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 May
interactive digital catalogue
Managing Director & Auctioneer at
SDL Property Auctions
It’s my pleasure to launch the interactive digital catalogue for our May National Property Auction on Thursday 27th May.
Take a look at the video below where I take a closer look at the upcoming auction.
As I write this, we’re only days away from the next step in the country’s unlocking. Hopefully, we will continue our positive progress out of lockdown and I’m looking forward to brighter days ahead, as I’m sure many of you are as well. We will continue to take all appropriate precautions in line with government guidance, and my priority continues to be the safety of my team and customers.
We’re also approaching the end of a stamp duty holiday for the second time this year. Any properties bought in May’s auction unconditionally should complete before 30th June deadline, which is of added importance to anyone hoping to buy a property over £250,000. Auctions remain one of the only ways to be sure of completing before either the June deadline or the September deadline, so be sure to get in touch with our team if selling before the final September deadline is crucial for you.
Having already raised over £100m in sales so far this year, there is certainly a growing number of people turning to auctions, attracted by the fast, faff-free nature of buying or selling under the hammer. Our Head of Auctions (South), Lee Smith, takes a closer look at how property auctions could become the first choice for customers, regardless of their circumstances or property in this month’s editorial below. You can also hear from Lee in more detail by watching his video interview.
We’ve got a great selection of properties in this month’s auction, with residential and commercial opportunities across the UK – simply use the view all lots button at the end of this section to take a look at the 210 featuring in the auction.
If you’d like to bid this month’s auction, you will need to register before midday on Wednesday 26th May. To do so, just fill in our simple online form. There’s also a handy guide below which takes you through all our remote bidding options: online, on the phone and by proxy.
Next month’s National Property Auction takes place on Thursday 24th June. If you’re interested in selling by auction and beating the next stamp duty deadline in September, 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 property auctions could become the first choice
Head of Auctions (South)
It’s been a funny old year or so by anyone’s standards, with the pandemic affecting (more or less) every part of our day to day lives, from the new normal of wearing masks and using hand sanitiser, to the increase in people turning to auction as a trusted way of buying and selling property.
Achieving a quick sale at the best price when selling a property has naturally always been important, but the past year has shone a light on just how crucial this can be for sellers. With the stamp duty holiday deadlines looming yet again, in June and September, sellers are once again facing a daunting cliff-edge of whether their sales can complete in time. With auction sales, we are in many ways blessed with the certainty of a fixed completion time, which in many cases can be as little as 20 working days.
Many people have turned to auctions, not only to take advantage of a quick sale but also with the knowledge that they can achieve the best price. With the property market as busy as it is, with stock levels across the UK at an all-time low, there really is no better time for sellers to assess how much their property could be worth and have a chat with our experts to discover how auction could support their sale, regardless of property type or location.
Take 15 Ilkeston Road in Sandiacre, Nottinghamshire from our April National Property Auction for example. This was a property in need of full renovation, something that investors or even creative first-time buyers find incredibly attractive, as it allows them to put their own stamp on a property. Packed with potential and benefitting from backing onto the Erewash Canal, this sold for an impressive £121,500 from a guide price of £64,000+.
Auctions aren’t just for rundown properties though, as evidenced by the sale of 60 Stradbroke Drive in Chigwell, Essex. This property was sold in a Timed Auction on our website in April and was on the market for the first time in more than 65 years in partnership with Bairstow Eves. Situated in one of Chigwell’s most exclusive addresses, this property had a guide price of £1,650,000 and sold for £1,745,000, after achieving an amazing 35 bids.
Both sellers benefited from the fast, faff-free nature of auction sales despite the difference in the properties sold. They also didn’t compromise on price! As education surrounding buying and selling through auction continues to grow and become increasingly accessible, I would not be surprised if we are at the cusp of a property revolution, with auction sales and purchases becoming more and more of the norm for consumers, despite their property’s condition or location, and we’re here to help.
There are auction options for everyone, including our monthly National Property Auctions, daily Timed Auctions and Buy It Now sales. If you’re thinking of selling or finding out more about how auctions could be right for you, simply request a free sales valuation on our website or give our friendly team a call on 0800 046 5454.
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 Romy Lyon on 07929 829814 or Sophie Morrison on 07929 829812 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.