About iamsold
iamsold (trading as I Am Sold) is one of the UK's leading providers of the modern method of auction (MMA) — a conditional auction format widely used by estate agents as an alternative to traditional property sales. Rather than operating their own auction catalogue like a traditional auction house, iamsold provides a platform and process that estate agents use to run conditional online auctions on their property listings.
iamsold partners with estate agents across the UK, meaning their lots appear under estate agent branding on Rightmove and Zoopla as well as on the iamsold platform. They are not a traditional auction house — they are a technology and process platform for conditional online auctions.
How iamsold's Modern Method of Auction Works
The modern method of auction (MMA) is fundamentally different from a traditional auction. Understanding this difference is essential before bidding:
| iamsold (Modern Method) | Traditional Auction | |
|---|---|---|
| What happens when you win? | You pay a reservation fee | Contracts exchange immediately |
| Reservation fee | ~3.6–4.8% + VAT (min ~£6,000 inc VAT) | Not applicable |
| Deposit | 10% paid when contracts exchange during 56-day period | 10% paid on auction day |
| Can you withdraw? | Yes, but you lose the reservation fee | No — you lose your deposit and face legal action |
| Completion timeline | 56 days from reservation | Typically 20–28 working days |
| Time for due diligence | During the 56-day period | Before the auction — no time after |
Key point: Although iamsold MMA gives you 56 days to complete due diligence after paying the reservation fee, this does not mean you should skip pre-auction due diligence. The reservation fee is non-refundable — so if you discover a problem after paying it, you lose that money. Always review the legal pack thoroughly before bidding.
Accessing iamsold Legal Packs
iamsold legal packs are typically accessible through the estate agent marketing the property, via Rightmove or Zoopla lot pages, or directly on the iamsold platform:
- Find the lot on Rightmove, Zoopla, or the iamsold website
- On the lot page, look for "View Legal Pack" or "Download Documents"
- Register to access the download
- Check that the pack includes the Reservation Agreement as well as the property documents
What's in an iamsold Legal Pack
In addition to standard property documents, iamsold packs should contain:
- Reservation Agreement — the key document specific to MMA; sets out the reservation fee amount, timeline, and forfeiture conditions
- Special Conditions of Sale — read carefully for any additional buyer obligations
- Official Copy of Register of Title and Title Plan
- Conveyancing searches — Local Authority, Drainage, Environmental
- TA6 and TA10 forms
- EPC
- Lease and management information (leasehold)
Critical Issues to Check in an iamsold Legal Pack
The Reservation Agreement — Read Every Word
The Reservation Agreement is the most important document in an iamsold pack — more important even than the Special Conditions. You must understand:
- The fee amount — stated as a percentage and/or a minimum figure. Confirm exactly how much you're paying
- VAT status — the reservation fee is typically subject to VAT
- SDLT status — HMRC's guidance on whether the reservation fee forms part of the chargeable consideration for SDLT has been subject to change. Confirm the current position with your solicitor
- Forfeiture triggers — exactly what causes you to lose the fee
- The 56-day timeline — when it starts, what must happen by what date
- What happens if the seller withdraws — the reservation fee should be refunded in this case
Reservation Fee as Part of Total Cost
On an iamsold property at £200,000:
- Reservation fee: approximately £7,200–£9,600 inc VAT (depending on the specific terms)
- SDLT on the purchase price (and potentially on the reservation fee)
- Solicitor costs
- Survey costs
- Bridging finance or mortgage arrangement fee
Many buyers underestimate the total cost of an iamsold purchase because they focus on the guide/purchase price without adding the reservation fee and its tax implications.
Mortgage Availability
iamsold's 56-day completion timeline is designed to accommodate mortgage buyers — unlike a traditional auction's 20-working-day timeline, which typically requires bridging finance. However, you must still have a mortgage in principle and a lender willing to work to the 56-day window before bidding.
Analyse This Auctioneer's Legal Packs in Minutes
Upload your iamsold legal pack — including the Reservation Agreement — and receive a full risk report covering the fee terms, property title, Special Conditions, and missing documents.
Upload your legal pack →Tips for Bidding at iamsold Auctions
- Always review the legal pack before bidding — the reservation fee is non-refundable, so discover problems before you pay it
- Calculate the full cost including reservation fee plus VAT before setting your maximum bid
- Read the Reservation Agreement in full — specifically the forfeiture conditions and timeline
- Confirm mortgage availability if not a cash buyer — do this before bidding, not after
- Instruct a solicitor immediately after paying the reservation fee — 56 days is less time than it sounds when legal work is involved
- Check SDLT treatment of the reservation fee — the position has changed historically and your solicitor should confirm the current HMRC guidance
Frequently Asked Questions
How does iamsold's modern method of auction work?
The winning bidder pays a non-refundable reservation fee (typically 3.6–4.8% + VAT, minimum ~£6,000 inc VAT) which secures the property for 56 days. During that time, the buyer completes due diligence, arranges finance, and exchanges contracts. The buyer can withdraw but loses the reservation fee.
Is the iamsold reservation fee refundable?
No — it is non-refundable if the buyer withdraws. It is refundable if the seller withdraws. This is why pre-auction due diligence is essential even though the MMA format technically allows post-reservation investigation.
Can I use a mortgage for an iamsold property?
Yes — the 56-day completion period is specifically designed to accommodate mortgage buyers. However, you must have a mortgage in principle and be confident your lender can work to the timeline before you bid.
Do I pay SDLT on the iamsold reservation fee?
This depends on the structure of the reservation fee and current HMRC guidance, which has evolved. Your solicitor should confirm the current SDLT treatment before exchange. The reservation fee may or may not be treated as chargeable consideration.