What is a Reservation Fee?

A Reservation Fee is normally associated with properties sold under the Conditional auction method. This is where the successful bidder secures an exclusivity period (usually 20 working days), during which time they will finalise any mortgage that they require and move the legal process through to exchange of contracts. The reservation fee is non-refundable is paid by the purchaser to secure the exclusivity period. Details of this fee will be shown within the property details.