We address many of the common questions about our auction service here. Any further enquiries please feel free to contact us
Why should I buy from Dentalbidz.co.uk?
DentalBidz.co.uk is the UK 1st online dental auction website. The whole process of buying through a live auction is that buyers see a complete transparency. We believe all buyers should be treated equally and all should be provided with the same chance of purchasing their practice.
We have a special anti-sniping tool and we avoid gazumping making the whole process of buying a practice fair and transparent. The rule is simple the highest bidder wins the auctions (as long as reserve price is met).
What fees does the buyer have to pay?
The buyer pays a holding fee of 1.6% plus VAT (1.8% inc VAT) of the winning price of the dental practice during the auction. This amount is not deducted from the cost of purchase but is a fee paid to Dentalbidz.co.uk for the buyer to purchase on our site.
Fees will be made into a secure client holding deposit and will only be transferred into our business account once the sale has been completed.
How can we know we are bidding against genuine bidders?
The reputation of our brand is very important to us. All our members are fully vetted. They are only allowed to bid on dental practices after they have gone through a rigorous process. We ensure they have adequate funding in place and therefore we can ensure only serious bidders can bid on the practices for sale.
If any bidder has not done their necessary due diligence then they will not be allowed to bid.
How can I start bidding on a dental practice?
The first process is to provide your details using our online form and agree with the T&C’s. Once your account is verified and all necessary checks have been done you will then be allowed to login into the user account panel and bid on a dental practice.
Before you bid on any dental practice it is mandatory for you to go and view this practice and have done all the necessary due diligence before considering purchasing the practice.
We will also require that you are able to financially able to honour your winning bid and therefore its very important to bid only to what you can afford and what the banks will lend you.
We can refer you to a specialist dental finance advisor if you require this service.
Can I withdraw my bids?
Once you have made a bid and you are the highest winning bidder then you are legally binded to buy the dental practice. So do not bid if you are not 100% sure to buying the dental practice otherwise you would still be liable to a fee of 1.8%(inc VAT).
What if I am the highest bidder but do not reach the reserve amount?
If you are the highest bidder but do not reach the reserve figure then the dental practice will not be sold and the option of relisting it would be available. However, it will be at the discretion of the seller and they may choose to negotiate with the highest bidder.
I have reached the reservation and am the highest bidder – What next?
If you have the winning bid we will notify you by email and a courtesy call congratulating you on your winning bid. We will then allow you 48 hours to make a payment to our client holding account for the holding fee of 1.8%(inc VAT). This fee is what dentalbidz charges the buyers and does not contribute to the winning auction bid.
Once we receive this amount we will send you out a sale of memorandum and the traditional process route of the buying/selling practice will start. We will take the practice of the market and the practice will be sold subject to T&C’s
What happens if the sale does not go through?
This can happen and then any fees paid to us will be fully refunded according to our T&C’s
Can we download the legal packs for the dental practices under auction?
We will provide all the relevant details for you to consider before bidding on the practice like accounts, practice details etc. No Legal packs will be available since we are still selling the dental practice like the traditional way like any other dental agency but doing it in the online auction method.
Once the winning bid is made the buyer will pay the reservation fee and an exchange of sale of memorandum will be provided to both parties. Once this is done then the sale/purchase process will proceed in the same way as it would if the practice was being bought or sold by a dental agency.
What if the seller refuses to sell the practice after the auction?
According to our terms and condition if the seller does not continue with the sale of the practice after the reserve price has been met and the highest bidder has paid the reservation fee. A full refund will be provided to the buyer and the seller will then be approached to make the payment of that fee.
With this policy we get a very good success rate in sellers honouring the whole sale process.
Are we allowed to make offers outside the auction process?
No offers will be considered outside the auction process. We believe in the process of transparency and all buyers will be able to keep a note of how the auction is progressing. Offers can only be made through the online bidding auction.
So if you want to be considered to buy the practice you will have to register and have a fully verified account before you can start bidding.
Why should I sell my dental practice on Dentalbidz.co.uk
This is a very good question! When selling dental practices using a Dental agency company, these companies can charge a substantial amount of commission just to sell your practice. Some of the rates can vary from 3% to 7% which is a considerable amount of your profit going into someone else’s pocket.
So here at dentalbidz we decided that if people can sell their homes without an agent then why can they not sell their dental practice without an agent and save tens of thousands of pounds.
Also why don’t you test the whole market. We feel placing your dental practice in an open transparent auction will create much more competition and you will get much better value when selling your practice.
It’s clearly a no brainer. So if you are thinking of selling your dental practice without any risk to yourself then contact dentalbidz.co.uk for no obligation consultation to see how we can save you thousands of pounds.
It’s too good to be true that Dentalbidz.co.uk offers a free service to practice sellers. What’s the catch?
We thought you would say this! It’s as simple as it is, there are no catches! We will sell your practice for FREE and there are no hidden charges. (See T&C’s)
Sorry that’s not the whole truth there is a small fee and that is to make sure you have your Energy performance certificate (EPC) which is a legal requirement before we can sell your dental practice for you. We do not make any money from this. There are many companies who offer this service and a commercial certificate would cost you about £150.
So who do Dentalbidz.co.uk charge for their fees?
Well as we have said sellers do not pay any commission when we sell their practice. The buyer pays a reservation fee of the winning bid and once they make this payment to us, we will provide a sale of memorandum and the process of buying/selling will be exactly the same as a traditional dental agency subject to T&C’s.
What is a EPC certificate and why do I need one?
EPC’s were introduced in 2007 and like how your practice details are displayed when selling your practice, the EPC will also be required.
Unfortunately we cannot list your practice for auction unless we have one of these. If you want further details then we will be happy to advise you on how to obtain one.
Can I get a better price for my practice with Dentalbidz.co.uk?
Usually with a dental agency they have a set number of interested buyers whom the practices get passed onto. We believe here at Dentalbidz.co.uk that the whole open market should see the practice for sale hence attracting more competition.
Let us assure you all our buyers are vetted and we make sure they have adequate proof of funding before they are allowed to bid. We have to protect our brand and reputation and ensure only those buyers who have done their due diligence are allowed to bid on a practice
Once the property goes live and bids start coming through then the practice will only be sold once the reserved value is reached subject to T&C’s
What if we bid on our own property?
This is not allowed and we will make sure all buyers who are bidding are fully vetted and rigorously checked before they are allowed to bid. If we discover that such an event has taken place we will immediately remove your dental practice from our site.
I want to sell my dental practice on Dentalbidz.co.uk – What next?
If you have made a decision about selling your dental practice then the first thing to do is send us all your details through our website. One of our professional staff members will contact you and explain the next few stages before we can list your practice for auction.
Once we have received all the relevant information like practice profile, past accounts, leasehold/Freehold practice, open days to show the practice then we will advertise your dental property on our live auction.
What if my reserve price is not met?
We will recommend having a sensibile reserve price and if your reserve price is not met then you will have the opportunity to relist the practice or at your own discretion can discuss with the highest bidder about purchasing the practice.
What if I pull out of the Auction?
Once you have accepted the T&C’s and you pull out of the auction once the live bidding has started then you will be liable to pay a fee of 1.8% of the highest winning bid (minimum to £3000). This is so that we can protect our brand and prevent anyone who is not serious about selling their practice.
Dentalbidz also invests a lot of money in marketing your dental practice and therefore sellers who do not follow through after a winning bid will be legally binded to pay a fee.(See T&C’s)