How it works - Buyer

Our fee promise.

  • It is completely free to register with Hammer Price Homes.
  • We charge the buyer a reservation fee of 3.6% inc. VAT upon winning the auction (subject to a minimum fee of £3,600 inc. VAT) there is nothing payable prior to this.
  • No hidden fees guaranteed.

Your cash is safe - guaranteed.

We work in partnership with NatWest to ensure that your payments are made securely and that they are held in our client bank account until contracts have exchanged between you and the seller.

Once this has happened we will invoice you and the fee is released to Hammer Price Homes. The money remains yours until this time. 

1Create account

Create a buyer account and follow our easy step by step verification process. Please note it can take up to 24 hours before your account is activated.

2Find property

Use the search function under the properties section.

3Book your place on an open day

You must book an appointment online otherwise attendance will be refused. Once you have attended you will be able to bid if you wish.

4Bid

Once your account is fully activated and you have attended an open day, you can bid on a property should you wish. Bidding will be restricted to those that have attended an open day, so if you wish to bid and haven't attended please call Hammer Price Homes on 020 3814 1888.

5Win

If your bid is the highest at the time the auction closes, then so long as you have met the reserve price you will be announced as the winner.

6Pay the Reservation Fee & complete the Proof of Funds Questionnaire.

You must make payment of our Reservation Fee within 2 hours of the auction closing (By Bank Transfer, We do not take card payments). Our fee is 3.6% inc. VAT (min of £3,600 inc. VAT). This is additional to what you will pay the vendor for the property. On receipt you will be issued with a VAT receipt and asked to complete the proof of funds questionnaire that will be attached to the emailed receipt.

7Complete the Reservation Form

You have 48 hours from the close of the auction to submit your Reservation Form which includes your buyer and solicitor details. This can be accessed via the link we send you when you are confirmed as the winner or you can access it by logging into your account, and looking at the notification section within “My Account”.

8Up to 90 days to complete

Our standard terms are that you have 90 days to complete from the close of the reservation period. Please check the completion terms on the listing and be aware of any special conditions that do apply. There is no deposit payable to the vendor until contracts exchange (no deposit payable on winning the auction).

Buyer process video

Have any questions?

Proceed to Buyer's FAQ and learn more about the process.

Have any questions?

Interested in selling?

Check out seller instructions and create an account.

Interested in selling?

Useful information

Proof of fundsAnti sniping toolAnti gazumping

To satisfy Anti Money Laundering (AML) regulations we must ascertain from winning bidders how they have financed the payment of the reservation fee paid to us as well as how they are going to finance the purchase of the property. Supporting evidence, that shows the source of funds will have to be provided.

Within 48 hours of the auction closing the winning bidder must complete the Proof of Funds questionnaire that they receive from us (issued with the VAT receipt for the Reservation Fee payment) and return to us at info@hammerpicehomes.co.uk.

A copy of the form can be viewed/downloaded by clicking on the pdf below. Failure to supply the completed form on time may hold up the issue of the memorandum of sale.

Click here to view/download PDF

When a bid is placed in the closing minutes of an auction it can prevent serious buyers missing out on a purchase.

This practice of 'sniping' leaves both buyers and sellers unsatisfied. For this reason we have developed an anti-sniping tool and incorporated it into our website.

If a bid is placed during the last 5 minutes of an auction, the deadline will automatically be reset to 5 minutes, giving other bidders time to react. This will continue until no further bids are placed.

Auctions often extend due to bids being placed during anti sniping time. Please note that new bidders cannot join an auction after the original scheduled finish time.

Our process closes on the final bid so won't allow for gazumping. We will issue a 'Memorandum of Sale' once our fee is received which is proof that a sale has been agreed.

Although the seller isn't legally bound to sell by this document, our T&C's mean that should a seller give back word then they will incur a financial penalty which has proven to significantly reduce the risk of a sale that’s been agreed falling through.

Over 95% of all winning bids have been honoured by Hammer Price Homes sellers.

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