Property auction fees for sellers

Thinking about selling your property by auction, but unsure about the fees that may come with it? We get it, it’s hard to step into selling your property when you’re not fully sure of the sales price you’ll be walking away with, or if you’re worried about hidden costs.

Going ahead with a property sale is always a big decision, whether it’s an investment you’re ready to dispose of, or your own home, and the method you take counts for a lot. More than anything, it’s important that you have full transparency on the process, which is why we’ve created this guide to take you through the different auction selling fees that you may come across.

From the different auction methods to general fees, we cover all the costs that may be involved so you can rest assured you won’t come up against anything unexpected. It’s worth noting that, depending on a wide variety of factors, fees can change from sale to sale. So, while this page provides you with an indication, once you speak directly to us, we can provide you with a much more accurate idea of the fees you’ll be subject to.

What auction fees do you pay as a seller?

Depending on the auction sales method you select, the fees will differ. These methods are:

• Conditional sale – the winning bidder enters into a 60-day exclusivity period by paying a non-refundable reservation fee, in addition to any required buyer’s fees laid out in the legal pack. This allows more time to get finances in place for the buyer.
• Unconditional sale – the most common type of auction sale, unconditional sales require a deposit and any pre-agreed buyer’s fees immediately to secure the sale, and neither party can back out of the transaction. This usually takes 30 days to complete.

Our auctioneers can advise you on which route will be best for you based on your property, circumstances and requirements.

General auction fees

Regardless of the sales method you opt for, some auction fees apply to all sellers, though the exact number will vary. These general fees are important to take into consideration so you can properly budget before taking your property to auction. These fees include:

The solicitor fees for preparing the legal pack – The legal pack is something you’ll need before your property can be listed, as this gives buyers the full rundown of the property. This can typically cost up to £500.
After-sale solicitor fees – After the sale, you will need a solicitor to undertake the conveyancing of the property as well as other admin duties. You can expect this to cost anywhere from £750 – £1200.

Types of auction methods and their fees

As mentioned, auction fees can differ based on the sales method chosen, and no two lots will be the same, as the fees incurred are determined by multiple factors. Technically, our fees start from nothing, so there is a ‘sell for free’ option, but this depends on a set of circumstances. However, our team is always on hand to help provide you with specifics to provide you with a tailored estimate on what you might pay when selling your property by auction.

Before you give them a quick call or email, we’ve included more information on the types of auction methods and what fees to expect with them below to help you better understand your options and which route will work best for your circumstances.

Unconditional and Conditional auction fees for sellers

Like with all auction types, all of the fees and deposits will be discussed with you at the point of instruction, so you can head into the auction feeling confident and prepare accordingly. All of the fees for unconditional and conditional auctions are taken the moment the hammer falls. There will also be the general fees that apply to all sales to consider.

Sell for free option

While this doesn’t suit every scenario, the “sell for free” option means that you pay no additional fees, and instead, the buyer pays extra for the property to cover the fees. While this will raise the price for buyers, this can be an attractive option for those going through difficult personal circumstances, such as divorce, bereavement or other situations in which you may have limited cash available before the auction in order to fund the sale. This option helps to open up selling by auction to more people.

Feel confident selling your property at SDL Property Auctions.

Going into an auction equipped with the knowledge of what to expect when it comes to the expenses involved is key to feeling confident in the sales process. We make sure all of our sellers aren’t hit with any unexpected costs.

If you’re thinking about selling by auction, you can get in touch with our team to discuss your options and get a more in-depth analysis of your seller’s fees, or you can also request a free, no-obligation sales valuation.