You can find the addendum for this month’s auction by taking a look at the link below.
The addendum is where you can find any last minute updates or changes to the lots on offer – it will be updated up until auction day, so if you’re bidding on Thursday, make sure to regularly check back to stay in the know.
Welcome to your January
Managing Director & Auctioneer at
SDL Property Auctions
It’s my pleasure to launch the catalogue for our January National Property Auction, which takes place on Thursday 27th January. It’s great to be returning to the rostrum after the festive break, and we’re all excited to get back to it! We have another fantastic catalogue for you this month, with over 145 lots from across the UK for you to discover.
As we enter 2022, it’s incredible to consider that this time two years ago, we would have been preparing to get underway with our preparation for our regional, in-room auctions. Now, just short of 24 months down the line, we’ve established ourselves as one of the leading live-streamed property auctioneers in the UK, with more than £250m raised for sellers across the country in the last year alone. I’d like to thank you all once again for your continued support during the trickiest of times, and we look forward to growing on this success over the next few months.
If you’re relatively new to the auction world, your first experience of them may have been through watching property shows such as Homes under the Hammer. We love watching them here at SDL Property Auctions, especially when you are able to benefit from having some inside knowledge on the subject. However, they don’t always give the full auctions picture – to find out more, take a look at our article below.
There’s a fantastic mix of properties in this month’s catalogue, with various residential and commercial opportunities across the UK for you to uncover. Simply use the view all lots button at the end of this section to see the full range of over 145 properties in this month’s auction.
In Leominster, we come across lot 18 – 115 Etnam Street. This is a fantastic opportunity to acquire an end terrace three/four-bedroom cottage, arranged over three storeys. While it requires extensive renovation, this could be a great project to put your own stamp on a lovely family home, or perhaps convert to an HMO (subject to planning consents). At a guide price of just £70,000+ (plus fees), it’s not one to be missed.
Another fantastic development property can be found in Alfreton, Derbyshire. Lot 6, Hillcrest, is a traditionally built, three bedroom detached house, set on a plot extending to approximately 3 acres. The property requires full renovation and restoration, with potential to extend or redevelop the plot entirely (subject to planning consents). With a guide price of £225,000+ (plus fees), this is certainly something for a seasoned developer to take a look at.
For anyone looking for a more unique purchase, look no further than St Gwawrs Church in Llangower, which is lot 92 in this month’s auction. This is a historic, stone-built church which is believed to date back to the 1300s and has been remodelled and added to over the centuries. This could make a stunning family home, and would be suitable for redevelopment, subject to the necessary planning consents. With a guide price of £45,000+ (plus fees) it’s definitely one to be considered.
If you’re interested in bidding in this month’s auction, you will need to register before midday on Wednesday 26th January – to do so, simply head to our quick and easy online form here. It’ll take no more than a few minutes to complete and costs nothing to sign up.
There’s also a handy guide below which takes you through all our remote bidding options: online, on the phone and by proxy, so that you can bid in the way that you’re most comfortable with.
Our next National Property Auction is on Thursday 24th February 2022 and if you’re interested in selling by auction take a look at our frequently asked questions or contact our friendly team on 0800 046 5454.
Frequently asked questions
Over the past few months we have naturally received some questions from our bidders about how the buying process works. Largely we are operating as we always have been, we’re simply not able to see you in the auction room when you bid. We’ve put together these frequently asked questions to help guide you through your auction purchase.
A reserve price is the price stated as the lowest acceptable figure by the seller. This figure is confidential between the seller and auctioneer.
No, not always. The guide is an indication given by the auctioneer. Where the guide price is a bracket figure, the reserve cannot exceed the top end of the bracket price. If the guide price is a single figure, then the reserve can be up to 10% in excess of this.
After the auction has ended one of our team will contact you to advise you of the result.
Yes, and these vary depending on the method of sale associated with the property and the country in which you are purchasing. These are listed below – please note the reservation fee does not contribute towards the purchase price. Any further additional costs, which are payable in addition to the purchase price will be included within the Special Conditions that are attached to the Contract. Therefore all prospective purchasers must inspect the legal packs thoroughly. We also strongly advise prospective purchasers to request a legal representative reviews the pack for every lot that you may wish to bid on, so that you are fully aware of any additional costs, if applicable.
England and Wales
Unconditional with Fixed Fee: On the fall of the hammer, the successful bidder will be legally bound to purchase the property. The successful bidder must immediately exchange contracts and pay a 10% deposit (subject to a minimum of £5,000), along with a non-refundable Buyer’s Fee. The Buyer’s Fee is £1,074, and completion must take place within 20 business days, unless the Special Conditions of Sale state otherwise.
