About Us
Elgar Property Auctions provide the ideal solution for vendors looking to sell all types of property at Auction by offering a complete package. Our national network of leading auction houses means we can select the correct auction for your property to achieve the maximum sale price in the shortest time possible. Once we have appraised a property and a reserve has been agreed, our lawyers will then commence preparing the legal pack ready for any potential buyer to view prior to making an offer.
With free entry and no upfront legal costs, sellers have everything to gain without any costly financial outlay. Our experts will support and guide sellers throughout the process from initial enquiry to completion of your sale.
No auction entry fee
When choosing to sell property through Elgar Property Auctions, you will be pleased to know, there is no entry cost. Once we have appraised a property, a reserve and terms of sale have been agreed. The property will be entered into the sellers chosen auction.
No upfront legal costs
Unlike most if not every other law firm, our lawyers will produce a complete auction pack, including the required searches at no upfront cost to the vendor. Plus if the property does not sell, then there are still no costs to pay.
Free property appraisal
Once you have decided to proceed to auction, a no obligation appraisal of your property will be carried out by one of our surveyors, after inspection you will be provided with a recommendation on a suitable Guide Price and Reserve Price. The reserve price is important, as it ensures your property will only sell at a price you are happy to accept.
Step by Step Guide to Selling at Auction with Elgar Property Auctions
When to sell
Decide when you want to sell, future dates and deadlines can be obtained by calling our office.
Reserve & Guide Price
After inspecting your property we will provide an appraisal along with a recommendation on a suitable Guide Price and Reserve Price. The Reserve Price is essential as this ensures your property will only sell at a price you are willing to accept. The Guide Price provides an indication of what the property is expected to achieve at auction. Both the Guide Price and Reserve Price can be subject to change right up to the day of Auction.
Legal Packs
We will then instruct our lawyers to contact you, provide all the paperwork so your legal pack can be prepared. Any special terms and conditions will be contained within together with title documents, etc. This legal pack will then be made available for all interested parties and their solicitors.
Pre-Auction Offers
You will be contacted with any pre-Auction offers, given expert guidance on whether you should consider the offer or proceed to auction.
No Sale on the day
Don’t panic if the reserve is not met. It is common for a property to sell in the days after the sale as we will continue to actively market the property to interested parties. Offers that fall short on the day often lead to a sale later in the day.
Property Valuation & Appraisal
We will then arrange a free no obligation auction appraisal of your property which will be conducted by one of our experienced staff. They will guide you through the auction process based on property and your requirements.
Instruction
Once a suitable guide and reserve price have been agreed for the property we will confirm the terms of appointment, any fees and provide the necessary paperwork.
Property Valuation & Appraisal
Draft sales particulars will be provided for your approval. Once approved, these will be listed on the auction website and leading property portals, such as Rightmove, active property buyers will be contacted based on the type of property they are seeking to buy. To maximise interest potential buyers can view the property at pre-arranged block viewings in the run up to the auction.
Sale Agreed
Once a sale has been agreed, you can expect completion to happen within 28 Days.
Interest & Offers
We will confirm with you the reserve based on the level of interest as we cannot sell your property below this figure. It is therefore important that the reserve price is set at a realistically achievable level that you are will happy with.
Purchasing at Auction
Finding the right property
There are lots of places you can start looking, Internet property portals and regional auctions are most likely your first choice. You will find Auctions will be able to send you a copy of the latest catalogue of listings, they will also be able to add you to their mailing list so you will be one of the first to see it, giving you plenty of time to see it before the auction.
Before auction
With any property you want to buy, arrange a viewing of the property. Ensure the property is structurally sound. If your bid is successful you will typically need a deposit of 10% of the purchase price. Have a look at the legal documents, these can be provided by the auctioneer as well as online. It is also advisable to consult a solicitor to avoid any legal pitfalls. Some of these preparations will incur costs, but it’s better to make sure everything is checked in advance for your own peace of mind.
Offer prior to auction
You can submit a suitable offer before the auction which, if accepted by the seller will go ahead. Once contracts have exchanged the property will be withdrawn from the auction.
Auction day
By far the best way to bid is if you can attend the sale yourself. If you can’t attend on the day you can arrange someone to submit bids on your behalf. They will need your written consent to bring along with verification of their own identity and address. You can submit telephone bids to a member of the auction team who will bid for you via a telephone link. This will authorisation at least 48 hours prior to auction day.
Completion
This usually takes place within 28 days, completion times this will be stated in the general terms or special conditions of the sale.
1,000+
Auctions completed
£2,500
Saved on average for each customer
25+
Years of experience
Selling at auction
FAQ
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.
After the auction has ended one of our team will contact you to advise you of the result.
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.
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.
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 around 20 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.
Contents of a Legal Pack
- Covering Schedule
- EPC
- Auction Sales Agreement
- Local Search
- Water & Drainage Search
- Environmental Search
- Chancel Check Search
- Index Map Search
- Property Information Forms
- Fixture Fittings & Content Forms
- Miscellaneous material referred to in the above
