion process in 28 days;

• If there are any disbursements or charges listed as part of the special condition of sale in the legal pack, these will also become payable on completion. Your solicitor or conveyancer will be able to advise you on this.

This is an important question. The fees due to Mango Auctions will be ‘held’ as reserved before bidding commences by a payment processor. Therefore, you should ensure you have sufficient monies to allow this to happen or you will not be permitted to bid. The money will be held for a maximum of 7 days before the online auction commences. This means you cannot access the money at that time. During that time, it is reserved. If you are not the successful bidder following close of the bidding auction process, we request our payment processor to release the hold.

We will instruct our payment processor to put a hold position for the exact sum of all our fees seven days before the live auction starts. Always make sure you have sufficient funds ring fenced in the bank account you have provided for this exactly seven days before the live auction date right up to the start of the live auction to allow the payment process to action our request for all bidders. If there are insufficient funds you will not be allowed to bid. Our payment processor will tell us if they have been unsuccessful in securing the funds through the ‘held’ position.

We do not want to tie your money up for longer than necessary, hence the seven-day maximum ‘held’ position. However, do not attempt to leave providing your correct bank details to us or swap bank details to the last minute before the live auction date otherwise the payment processor cannot interface with your bank and secure a held position on the required monies in time for you to bid meaning you cannot bid on the property lot. If you are the winning bidder Mango Auctions will request the payment processor to immediately take fees due to Mango Auctions.

If you do win the bid, you will be required to pay 10% deposit of the winning bid to the solicitors or conveyancers of the seller and sign the Memorandum of Sale immediately. This will be by online transfer of monies.

As soon as contracts are exchanged you should insure the property. You may want to check in the legal pack or ask the auctions team whether the seller will continue to insure through to completion. The reason for doing this is if the property is damaged during the period between exchange and completion. Then you as the purchaser will require it rectified and that will be easier to achieve under your own insurance policy rather than going after the seller’s insurers.

You are legally eligible to receive the rent from the date from when legal completion happens and the property transfers into your ownership. You should liaise with your solicitor or conveyancer and the tenant to set up payment processes.

When a hammer falls (the online gavel) in an on-line auction it represents an exchange of a binding contract between the seller and the buyer. At this point neither party can change their minds and the sale is required to proceed in accordance with the terms and at the price that was concluded when the hammer fell.

All bidders need to be aware that the winning bidder exchanges contracts straight away. If you are unsure or have any doubts about buying a property then you are advised not to bid. Please note at the fall of the hammer Mango Auctions full fees become due and will be collected.

Legal packs are available through our website. To view them you must sign-up with us. At that time, we will request information about you such as name and address. Be aware legal packs may be updated anytime and added to before the on-line auction and you are advised to check the legal pack more than once and definitely before the start of the online bidding process.

Yes, you can and any offers will be put directly to the seller. However, the sale before auction will follow the auction terms and conditions. Thus, all fees and buyer’s premium and any other relevant charges will need to be paid. It also means exchange is imminent and completion timings will follow the same as if in auction. Be aware once the on-line bidding process has begun no offers outside the bidding process will be put to the seller. It is up to the seller if they wish to accept your offer. If the seller rejects your offer, you are at liberty to increase your offer and may want to do so up to your maximum if required to see if this is acceptable to the seller. Note you do not gain direct access to the seller via this route. You must still come through us. Once you have agreed a sale Mango Auctions will take the fees due to them at that point.

Good question and the answer is yes. Below are some common pitfalls:

• Ignoring the legal pack: Read it thoroughly so as not to miss critical information about the property’s legal status, potential liabilities or restrictions. Always re-read the legal pack before the bidding process as it can be updated.

• Financial missteps: This can range from not having insufficient money read to complete a sale; not familiarising yourself with the fees for buying at auction; thinking you have time to raise the money after a successful bid to meet the required timeframe to complete; and not setting a budget.

• Not preparing: Not understanding the online auction process both how it works and how speedy it is.

Our advice is to learn about the online bidding process, make sure you read all documents concerning a property lot and re-read before the auction day and make sure your finances are in order and enough to cover the fees and purchase of the actual property lot. The short answer is be prepared. It will be a smoother journey to a successful bid. Don’t give up if you are outbid. There will be other properties fitting the profile you want through us.

We sell residential properties be it flats, houses both leasehold and freehold both tenanted and vacant. We sell commercial premises either leased or vacant. We also sell all types of land.

As the homeowner registered with the Land Registry you can sell your property. However, if you own a property with someone else, they must give their consent to sell the property.

With Mango Auctions it is free to sell at auction at the first sale. There will be a charge if we have to re-market due to the property not reaching the reserve. Further there is no entry fee to sell. If you need assistance with good quality photos, virtual tour videos or open house attendance this can be provided by Mango Auction for a charge and we can fully discuss this with you. We do not engage in hidden extras. The point of an on-line auction system is to be transparent and this should apply to charges. If a Seller contacts us, we clearly set out how fees work who pays and when they are due.

