Your step by step guide to selling at auction

OK, so you have decided that you want to sell your property. In today's market, more people are moving towards auction selling and buying because of the speed of response. On the day of the auction, once the property has reached its reserve price, it is sold to the highest bidder. Exchange of contracts takes place immediately and completion takes place a maximum of 28 days later. It's simple!

STEP 1 - Property Valuation

We can provide you with a free, no obligation auction appraisal of your property. We will advise you whether we think your property is suitable for sale by auction or not.

STEP 2 - Guide price

Our valuers' will recommend a guide price that we think is realistic to attract buyers. Based on this, you will have the final approval on what guide price you set because after all, it's your investment. A realistic guide price can set the success of the auction by generating competitive bidding in the auction room, ensuring that the best price is achieved. The guide price is printed in our catalogue so viewers have an idea of the starting price for each Lot.

STEP 3 - Reserve Price

We will agree a reserve price with you for your property. This is the level below which we will not be authorised to sell. It is important that the reserve price is set at a realistically achievable level. The reserve price remains confidential between you and us.

STEP 4 - Formally Instruct Us

After agreeing on a suitable guide price for your property, we will send you an auction agreement which you need to sign and return to us prior to the auction date.

STEP 5 - Catalogue Entry Fee

We charge a fee to cover the inspection of the property, marketing and catalogue production costs. The fee will depend on how much space is taken in the catalogue for the property. Currently our entry fees are £350 + VAT for a quarter page advert.

STEP 6 - Commission

On successful auction of your property, we charge a commission of 0.5% + VAT.

STEP 7 - Sale Particulars & Legal Packs & HIPS

Draft sale particulars will be sent to you for approval and/or amendments. At the same time, your solicitors will be instructed to prepare a legal pack containing special conditions of sale, title documents, leases (where applicable), searches, planning documentation and office copy entries so that they are ready for dispatch to potential buyers. Any residential property being sold must instruct a HIPS (Home Information Pack) report. We can arrange this for you, please advise us.

STEP 8 - Catalogues

The auction catalogue details all the Lots that will be offered in the next sale and includes colour photographs of each property. The catalogue is distributed to those who request a copy as well as being available to download from our website.

STEP 9 - Marketing

In addition to marketing your property in our distributed catalogue we will also list individual lots on our website. As an established Estate Agent, we will automatically target the private and corporate investors that we deal with, as well as individuals who have previously expressed an interest in similar properties. We will also contact adjacent occupiers, local agents, local developers, builders, and property companies. On the advertising side, we take out substantial space in the key property publications, giving details of the auction, as well as placing advertisements in local newspapers where we often achieve editorial coverage as well.

STEP 10 - Viewings

We will allocate viewing time slots for your property at pre-arranged times. These viewing times will be published in the catalogue.

STEP 11 - Legal Packs

The legal pack will need to be made available through your Solicitor. We shall also arrange for buyers to receive documents by post if they so request.

STEP 12 - Interest and Offers

During the marketing period, all interest and enquiries are logged. We will maintain close contact with potential buyers and liaise with you throughout, as well as reporting any offers made prior to the auction date.

STEP 13 - The Auction Day Itself

Our auctions are held at a Central London location making it attractive for prospective buyers from across London and the suburbs. The room is comfortable and has the latest AV equipment for creating the perfect atmosphere that is crucial for a successful auction. The atmosphere in the room can be extremely competitive and prices achieved at auction can often be higher than those achieved through other means.

It is important to note that the fall of the hammer represents an exchange of contracts and the successful bidder is legally obliged to pay a deposit, 10% of the purchase price (or £2,000, whichever is greater) and sign a Memorandum of Sale before leaving the room. The buyer has purchased your property at the final bid price. They cannot renegotiate and cannot change any of the terms stipulated. Completion usually occurs 28 working days (unless otherwise stated) after the auction when the balance of the sold price is payable. The deposit funds are then paid to you less our fees.

What happens if the property does not sell on the day?

If your property fails to reach its reserve price at the auction, it can still be sold. You will need to advise us accordingly if you want to accept any subsequent offers. We can contact the under-bidder if you wish to sell to them at their highest offer. This is a common way for an unsold property to sell within an hour of the auction ending. Properties can even be sold in the days or weeks after the sale as we continue to market them.