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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 price.

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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.

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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 […]

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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 renovating.

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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 “bidding war”, and if […]

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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, […]

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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 contracts.

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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 be listed […]

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What does the Seller’s Pack/Legal Pack contain?

The Seller’s Pack contains: Special Conditions of Sale, Title Deeds, Land Registry Search, Leases (if applicable) and other important documents. It’s best to get a solicitor to look through these with you to ensure there are no nasty clauses you may miss.

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Where can I get an auction catalogue?

You can usually download an auction catalogue directly from the auction house’s website, usually around seven days before the auction is due to take place. Sometimes you can request a hard copy, or you may find that companies such as Rightmove list their auction properties directly on the website for buyers to see before the […]

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Do I have to buy blind?

While auctions work on a “sold as seen/buyer beware” arrangement, you won’t be buying completely blind. You’ll have the seller’s pack (often called a Legal Pack), which will include details of any legal problems which may affect the property, as well as details of existing tenants if you are bidding on a commercial property. However, […]

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Are auctions just for rundown houses?

Not at all. If you keep your wits about you and consult a property solicitor, you can get yourself a real bargain home at auction. If you get an in-depth auction property survey done beforehand, you shouldn’t have anything to worry about.

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Are auctions only for cash buyers?

No, you can buy a house at auction with a mortgage. Most mortgage lenders are experienced with auctions and will get your funds ready in time, but you’ll need to set it all up before you bid as when that hammer comes down, you’ll need to cough up 10% immediately, and the rest of it […]

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How do I buy a property at auction?

Find an auction online or in local papers and look into the houses you like beforehand. Get a solicitor to look over the seller’s pack and view the property with a surveyor to check for hidden problems. Get your mortgage lined up and ready beforehand, then on the day, you’ll need two forms of ID […]

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Home Buyers Survey FAQ

What are the different surveys? Your choice of survey will depend on a number of criteria. Broadly speaking, if you can answer yes to any of the following questions you should opt for a Building Survey: Was the property built before 1900? Has the property been substantially modified or extended? Is the property of non-standard […]

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EPC FAQs

What is an EPC? EPC, or Energy Performance Certificate, provides detailed information on making a building more energy efficient as well as reducing its carbon footprint. All buildings, offered for sale or rent in the UK require an EPC. EPCs assess a wide range of factors, including whether or not the house has double glazed […]

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