Buying and Selling FAQs

In reality the properties that do best at auction are properties‭ ‬requiring updating‭, ‬modernisation‭, ‬full development‭, ‬or are just problematic‭. ‬Other properties may also be suitable for auction, but we will advise as to its suitability or whether the property would be better suited with a conventional Estate Agent‭.‬

A Guide price may be a single figure amount or it may be a guide range, eg. £250,000 – £280,000. The guide price is not the reserve price nor is it necessarily the ultimate sale  price achieved, although it may sometimes turn out to be.

A Reserve price is the minimum price you are prepared to sell the property for on auction day‭, ‬there are rules and this can’t be‭ ‬too far away from the guide price. We will discuss this with you and advise you as to the levels of interest you have had during the marketing process‭, ‬including how many people have viewed the legal pack and how many registered bidders are signed up for‭ ‬auction day‭.‬

We will prepare comprehensive information for each property‭, ‬including pictures and videos‭. ‬We will send our digital catalogue‭ ‬out to our mailing list of over 200,000‭ ‬registered parties and utilise the Portals incorporating Rightmove, Zoopla, OnTheMarket and Essential Information Group‭, ‬so you don’t just create interest from the local market‭, ‬but from national and international buyers‭, ‬investors‭, ‬developers, as well as owner‭ ‬occupiers‭.‬

As part of the Anti-Money Laundering regulations we require a proof of identity‭ ‬‮–‬‭ ‬further information can be found on the Government Website‭, ‬this can also be done using Credas and we will send you a link at the appropriate time.

We will start the auction at approximately 9.30am and continue until all properties have been offered in a numerical order starting with Lot number 1‭ ‬upwards‭. ‬As the seller you don’t have to do anything‭, ‬you will leave that in our safe hands and we will invite bids for the property‭. Once we’ve received all bids we will call it 3 ‬times and on the third time the Gavel will fall‭ (‬hammer‭).

‬Once the Hammer falls it becomes a binding contract and as the seller‭, ‬you are legally bound to complete the purchase‭, ‬the buyer is legally obliged to place a 10%‭ ‬deposit with us and completion of the transaction will be 6‭ ‬weeks or 30‭ ‬working days thereafter.

Using Probate.Auction‭ ‬is the most cost effective route of disposing of a probate property‭. ‬The Estate will not incur sale related fees when selling a property‭, ‬this is due to the fees being placed with the successful bidder/buyer‭.‬

All successful buyers will be charged a 1.5%‭ ‬fee plus VAT subject to a minimum fee of £2,500 plus VAT and a ‬£1750 + VAT administration fee, which will cover our costs and valuations where required‭. All solicitors dealing with the sale of the‭ ‬property will be advised if necessary as to how to write the buyers fee into the special conditions of sale‭.‬