Frequently Asked Questions

How long has Property Solvers existed?

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Can I check your Company's background?

Property Solvers Limited approved and regulated by the following bodies:

• The Property Ombudsman (TPOS);
• National Association of Property Buyers (NAPB);
• Information Commissioner’s Office (ICO);
• HMRC Anti-Money Laundering;
• Chartered Trading Standards Institute

Feel free to request our certification by emailing info@propertysolvers.co.uk.

You can also contact our office on 020-8226-6901 (lines are open Monday to Friday 8:30am to 5:30pm). Out of hours, please leave a message via our chat facility or freephone helpline number on 0800 044 3733.

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Do you buy properties in all parts of the UK?

Our core area of business is in England and Wales.

We do have associates that operate in a similar way to us in Scotland and Northern Ireland.

If you have a property to sell in these regions, please get in touch and we can make the necessary connections.

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Is Property Solvers an Estate Agency?

Yes, but not in the traditional sense of the word.

As well as running our own quick estate agency service, we buy homes quickly for cash.

With this service, there are none of the hassles that come with selling on the open market and we cover all legal costs.

We offer our clients a personalised, streamlined service. Where needed, we guarantee to work within very strict timelines. This means we can exchange contracts in 24 hours and complete within the following 7 days.

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Would it not be easier to sell through a local estate agency?

Much would depend on how fast you need to sell your house.

At the start, we will make sure you know all your options.

In many cases, it’s a simple case of adjusting your asking price or look for a new estate agency.

Selling through a high street or online estate agency is absolutely the best way to get the most amount of money.

The problem is that the estate agency process is often fraught with hassles, stress and time delays (one in every three transactions falls through).

When the risks of not selling are too high, it can make sense to use our quick house sale service.

At Property Solvers, we’ll take all the hassles away.  We buy direct for cash – meaning no chain breaks, no delays and no fees…

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How long will the sale realistically take?

This depends on when you want to complete.

Generally, Property Solvers can get things done between 14 and 28 days from the first contact.  But we will work to your timescales.

We can exchange within 24 hours if the case is very urgent. Here, our solicitor draws up the contract and deliver the cash funds.  Completion then happens within the following 7 days.

Property Solvers do not charge for our service and you do not have any legal costs. We also offer cash advances and can help you with the moving process.

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Can Property Solvers show proof of purchase funds?

Yes, no problem.

We can show the funds we have to buy your property straight away. This is usually through bank statements and/or a letter from our approved solicitors.

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What is the value of my property?

Understanding the true value of your property can be difficult.

We always suggest looking at what similar properties have sold for in your area. This means using the HM Land Registry, as this data is 100% accurate.  You can also apply specific differences that will justify a higher value compared to your neighbours – say you have a larger garden or an extension.

Please check out our blog post on How to Value Your House which has a number of free online tools you can access.

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How is the sale process through Property Solvers secure and guaranteed?

As we are direct cash buyers, you do not have to deal with any middlemen. There are also no mortgage lenders, chain breaks or other risks.

We will also give you a clear timeframe so you can make future plans. You’ll be safe in the knowledge that your property is as good as sold.

Where needed, we can exchange contracts in as little as 24 hours. This means you have a secure sale by way of a legally-binding contract.

Please read our how we work and code of practice pages which explain how our processes work in detail.

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How can I be sure that the price will not be dropped at the last minute?

We pride ourselves on providing an up-front and honest service. Before viewing the property, we usually provide an approximate sale price. We usually do this over the phone and there is no obligation to accept.

If you are happy to move forward, we will then visit the property. This may also coincide with a professional survey.

In 99% of cases what we offer at the start is what you will get (with no fees). We will only change the offer if there are major structural issues or other problems. These may include subsidence, serious damp, flooding history, Japanese Knotweed.

In this rare scenario, you will still have plenty of time to weigh up options or walk away (with no extra costs).

Assuming you are happy to move forward, we will send you a written confirmation of the offer. We will complete the sale within the agreed timeframes and there will be no price alteration.

If there is anything you are not comfortable with, you can contact The Property Ombudsman (TPOS) on 01722 333306 or the National Association of Property Buyers (NAPB) on 01903 331329. These organisations regulate our fast house sale activities.

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Can the sale be kept confidential?

Yes, we understand that you may wish to sell the property discreetly. We will work to your specific requirements.

Our priority is to ensure that the sale goes through with no hitches. This means no “for sale” boards, unnecessary viewings and other disruptions.

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Will my details be kept privately?

We are signatories of the Information Commissioner’s Office. Under General Data Protection Regulations (GDPR) and the Data Protection Act 2018, we have a legal obligation to protect our clients’ contact details.

When we pass on your details to another party, we will confirm that you would be happy for us to do so.

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Does selling through Property Solvers always mean below the market value?

Fast sale house companies like ours are often accused of taking advantage of people. Some observers think that the under market value offers we make as unfair.

