Lets Bid FAQs

How long does the auction last?
Our estate agents control the duration of each listing. While most properties are live for 7-14 days, the agent may accept a bid on day 1 and remove the property from the site. Make sure you don’t miss out on any properties by downloading our mobile app to receive notifications and updates.

How do I make a bid?
The first step is to register as a user on Lets Bid. Once registered, you can make a bid via desktop, on your tablet or mobile device or using our mobile app.

How much deposit must I pay?
This varies depending on the individual circumstances; all of the properties listed for sale or to rent are unique and the owners and estate agents will have different requirements for each.

Typically, on a sales transaction a 10% deposit is required. Sales transactions usually require completion within 20 working days.
For a rental property, one month’s deposit and one month’s rent in advance is required.

When do I exchange contracts?
Most transactions will exchange contracts within 48 hours of agreeing a price but, at Lets Bid, the customer together with the estate agent control the entire process. In short, it's up to you and the agent to come to a suitable agreement between yourselves.

If a complete legal pack has been provided, agents will normally require a quick exchange on the expectation that you will have already liaised with your legal representatives to ensure that everything is in order. Alternatively, you may agree to treat the transaction within the modern method of auction. Please contact the agent prior to making any bids if you have any queries regarding the process. 

What happens if I place bid and do not proceed?
At Lets Bid, we understand that circumstances can change but please note: all bids are legally binding. Before making a bid, you must ensure you have the ability to move forward; if we receive negative feedback from the letting or estate agents regarding your account, your registration may be reviewed.

How long will the tenancy agreement last?
This depends upon the property; please review the documents accompanying your listing as this can vary from anywhere between 6 – 36 months. If you are unclear, please contact the letting agent who has advertised the property for more information.

Is my rental deposit safe?
Ensure that you ask the agent what steps they are taking to protect your deposit. More advice can be found here: https://www.gov.uk/tenancy-deposit-protection/overview

How can I become a verified bidder?

This function is coming soon. We have teamed up with a market leading credit referencing company that allows you to credit and reference check yourself instantly. Being pre-references allows you to secure your rental property as soon as you have agreed terms with the agent, as they will be able to see your status as a verified bidder.

Feedback from agents suggests many would be willing to accept lower bids from someone who is ready to go. Being a verified bidder streamlines the entire process, allowing you to negotiate a great deal in no time.

Do I have to be verified to make bids?

Whilst we encourage you to be verified as it speeds up the process – it is entirely your choice. You can make bids without being verified, as agents have access to similar tools allowing them to perform instant checks on your behalf.

 

Can I make a bid without seeing the property? 

We would recommend that you view the property before you make a bid, but we understand that some users will place bids without seeing the property first. This is why we ensure only registered letting and estate agents can upload properties to Lets Bid to ensure a smooth process for all parties.