Selling by auction FAQs

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.

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.

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.

You can consider an offer at any time, and we will advise if we think it’s best to wait until auction day but it’s your decision if you wish to accept it. We will still ensure that the buyer agrees to the usual auction terms.

No, lots of people raise their finances by way of a mortgage. Selling via a conditional auction gives your purchaser longer to get their mortgage in place. This can sometime make your property more attractive to potential buyers and can result in a higher price.

As a seller you pay an initial entry fee and sale commission. There are also your solicitor fees to prepare the legal pack for your property.

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.

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.

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.

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.

Completion dates vary, but they tend to be between 20 and 40 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.

Our next live streamed property auction will take place on 11th May 2023.

Selling a property with a tenant in situ on an assured shorthold tenancy agreement means that, depending on the terms and conditions of the tenancy, the current rental agreement is kept in place and the tenant will continue to live in the property even when it has been acquired by a new landlord.

If you are considering selling your property by auction, the first step is to contact us for an auction appraisal. We will advise on the suitability and expected price that you could realistically achieve in an auction. If you decide to sell by auction, we can begin marketing straight away and to set a date for forthcoming auction.