Unconditional with Variable Fee: On the fall of the hammer, the successful bidder will be legally bound to purchase the property. The successful bidder must immediately exchange contracts, pay a 5% deposit (subject to a minimum of £5,000) along with a non-refundable Buyer’s Fee of either 4.8% of the final sale price of the property up to and including £250,000, or 3.6% if the final sale price is over £250,000. The Buyer’s Fee is subject to a minimum of £6,000. Completion must take place usually within 20 business days unless the Special Conditions of Sale state otherwise.
Conditional with Reservation Fee: On the fall of the hammer, the successful bidder will enter into a Reservation Agreement with the seller and be granted an exclusivity period of 40 business days to purchase the property (unless the Special Conditions of Sale specify a different timescale). The successful bidder must use the exclusivity period to proceed to exchange of contracts and complete the purchase. On the fall of the hammer, the successful bidder must immediately pay a non-refundable Reservation Fee of 4.8% of the final sale price of the property up to and including £250,000, or 3.6% if the final sale price is over £250,000. The Reservation Fee is subject to a minimum of £6,000.
Unconditional with Fixed Fee: On the fall of the hammer, the successful bidder will be legally bound to purchase the property. The successful bidder must immediately exchange contracts, pay a 10% deposit (subject to a minimum of £5,000) along with a non-refundable Buyer’s Fee. The Buyer’s Fee is £1,074, and completion must take place within 20 business days, unless the Special Conditions of Sale state otherwise.
Unconditional with Variable Fee: On the fall of the hammer, the successful bidder will be legally bound to purchase the property. The successful bidder must immediately exchange contracts, pay a 5% deposit (subject to a minimum of £5,000) along with a non-refundable Buyer’s Fee of 3.6% of the final sale price of the property, subject to a minimum of £4,000. Completion must take place usually within 20 business days unless the Special Conditions of Sale state otherwise.
Conditional with Reservation Fee: On the fall of the hammer, the successful bidder will enter into a Reservation Agreement with the seller and be granted an exclusivity period of 40 business days to purchase the property (unless the Special Conditions of Sale specify a different timescale). The successful bidder must use the exclusivity period to proceed to exchange of contracts and complete the purchase. On the fall of the hammer, the successful bidder must immediately pay a non-refundable Reservation Fee of 3.6% of the final sale price of the property, subject to a minimum of £4,000.
There are a number of options when selling by auction which can include paying no fees at all and having the buyer an additional fee instead.This is often an attractive option when you are selling due to a bereavement or a divorce and you have limited cash prior to the auction to fund the sale. Alternatively as a seller you can pay an initial fee and commission price for the sale of the property, meaning the buyer doesn’t have to pay anything extra, maximising the final sale price of the property
Regardless of which auction route is selected, there are solicitor fees to prepare the legal pack for your property, which typically costs around £350 to £500. After your home is sold, you will also need to instruct a solicitor for the conveyancing of the property, which can cost anywhere from £450 to £750.
Yes, if a reserve price is not met during the bidding process, then the lot will not sell. We continue to market our unsold properties after the auction and if a post-auction sale is agreed it will be carried out under auction conditions.
Bidding registration closes at midday the day before the auction.
Registering to bid in one of our National Property Auctions is quick, easy and painless. By completing our online form, you can register for bidding online, on the phone and by proxy, meaning you can bid from the comfort of your own home. There’s no need to wait for the legal pack to be completed before registering, there’s no obligation to bid on the day and there’s no money taken prior to bidding.
How TV property shows
don’t give the full
This feature first appeared on propertyinvestortoday.co.uk. To read the full article click here.
The nation’s TV viewers just can’t get enough of property shows and at SDL Property Auctions we’re no different to anyone else. In fact, we probably love them even more than most people; there’s something very satisfying about watching a show when you have some inside knowledge of the subject.
Of course, our favourite has to be BBC TV’s Homes Under the Hammer, which SDL Property Auctions has been involved in for many years. Before the pandemic, we frequently welcomed the TV crews into our auction rooms and, over the past two years of live-streamed auctions, we have been delighted that the Homes Under The Hammer researchers have continued to track our progress and follow up with our buyers.
It’s always a thrill to see our customers, properties and colleagues featured on the show. What we particularly enjoy though, is seeing how our buyers transform their purchases into lovely homes to be resold, let to tenants or even to live in themselves. We don’t always get to follow up with our buyers so it’s fascinating to see their progress on the small screen.