It is by far and away the quickest way to sell your property. On line auctions makes an auction accessible to all. If selling by unconditional [definition is in our general questions section] auction you can instruct, exchange and complete within 28 days. On the lead up to the on-line bidding auction date properties are marketed for around 4 to 6 weeks before the auction date to allow long exposure to a range of bidders. The key to on-line auctions is no buyer can delay a sale for leverage. Information about the property lot is accessible and transparent and bidders can see the other bids during the bidding process which has a set start and end.

Information pertaining to the property including the legal pack are available on our website once a potential buyer signs up with us. It is up to each potential buyer to check the legal packs and by prior arrangement only to visit the property and make any enquiries through a conveyancer or solicitor they wish to undertake. The point is the relevant information for the property lot is easily available. The fact there is a bidding date offers a timeline all are aware of. The fact a legal contract exists to complete the sale of the property occurs at the fall of the on-line gavel gives certainty to both sides.

Nearly all types of properties will sell at auction and often achieve higher sales prices when compared to traditional estate agents. Auctions are the fastest way to achieve a sale. Property types may include the following:

• Properties in varying states of disrepair requiring refurbishment. Builders or property developers may compete for these for conversation or development;

• Properties which are challenging to sell including but not limited to short leases, difficult neighbours, an adverse history, unable to secure a mortgage, failed sales, legal issues or other issues around the property. These properties are more suited to auctions;

• Properties tenanted and rented out. Investors are very interested in such properties;

• Properties which are mixed-use; and

• Commercial investments are best suited to auction;

Your property will be offered subject to a reserve price and this reserve price is kept confidential between the seller and auction team. The seller determines the reserve price and this is the lowest amount the property can be sold for, at auction. If the property fails to reach its reserve, offers will then be invited from all interested bidders to try and agree a sale after auction at or above the reserve. Most auction sales achieve an amount higher than the reserve price. But it is not a guarantee this will occur.

Mango Auction uses multiple marketing strategies this includes our own website, extensive social media marketing strategy, with an email database of active auction buyers.

Auction is the fastest way to sell property. It provides virtual certainty. Auctions also have the highest success rate through to completion, far higher than through the traditional estate agent.

Auctions deliver a legally binding sale with contracts exchanged on the fall of the hammer, so neither party can pull out of the sale or renegotiate the price.

The interactive bidding process is designed to drive the price up so the property achieves its best possible price on the day

It is accessible to a diverse bidder audience. Put simply there is generally bidders for all types of states and issues the property has.

Yes, but you must specify in the sales particulars including a legible tenancy agreement. The point is to be transparent. Many buyers would find a property with a sitting tenant attractive as it is generating an immediate return for the buyer.

Yes, you will absolutely need a conveyancer or solicitor and need to appoint one as soon as you enter a property into auction. It is advisable to choose a solicitor with auction experience or a conveyancer again with on line auction experience. Your conveyancer or solicitor will be expected to prepare the legal pack, handle all conveyancing after exchange through to completion. Time is of the essence and whoever you appoint will need to work quickly for you to provide all necessary information for the legal pack. This is why we suggest using a practitioner familiar with on-line property auctions as they know and can work to the timelines.

Yes indeed. This is one of the best advantages of selling at auction. We can enter your property into our auction within a few days and with luck our next up-coming auction will be just around the corner. With an attractive price level there is pretty much a guarantee of a quick sale. Completion can be done between 14 to 28 days. We can discuss with you a strategy to meet any deadlines for sale you may have.

Most often yes. Especially if they are marketed at an attractive price. We will always endeavor through our various marketing techniques to generate as much interest as we can. This will further increase the likelihood of a higher price. The property will never sell for less than the reserve price, which the seller sets.

The simple answer is no once the winning bid is made on the fall of the hammer [online gavel] a contract exists between the buyer and seller to purchase the property. It is rare a buyer backs out. If they try to do so we have contingency plans we can discuss with you.

No, the sale price is fixed when the winning bid is accepted as a contract exists for the buyer to purchase the property. The winning bid is the price at which contracts are exchanged and the property deposit obtained.

We make considerable efforts to market, promote your property including uploading property details and liaising with you along with contacting any buyers we are aware of. You will be asked to sign a seller’s agreement. If you choose to pull out or you choose to deal directly with a potential buyer and in so doing their motive is to avoid our fees, I am afraid we have clauses in the contract that you must pay the fees the potential buyer should have paid and a penalty clause for simply pulling out. The reason it is there is although the vast majority of sellers and buyers are reasonable and honour their commitments there are a few who do not.

