To bid on ‘Registered’ Auctions OR TO VIEW LEGAL DOCUMENTS, you must first create an EIG Auction Passport Account. You can create an account without bidding.

To create an Auction Passport click the ‘Login to Bid’ button on a Registered Auction property detail page. You will be directed to EIG’s ‘Auction Passport’ page. Click ‘Click here to sign up for free.’

The process will take you through the following steps:

1. Register an account by providing your name and email
2. You will receive an email from passport@eigroup.co.uk with a subject ‘Auction Passport Registration’ asking you to verify your email address by ‘Activating Your Account’.
3. After activating your account, you will need to authorise the Auctioneer (National Residential consultants) access to your contact details.
4. You will need to submit more contact details (address & telephone) to view auction lots & legal documents.
5. You will need to agree to National Residential Online Bidding Terms & Conditions

 
Provide Financial Information and Proof of Identity
The first time you register to bid on a registered-Auction lot you will be asked to verify your mobile number and upload copies of your photo ID (e.g. driver’s licence or passport) and proof of address
(dated within the last 3 months). This is required so can easily keep in touch and helps us confirm your identity in the event of you purchasing a lot.

You will need to register a payment card per property to confirm your ability to pay the holding deposit
and any buyers fees listed in the agreement page and the auction details.

 
Placing a Bid on a Registered Auction
When the auction opens, you will be able to place bids in line with the pre-determined bid increment levels, using the bid increase (+) and decrease (–) buttons provided. Every time you submit a bid you will be clearly shown whether your bid was successful, and a full list of all bids is displayed on-screen at all times.

You are not restricted to placing a bid at the minimum bid amount, but can instead increase your bid and place a maximum (proxy) bid in the system. By setting a maximum bid, the system will automatically bid
on your behalf to maintain your position as the highest bidder, up to your maximum bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.

If anyone has any difficulty bidding on a Registered Auction, they should phone National Residential on 0800 612 3694 to discuss their problems and seek help.

 
Ring Fenced Holding Deposits (Funds on Hold)
To bid on a Registered Auction, you must agree to have a ‘hold on funds’ placed on your credit card (or bank account if you use a debit card), to the value of the bidder holding deposit plus any buyer’s fee listed in the auction. The total amount ring fenced will be clearly listed in the agreement page details.

The ‘hold on funds’ will affect the available amount you have to spend on your card, as the amount will be ring-fenced and you will not be able to spend it until the hold has been released if you do not win the auction.

If you are the winning bidder then the amount will be taken in full from your registered credit card or bank account immediately following the close of the auction if the auction reserve has been met.

       NB. Some reserve prices are kept secret until the end of bidding.

If you are not a winning bidder then the hold on funds will be released from your card, but be aware that it can take anything from a few hours up to several days for the hold to be released (dependent on the card issuer). If in doubt, contact your card issuer. Please be aware that you will not have access to the funds until the hold has been released.

 
Reserve Prices on Registered Auctions
Virtually every lot is sold subject to a reserve price (the minimum price that the auctioneer is authorised to sell for on the day).

Some reserve prices are kept secret until the end of the auction and bidding depends solely on competitive bids.

Where a reserve price affects the bidding, the actual bid placed by the system will depend on whether the reserve price has been met, as defined below.

• If your maximum bid is below the reserve price the system will place an immediate bid at your maximum bid amount.
• If your maximum bid is at or above the reserve price the system will automatically increase your bid to be at the reserve, and will only bid again on your behalf if you are subsequently outbid by another bidder (up to your maximum bid amount).
• If another bidder has already placed the same maximum bid or higher, they will be the highest bidder and the system will notify you via email so you can place another bid.

NB: Your maximum bid is kept completely confidential – its presence or amount are not disclosed to the auctioneer, vendor or any other bidder.

Where a reserve price is kept secret and does not affect bidding, bidders will be notified if the reserve has been met at the end of the auction.

 
Registered Auctions Duration & Bidding Extensions
Bidding on Registered Auctions closes as per the advertised auction ‘End Date’. However, if a bid is placed within the final 60 seconds of the auction’s scheduled end time, the auction will be extended by an
additional 60 seconds – known as the ‘bidding extension window’.

If a bid is placed in the ‘bidding extension window’, the clock will immediately reset to 60 seconds again, and the auction will only finish when an entire 60-second bidding extension window passes without any further bid being placed, i.e. 60 seconds of ‘bidding silence’.

Additionally, if you do leave your bid until the final few seconds you could risk your bid not being received by the controller server until after the closing time, and therefore not accepted.

An auction can be ended early or withdrawn from sale with immediate effect any time during the auction duration. Additionally, ‘End Dates’ can be extended or brought forward. An automatic email or SMS will
be sent out to all registered bidders and watchers informing them of any date change.

 
Winning a Registered Auction

The auction winner is the person with the highest bid when all bidding has stopped – i.e. at the and of any bidding extension window.

 
Paying the Holding Deposit

All bidders agree to pay a holding deposit (of the greatest amount between 2% of the sale price or £5000) plus any buyers fees listed in the auction details within 24 hours of winning an auction.

The amount specified in the auction payment details page will be taken immediately after the auction ends from the winning bidders funds if the reserve has been met.

If the amount taken is less than the sum of the holding deposit plus any buyers fee payable, the remainder must be paid within 1 business day of receiving notice of the outstanding amount from National Residential.

 
Post Auction Process

National Residential offer property for sale by ‘conditional’ auction contract. The end of an Auction and payment of the holding deposit secures the winning bidder with an exclusive ‘right to purchase’ the property within the prescribed time frame – usually 28 days but this will be confirmed in the auction’s terms and conditions of sale.

If you are the successful purchaser, we’ll be in touch following the registered auction to discuss the next steps and to send you a Purchasers Agreement.