It is worth highlighting how we operate as a business which, we hope, can help lessen the bad image our industry has:

• We make sure clients have looked into all their options before anything else. In most cases, we come up with a simple solution. Most homeowners we speak to end up getting the full market value;
• We will not discuss a fast house sale if it is not appropriate. Our Express House Sale Agency is often the better option (if the house is not already on the market). Others like our ‘assisted sale’ option, especially when the property needs a lot of work;
• Estate agencies over-value properties (using official Land Registry data). This is a common tactic to win your business and, sometimes, charge higher fees;
• Estate agents and auction houses often undertake below market value sales;
• We base our offers factors such as condition, location and current market behaviour. We ultimately have to look at buying properties from a business perspective;
• Property Solvers can offer speed and certainty with the sale. As cash buyers, we can move things forward much quicker compared to other channels. Our typical completion times are up to 28 days. Where needed, we can get things done in up to 7 days;
• We buy properties in any condition. This means sellers do not have to worry about making their properties look good for the open market;
• We buy problem and ugly properties. We have bought buildings with subsidence, serious damp, asbestos and Japanese Knotweed. We’re also very keen to hear about abandoned and derelict properties;
• If there are legal or other practical issues, we will still buy. We’ve bought properties with bad tenants, squatters, boundary disputes, anti-social neighbours, title restrictions and defective leases;
• We will not pull out of the transaction or drop our offer price at the last minute;
• We will pay all legal fees, even if the situation is complex and there are extra costs;
• Our clients do not have to worry about estate agency costs;
• Clients often find that our offer is more reasonable once they have considered the extra costs of keeping the property (utility bills, council tax, mortgage payments, penalties etc.). See the comparison table on our Quick Cash Sale page;
• We offer fast cash advances in as little as 24 hours as part of our guaranteed service;
• As a company, we are subject to different tax rules and regulatory requirements. We also have rising costs, contracting and labour issues to deal with on a daily basis. The unpredictable nature of the market is something that we also must consider;
• We do not hide that fact that we look to make an industry standard level of profit. We are happy to highlight the extra risks we take on as cash property buyers to our clients.

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Is the Property Solvers offer really much lower than estate agents?

Much would depend on the condition of the property, but we would generally offer up to 75% of the market value.

This may seem like a heavy discount. But once you factor in the time delays and costs of an estate agent sale, there is not a huge difference. See our Quick Cash Sale page to see a real-time comparison table.

Often, we will also suggest using our Express Property Sale service. Even though you’ll have to wait longer, this means you can get achieve 100% of the market value.

We can also work with people who have properties in need of extensive refurbishment work. Here, we would fund the costs of the works, market the property and work on a profit-sharing basis.

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Can you put me in touch with people that have previously used your service?

Yes, we have several former clients who can talk through their experiences with us.

Please also see our customer reviews and reviews.co.uk pages.  We also have received reviews on our main Google My Business/ Maps page.

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What savings will I achieve by using Property Solvers?

As cash buyers, we complete on property purchases fast.

You also cut out ‘holding’ expenses such as mortgage payments, insurance and household bills.

Selling to us also means no estate agent, legal, Energy Performance Certificate (EPC) or other expenses.

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I am being threatened with repossession – what should I do?

Please do not panic – there is usually a very simple solution.

Property Solvers has helped people facing repossession for over 15 years.

It is important to remember that, in most cases, mortgage lenders do not want to evict homeowners.

They are also required to follow “pre-action protocol” rules which are there to protect you.

Above all, you should maintain communication with your lender. Always be completely honest about your situation.

By law, they must cooperate and work with homeowners to find the best solution – even if you have a court date.  For example, they may suggest you make small payments or swap to an interest-only mortgage.

Most people we speak to do not get repossessed and keep their homes.  Please see our guide on how to stop repossession.

Selling to Property Solvers to Stop Repossession

If you simply decide to sell, Property Solvers can make a firm offer within hours.

Our specialist team of solicitors will contact your lender’s legal department. They will show our proof of cash funds to stop the repossession process (we do not use mortgages).

If you already have a court date, our solicitors can go with you to clarify matters to the Judge. We can also arrange an emergency court hearing (but this is not usually necessary).

This usually results in an extension for us to buy the property. But if the Judge refuses, our solicitors will draw up a 24-hour exchange contract to present to the court.  We can then complete the sale within the following 7 days.

We will pay for all your legal and court-related fees.

See our stop repossession page for more information.

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I am a landlord / lady looking to sell. How can Property Solvers help?

The Directors at Property Solvers are active and accredited landlords. As a company, we’re very interested in buying rental properties.

As with any other conversation we have with vendors, we’ll start by exploring your options.

Often, landlords feel forced to sell when they don’t actually want to. For example, the “Section 24” legislation has caused a huge amount of confusion in recent years. We often find that chat with a reputable accountant or tax advisor usually irons out any issues.

If you simply want a sale, we can guarantee to get things done fast – in as little as 7 days where needed. We can also promise not to evict tenants who are happy at the property.

We’ll take on properties in any condition and cover all your legal fees. You’ll also not need to worry about estate agency or auction costs.

