Process to sell

You are looking at selling your property, and you have recently heard about the new way of selling via modern online auction, but you are unsure as to what it entails or how its different from a standard sale of a property.

We want you to understand the process fully, and for you to make an informed decision about selling your property with us. See if auction is right for you and our recent successes for more information.

Many other people have opted for this great option as:

• We sell properties in 28 days
• Selling is FREE with us
• Less than 1% of our buyers back out

We are able to assist you with selling the following Residential and Commercial properties:

Residential: Barn Conversion, Bungalow, Character Property, Cottage, Derelict Properties, Detached, Garage, Holiday Home, Link-Detached, Land, Lower Flat, Maisonette, New Build/House, Pair of Flats, Portfolio, Room, Semi-Detached, Studio, Terraced Property, Townhouse, Upper Flat.

Commercial: Drinking Establishment (e.g. Bar), Educational Property, HMO, Hot Food Takeaway, Hotel, Industrial (e.g. Warehouse), Island, Land and Development, Leisure, Lighthouse, Offices, Parking Spaces, Restaurants, Retail and more.

Our easy and secure transaction

We want to provide ultimate transparency for both the sellers and the buyers. We verify all of our buyers, their ID and proof of funds, and conduct anti-money laundering checks to ensure they are serious about buying and the process is safe and secure. We always keep all parties fully informed and updated at to the progress of their properties.

The selling process

We will speak with you about your situation and property for sale, and determine suitability for auction. We discuss our process, timescales and value of your property. We will guide you step by step though anything you need to know and answer any questions you may have.

We will then assign an auction manager to you that will be with you from the very start, all the way to the end of the solicitor process and handing over of keys. This will be your dedicated point of contact you will be able to call and who will update and report back to you throughout the process.

We go on to agree a secret reserve price, which will be the price you are happy to sell the property for. This is not known to any buyers or partner estate agents, only to you and us. We will get to work with taking photos, advertising and preparing for future viewings.

You would then start the legal process (Legal Pack) with a solicitor before property is live on auction. When the auction finishes and the “hammer goes down” contracts are exchanged immediately, and the rest of the legal process is finished in 28 days.

We then place your property on auction on our live bidding platform, viewings take place, and you see the bids coming in, in real time, from your laptop or phone.

Your property details are also shared with our vast network of investors and landlords.

Our auction runs slightly differently to a traditional auction. We run an auction cycle for 28 days with an individual countdown attached to each property. There will not be an auction date or location for all or a set of properties. Each property runs on an entirely different timescale, so please watch the clock.

We also want to make the auction as fair for everyone as possible. We realise that in a traditional auction or eBay listing, the most action happens in the last 10 minutes, and people can swoop in at the last few seconds and take a property off the market. We don't see this as fair and so we have a slightly different system. Whenever a bidder places a bid within the last 10 minutes of the auction, the countdown resets back to 10 minutes and starts counting down again. This occurs until the last bid comes in.

At the end of the 28 day auction cycle, your property sells for the highest bid above the reserve price and buyer pays the reservation fee and deposit straight away. As this is paid immediately, we have a very low back out rate of 1%, compared to over 30% with estate agents.

All remaining paperwork and legal formalities are finalised by your solicitor and you hand over your keys on day 28.

Starting bid

This is the initial advertised price and opening figure for the property, that is open to future bids. This price is set lower than your reserve price to initially generate as much interest as possible.

Reserve price

This is the minimum price you are seeking to achieve for your property. Your property is not sold for anything less than this amount - unless under your express permission. Only us and you are aware of what the reserve price is, and is it kept secret from any buyers or our partner estate agents.

Legal pack

We can recommend No Sale, No Fee solicitors who will produce a Legal Pack at no upfront cost allowing buyers to carry out their due care and diligence before placing an offer. The Legal Pack contains all information on the property and it allows all parties to facilitate an exchange of contracts as soon as there is an acceptable offer.

Commercial property

There are more variables to consider when selling a commercial property, whether a business is currently operating from the premises, or not. Our expert team are there to guide you through the process, from initial enquiry to completion. As members of RICS (Royal Institute for Chartered Surveyors), we have a qualified team dedicated to overseeing the sale of your commercial property is as hassle-free, as possible. Please see our commercial property page for more information.

Terms

Unconditional auction

Most of our property sales are sold unconditionally. The buyer is legally bound to buy and the seller is legally bound to sell in 28 days. This means that the sale, legal formalities are done and keys are handed over after 28 days of the fall of the hammer.

On the fall of the hammer, the legal contracts are exchanged straight away, the buyer would pay a 5% Non-refundable Deposit and a Reservation Fee of up to 5% plus VAT (to a minimum of £5,000 plus VAT) to secure the property.

Conditional auction

Some of our properties are sold subject to some conditions. The buyer is legally bound to buy and the seller is legally bound to sell in 56 days+. This means that the sale, legal formalities are done and keys are handed over after 56 days+ of the fall of the hammer.

On the fall of the hammer, the legal contracts must be exchanged within 28 days, the buyer would pay a 5% non-refundable Deposit and a Reservation Fee of up to 5% plus VAT (to a minimum of £5,000 plus VAT) to secure the property.

What are the benefits?

We will sell your property with 0% Sales Fee, meaning you keep all of your sales proceeds. There are no upfront costs to list your property, and we have partnered with solicitors who can provide you with a Legal Pack on a No Sale, No Fee basis. Therefore, you will only have solicitor costs to cover when your property actually sells.

IMPORTANT PLEASE READ:

RESERVATION FEE DENOTES A DIFFERENT SET OF CHARGES TO THE REGULAR AUCTION LOTS. RESERVATION FEE LOTS WILL BE EITHER UNCONDITIONAL OR CONDITIONAL. THE RESERVATION FEE DOES NOT CONTRIBUTE TOWARD THE PURCHASE PRICE. PLEASE READ THE ABOVE DIFFERENCES BETWEEN THESE AUCTION FORMATS CAREFULLY SO YOU UNDERSTAND THE ASSOCIATED COSTS OF EACH ONE AND THE REQUIREMENTS OF EACH AUCTION. ALL ‘%’ QUOTED ABOVE ARE BASED ON THE SALE PRICE OF THE PROPERTY WHICH IS ASSUMED BY THE WINNING BID.

Speak to a member of our team on 0330 223 6118 for more information, or submit an enquiry here.