Find

Search

Keywords

Show Sold STC

Property Alerts Advanced Search

Search

Keywords

Show let

Property Alerts Advanced Search

Search

Keywords

Show Sold STC

Property Alerts Advanced Search

Search

Keywords

Show Sold STC

Property Alerts Advanced Search

Search

Keywords

Show Sold STC

Property Alerts Advanced Search

Search

Keywords

Show Sold STC

Property Alerts Advanced Search

What happens next?

The steps to selling your home by Auction

1. When do you want to sell:

Decide which auction you would like to put your property in. Sale dates and venues can be found on our website. Lots can also be sold unconditionally between auction dates.

2. Free Valuation:

We can provide you with a free, no obligation auction appraisal of your property or land and will advise you as to whether we think your property issuitable for sale by public auction.

3. Appoint a Solicitor:

Having decided to sell your property at auction, the next step is to appoint a property solicitor. Your solicitor will prepare contracts and the legal pack and will set out any special conditions that might be pertinent to the sale.

4. Legalities of selling at auction:

When selling property at auction the auction particulars need to be prepared. These include any plans or photos of the property and must be factual and accurate, complying with the Property Misdescriptions Act 1991.

You will also need to liaise with your solicitor to make sure you’ve revealed anything that could affect the sale of the property to the auctioneer - for instance public health notices, local land charges, major arrears of rent or service charge, or disputes.

5. EPC:

You also need to ensure that the Energy Performance Certificate for your property, which contains vital information, is in place prior to the sale. Having an Energy Performance Certificate (EPC) is a legal requirement when selling a property.

6. Proceedures:

Before the auction you may also need to agree procedures with the auctioneer for each of the following:

  • Viewings by potential buyers.
  • Identifying the successful bidder.
  • Changing the reserve or guide price.
  • Proxy, internet and telephone bidding.
  • What should happen in the event that your property is not sold.
  • Receiving the deposit cheque and signing the Memorandum of Sale.
7. Appoint and Auctioneer:

Once you have chosen your desired auctioneer you will need to formally appoint them. In doing so you will enter a legal agreement, allowing your auctioneer to;

  • Instruct your solicitor to attend the auction.
  • Sell the property at the reserve price or above.
  • Manage things in the auction room, including the bidding increments
  • Instruct your solicitor to prepare the legal pack and special conditions of sale.
  • Act on your behalf in the auction room, including signing the Memorandum of Sale.
8. Confirm Instructions:

Discuss your requirements with a member of the auction team, confirm yourinterest in proceeding and discuss timescales and a guide and reserve price for your property.

9. Auction Agreement:

We will give you our agency contract setting out our terms and conditions. This will need to be signed to enter your lot into the auction.

10. Entry fee:

An entry fee will be agreed with you prior to signing our agreement

11. Sale particulars & Legal Documentation:

Draft sale particulars will be sent to you and your solicitors for approval and or amendments. At the same time your solicitors will be instructed to prepare a legal pack containing special conditions of sale, title documents, leases (where applicable), searches, planning documentation and office copy entries so that they are ready for dispatch to interested parties. If an EPC is required, we can commission one for you.

12. Guide Price:

The next step is to decide a guide price for the property you wish to sell. This represents the lowest price you will accept for the property prior to the auction, or a range within which a sale price at the auction may be achieved. The guide price is agreed between you and the auctioneer.

13. Reserve price:

This confidential figure is the lowest price at which the seller will authorise the auctioneer to sell at. We will advise you on this prior to the sale day, and agree the fi gure in writing after consultation with you.

14. Marketing:

This starts approximately four weeks before a sale with online and printed catalogues which detail the lots on offer and include colour photographs and floor plans. In addition toour website, emails and mail-outs, the catalogue will be sent to our databases of investors and buyers. We will also target adjacent occupiers, local agents, local developers, builders, and property companies. We reserve substantial advertising space in the top property publications locally and nationally, with regular editorial coverage.

15. Viewing/surveys:

Potential purchasers may want to view your property during the marketing period and have a survey carried out. We will do our best to arrange access. In most cases, vacant properties are open at pre-arranged times for viewing. A schedule of dates and times will be agreed with you and printed in each catalogue and displayed on our website.

16. Interest:

During the marketing period, we log carefully all interest and enquiries. We maintain close contact with potential buyers and will advise you regularly of the strength of interest in your property as well as reporting any pre-auction offers to you before the sale.

17. Auction Day:

Once the bidding begins the auctioneer will describe each property in turn. He will then suggest an opening bid and invite prospective buyers to place bids on the property they wish to purchase.

When the highest bid is reached the auctioneer will drop his hammer or 'gavel'. When the hammer comes down it signifies a binding contract, and the auctioneer or clerk will sign and exchange the Memorandum of Sale with the buyer and collect the deposit. The deposit is 10% of the purchase price subject to a minimum charge of £2,000.

18. Completion:

The completion date is usually 20 working days from the date of the auction. On completion, the balance of the proceeds of the sale are paid by the purchaser.

Summary

  • Interest
  • Entry Fee
  • Brochures
  • Marketing
  • Guide Price
  • When to Sell
  • Reserve Price
  • Free Valuation
  • Auction Agreement
  • Viewings & Surveys
  • Legal Documentation
Leave Feedback
Recommend Us
Please Call Me
Thinking of selling

Request a free valuation

Response

Send to

Name*

Telephone*

Postcode*

E-mail*

Sales Sales   Lettings  

Our Expertise will maximise the value of your home.

Authentication*CAPTCHA Image

Please enter the characters as shown in the image above. Click here to reload image

Fields marked * are required