• Set a realistic reserve price: Work with us to set a reserve price that reflects the market value but also encourages competitive bidding.

• Be transparent: Some properties are not in great shape. There are likely to be buyers looking for those types of properties. The same goes for a sitting tenant. There are potential buyers who want a tenant to start earning rent straight away after completion.

• Legal preparations: Instruct a conveyancer or solicitor to prepare the legal pack, including title deeds, local authority searches, and any relevant planning permission or building regulations. This is not an exhaustive list and your conveyancer or solicitor will guide you as to what needs to be disclosed. Make sure you instruct a practitioner who is experienced in online property auctions. Also make sure they are willing to move fast as the process is speedy.

• Marketing: Although we market it is your property and we work with you and recommend good quality photos and a virtual tour video to assist buyers visually to see the property. The photos should show every room and outside space and buildings. Without photos it will be a harder sale. Do not worry about dilapidation or repairs needed there will be buyers willing to and possibly looking for this type of property. If you have a tenant you will need to check with your conveyancer or solicitor about gaining access to the property.

• Open houses: We recommend arranging open house events to allow potential buyers to view the property before the auction day. Again, check with your conveyancer or solicitor about gaining access to the property. If the property is not in a safe state to view do not allow access. Make sure a good quality virtual tour presents the property well.

• Property presentation: This will alter as to the state the property is being sold in. It is up to you. You can declutter and clean and you can undertake repairs and maintenance. However, we have a diverse range of buyers who buy in all states. Be realistic about what you can do and afford along with how it may delay a sale.

• Be contactable: It may be a buyer wishes to make a pre-auction offer. We will need to liaise with you and talk it through. Given that there is a short period of time between marketing the property and the online auction we may need to be in contact with you to drive things forward. Be available.

• Be prepared to be proactive: Make sure you are ready and on time with photos, virtual tours, responses to pre-auction offers. You may need to remind your conveyancer or solicitor about timelines.

• Post auction: Have your conveyancer or solicitor ready to handle the immediate exchange of contracts and deposit. After the online auction ends and there has been a successful bid immediate action will be required by your conveyancer or solicitor and it is up to you to keep them engaged and moving forward to complete the sale.

If you have signed up with us to sell your property, we will work with you to successfully reach the point that there is a winning bid.

On our website on the home page is a link for sellers to contact us. From there we will undertake compulsory checks on your ID and use a trusted third-party provider for this. We will work with you as to what is needed by way of property description, photos and possibly virtual tour video, along with any open house arrangements. Most sellers will arrange this. We can offer a service for this. However, that does come with a cost attached which we can discuss with you. We can liaise with your conveyancer or solicitor concerning the legal pack and information we need. You will need to make sure the conveyancer or solicitor stays focused and on time. We ask for transparency and you will be required to sign a document stating that all representations about the property are accurate, up to date and without exaggeration.

Yes. It is very different from the traditional approach to selling a property. Below are some common mistakes to avoid:

• High reserve prices: Setting the reserve price too high can deter potential buyers, leading to fewer bids and possibly no sale. We strongly recommend that you undertake some research on properties in the area in the same state under the same conditions. Approach the sale with a realistic mindset.

• Lack of property presentation: Poor quality photos, insufficient photos showing only part of the property or no photos. This can reduce interest in the property. A poor inadequate property description with lack of detail can fail to attract serious buyers. We will work with you to market appropriately.

• Lack of transparency: This covers incomplete legal pack which fails to provide complete and clear legal pack raises red flags with buyers, making them hesitant to complete. It also covers inaccurate or misleading information about the property which deters buyers. We never allow this. You will be required to sign a disclaimer that you have provided the up to date, complete, accurate information without exaggeration.

• Poor communication: Failing to promptly respond to us or to a buyer enquiry who has made an offer pre-auction can frustrate buyers and reduce their interest. Even if you would not accept the buyer’s offer pre-auction stay engaged with us. The buyer may make a higher offer pre-auction or bid in the online auction for a higher price.

• Lack of understanding: Not understanding the auction process and how fast pace it is along with thinking it is like the traditional method to selling property. It is not. Make sure you read and understand how the process works. It is a speedy and a great way to sell a property.

• Ignoring market conditions: Stay in tune with current market trends and conditions will assist. It helps with the guide and reserve price setting and the approach to description and general marketing process.

• Not being engaged: You will need to assist us with information and documents to successfully market the property. We need your buy in on this to make the sale happen. You will also need to stay on top of your conveyancer or solicitor to make sure they are on time and doing their job.

• Just sitting back: We do take the strain for you. But what we market is based on what you provide. We need to work with you and get the right level of information and presentation.

This is simple on our home page is a seller link and this allows you to contact us directly. From there we will be in touch and guide you through the process, fees and what needs to be done.