What happens if the property does not sell?

You will pay an administration fee and have the opportunity to contact any interested buyers in order to negotiate a sale outside of the auction room, or you can list the property in another auction, perhaps with a reduced reserve and guide...

What fees are involved in selling a property at auction?

Selling your property at auction often comes with a wide range of fees including: around 2.5% commission to the auction house, advertising costs, a portion of the auction room hire fees, admin fees, legal costs for creating a Seller’s Pack and drawing up final...

What happens after I sell my property at auction?

When the hammer falls, your top bidder has entered a legally binding contract that you both must follow through on. The buyer will have to pay 10% of the final price on the day of auction and pay the remaining amount within 28 days. If your buyer fails to pay the full amount by then, you have legal...

Which auction house should I choose to sell my property?

Shop around for auction houses and choose one that is not only more established, and so can guarantee a large turn out on the day, but also make sure that you choose a specialist auction house with experience of selling the same kind of...

What are the benefits of selling your property at auction?

You can sell your property quickly without much complication. Buyers can’t pull out without heavy penalties and you can guarantee that the exchange will have gone through within 28 days. Sometimes you might be able to sell your property for more than the guide price if you get buyers in a...

What kind of property sells well at auction?

The kind of property that sells well at auction are those in high demand which could attract many buyers, like London-based houses, also unique properties which are hard to value, properties which need to be sold quickly, or properties in a bad state of repair which need...

How do I create a Seller’s Pack/Legal Pack?

The easiest way to create a Seller’s Pack is to get a solicitor like one of our Friday’s Move experts to do it. There is a great deal of technical and legal information in this pack and creating it yourself could result in mistakes which a buyer could later sue over, so it’s best to pay a...

How do I sell a property at auction?

Before putting your house up for sale at auction you should consult a solicitor to arrange a visit to the property to begin creating the Seller’s Pack. You will also need to speak with a property auctioneer or solicitor to consider the guide price and reserve price....

Are there any extra fees?

You’ll need to factor in your own conveyancing and survey costs, plus stamp duty fees if the property is over £250k. In some cases, there will be a buyer’s premium to be paid to the auctioneer and you may also be charged seller’s legal costs, search fees and auction fees. These costs should...

Once I’ve won a house at auction, how long does it take to complete?

You’ll pay 10% of the final price on the day and the rest is usually due within 28 days. This means you’ll need to complete all conveyancing and have your mortgage or cash lined up within this time. Friday’s Move offers a guaranteed 28 Day Conveyancing package specifically for properties...