I just read this in 123-REG T&C
16. RENEWALS AND FORFEITURE. Domain names are registered for a finite period of time. ,........In the event that you fail to renew your domain name in a timely fashion, your registration will expire and "we may, at our discretion, elect to assume the registration and may hold it for our own account, delete it or we may sell it to a third party"..............
what do you say Dropcatchers?
Nominet person is this kosher?