We’ve also been excited to be involved in a more recent addition to the property TV show genre; the Great House Giveaway on Channel 4, where two strangers who are keen to get on the housing ladder are given a challenging budget to spend on a rundown auction property. They buy this unseen and are then given six months to work together to renovate it for resale, often carrying out the work themselves or calling in favours from friends and relatives. If there is a profit – and somewhat inevitably there isn’t always – they get to split this between them to use as a deposit on their own home.
As much as we love these shows and are grateful to them for raising awareness of auctions as a fast and efficient method of buying and selling property, they don’t provide the full auction picture. Instead, these shows can tend to reinforce one of the most popular myths about auctions; that they are just for rundown, vacant properties.
It’s true that many investors and developers do experience great success in buying properties that provide the opportunity to add value – and many of them begin their renovation journey by purchasing in one of our auctions. However, these refurbishment projects are only a part of our vast range of auction properties, which span everything from luxury city apartments to smart family homes, commercial properties, parcels of land and everything in between.
Not all investors have the time, resources or stamina to commit to a major property renovation. Some may even have been deterred by property TV shows themselves. After all, television has shown us often enough how projects can go wrong, how unexpected expenses can arise and how easily budgets can be exceeded; a prime example of this is the perennially popular Grand Designs on Channel 4.
Some programme-makers seem to love it when property owners make costly errors, such as failing to secure planning permission or get building regulations sign-off – after all, this is what gets people talking at work the next day or on social media afterwards.
For investors who do their research and due diligence, who tackle the project in the correct order and use reputable tradespeople or have the relevant skills themselves, the reality is usually much less dramatic, although admittedly it wouldn’t make quite such entertaining viewing.
There are also plenty of investors who prefer to keep their hands clean and leave the renovations to others. What TV property programmes don’t show are the many well-presented properties available at auction, which are ready to move into or let straight away, or which are already happily tenanted. These properties are far too run-of-the-mill to justify an appearance on TV but do represent a growing proportion of our auction offering – and offer fantastic opportunities for investors.
As an investor, buying a property that is ready to let means you save lots of time, money and effort in preparing the property and means you can start looking for tenants right away. You will only need to budget for ongoing maintenance costs, instead of paying for major repairs, floor coverings, decoration – and unexpected expenses.
If you can secure a tenanted property, this saves even more time and effort. All the details of the tenancy, including right to rent evidence, rental payments, deposits, tenancy agreements and safety certificates, will be included in the legal pack for you to view before bidding. As the successful bidder, the tenancy transfers to you as soon as the transaction completes, which can be as little as 20 working days from the end of the auction, so you really get to hasten things along.
This means that as soon as you take ownership of the property, you hit the ground running with a guaranteed income from day one. You don’t need to spend any time or money advertising for a new tenant and can start seeing a return on your investment right away.
Remember to tune in!
Our Auction Events are currently broadcast online, live from our auction studio in Nottingham.
It’s really easy to tune in and watch on the day. The auction begins at 10:00am and will run throughout the day, with our each of our auctioneers taking to the rostrum. To tune in on the day, simply visit our website where you’ll be able to watch the auction unfold from our home page, or follow the link below!
Guide to additional fees
Important notice relating to fees, costs and charges payable by the buyer in addition to the purchase price.
In addition to the purchase price, buyers may be required to pay additional fees, costs and charges. These may include, but are not limited to, Value Added Tax (VAT), Stamp Duty, ground rents, rent arrears/apportionment of rent, outstanding service charges, sellers search costs/disbursements, reimbursements of sellers solicitors, auctioneer costs or reservation fees. All prospective buyers are advised to inspect the legal documents including the contract and special conditions of sale and seek their own independent legal advice as to the full cost of purchasing a specific property.
Homes under the Hammer
If you’re successful in this month’s auction, you could take part!
Despite the current restrictions the Homes under the Hammer team are still looking for properties to feature in upcoming episodes of the show, even though they can’t be in the auction studio. If you’re interested in taking part in the programme or would like any information about what is involved in taking part please contact either Kate Walmsley on 07929 829812 or Mal Nichol on 07929 829814 or alternatively use the button below to contact them via email.
We recommend reading the legal pack prior to the auction, to make sure you’re aware of all the information before bidding.
It’s really important that you take a thorough look through the legal pack for the property you’re interested in buying before placing a bid, as they lots of important information regarding your purchase. We recommend going through the pack with your solicitor prior to the auction. You can view the legal packs for all lots in this month’s auction using the link below.