What is a reserve price?
A reserve price is the minimum value the seller will accept. Therefore the auctioneer cannot sell the property for any less than this figure. The reserve price is confidential and agreed between the seller and auctioneer.
Is the guide price the same as the reserve price?
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.
Do some lots fail to sell?
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.
I’m a seller and I can’t watch the auction so how will I know if my property sells?
After the auction has ended one of our team will contact you to advise you of the result.
How much will it cost to sell my property at auction?
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.
Who will conduct the viewings?
This will depend on the condition, location and accessibility of the property you’re selling. We have a team of viewers across the country who we can instruct to hold viewings at your property on your behalf. Alternatively, we can arrange to have a virtual viewing of your property created, meaning that no physical viewings have to take place. For some properties, such as those in extreme states of disrepair or pose a safety risk, we will not be able to offer viewings at all. We also work with a number of partner agents who will generally do the viewings themselves for those properties.
Will I need to have an EPC conducted?
Most properties that are sold at auction will need to have an EPC conducted before being sold if there isn’t already one in place, however there are exemptions. These include: places of worship, temporary buildings that will be used for less than 2 years, stand-alone buildings with total useful floor space of less than 50 square metres,
industrial sites, workshops and non-residential agricultural buildings that don’t use a lot of energy, some buildings that are due to be demolished, holiday accommodation that’s rented out for less than 4 months a year or is let under a licence to occupy, listed buildings (you should get advice from your local authority conservation officer if the work would alter the building’s character) and residential buildings intended to be used less than 4 months a year. If you’re unsure if your property falls under any of these categories, we recommend consulting your solicitor.
Do I have to pay Stamp Duty?
It is always the buyer and not the seller who pays Stamp Duty on a property purchase, so you will not have to consider this if you’re looking to sell your property at auction.
Do I have to pay Capital Gains Tax?
Capital Gains Tax is paid when you sell property that is either not your main home or your main home if it’s been let out, used for business purposes or very large (more than 5,000 square metres in total). If you’re unsure about whether or not this applies to you, we recommend consulting your solicitor.
How long does completion take?
Completion dates vary, but they tend to be around 15 business days. If you have a specific time frame in mind, then please let us know prior to the sale so that we can recommend the best method of sale for you and your property.