With over 15 years experience, we’re accustomed to dealing with problem tenants and other legal issues.

Please note that we’ll also buy property portfolios of various sizes, Houses of Multiple Occupation (HMOs), multi-lets and multi-unit freehold blocks.

See our Sell Tenanted Property page for more information.

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I still have other questions?

We welcome any further questions and queries you may have.

Fill in our simple form, call us 24 hours / 7 days a week on 0800 044 3733 or fill in the form on our Contact Page.  You can also email the Directors of the company at info@propertysolvers.co.uk.

By entering your details you are not committed to sell your property to us. We completely understand that you may just be making enquiries and contacting other quick house sale companies.

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What is the Property Solvers Express Home Sale service?

Our express property sale service brings buying and selling houses into the 21^st century.  We are the only company in the UK that offers a complete 24-hour service with all the benefits offered through high street agencies – all at low cost.

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Why choose the Property Solvers estate agency to sell my house?

We do everything a high street agent does including photos, floorplans, accompanied viewings, access to all the major portals like Rightmove, Zoopla and Prime Location.

We also have a range of features your local agent will not have such as a 24/7 service, including freephone call answering / live chat.  We are available at evenings and weekends, 365 days of the year – so we never miss a buyer enquiry.  All our processes are electronic so you’re not waiting around for days on end to get things done.

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What makes you different to my local agent?

Property Solvers have operated as private property buyers for over 18 years. Speaking to 1,000’s of homeowners, we have built an estate agency that understands home sellers real needs.  Our aim is to speed up the sales process and make it as stress-free as possible.

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How long does it normally take to sell a house?

Unless you are working with a proactive cash buyer, selling on the open market is rarely complete in under a few months.

In fact, over 50% of UK home sellers fail to sell within 10 months (according to Jefferies International).  30% of all sales collapse before exchange of contracts – with both the buyer and selling losing an average of £2,899 (according to Which? Mortgage Advisors).

We use a ‘realistic pricing model’ which means list your property to get people coming through the door.  In short, we’ll get you decent offer in a much shorter period.

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How can Property Solvers help me sell my house quickly for a good price?

We help people sell quickly but still get the best price possible.  We focus on generating you a firm offer in 28 days, using the latest technology to streamline the process and charging buyers a non-refundable deposit.

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How does the non-refundable deposit work?

The non-refundable deposit means that buyers are committed financially to the sale so there is less chance they will pull out for no reason.  This makes the process a lot more secure and ultimately less stressful for everyone concerned.

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Won’t you just sell my house cheap?

Absolutely not.  We will get you the price you’re likely to achieve anyway, but in less time.   We’re simply removing all the games estate agents play with sellers by making false promises based on unrealistic valuations.

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Your fees are a high for an online agent?

We are not the same as your regular high street or even your normal online agent. We can demonstrate how our fees often work out cheaper without compromising on providing a premium level of service.  We only get paid when we sell meaning that we are highly motivated to get things done.

With most online agents, you pay for what you get.  You may feel like you’re paying a low amount of money – but you’ll often find that the level of service you get is inferior.  For example, you’ll have to show people around and/or negotiate the sales price yourself.

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Is there a minimum contract or tie-in?

No.  If you’re not happy with any aspect of our service, you can leave straight away with no questions asked.  In short, you have nothing to lose by giving us a try!

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Do you have reviews?

Our straight five-star customer reviews show that to date our clients have been extremely happy with the choice they have made about selling through us and I’m sure you will be too.

You can also check out our feedback on Reviews.co.uk.

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How can I contact you for a valuation or discuss the sale of my property?

We’re always happy to chat…

Please fill out our enquiry form, drop us a line on 0800 044 3733 (open 24/7) or chat with us at the bottom right of this web page.

We’re happy to run off one of our detailed house valuation reports for free (check out our blog post on this topic too)

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Why should I use the Property Solvers auction service?

Property Solvers offer an online auction as part of being a ‘one-stop shop’ for homeowners looking for a quick and secure sale.

Below are just some of the benefits (see a full list here):

• A much safer sale compared to using an estate agent (very low risk of things falling through);
• Get your property listed and attracting buyers straightaway (no waiting for months on end)’;
• Easy use ‘eBay-style’ secure bidding platform. Buyers can bid on your property 24/7 from their PC, laptop or mobile phone;
• Excellent exposure (all the major portals including Rightmove, Zoopla and Prime Location);
• Discounted legal packs (with ‘pay later’ options available);
• Buy it Now options (to sell even faster!)
• No risk of your property getting ‘buried’ in the auction catalogue (like traditional auctions);
• 24-hour enquiry line and buyer viewings available 7-days a week;
• Sell land, commercial and mixed-use properties much faster…

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How much does it cost to sell through the Property Solvers online auction service?

You can see our fees by visiting the Property Solvers auction page.

It’s worth noting that you will generally pay more when selling at auction compared to an estate agency.

This is largely due to the fact that things move a lot quicker.  Through our own estate agency, for example, even though we frequently find our clients buyers within 28 days of going to market, sales are still taking 3-4 months to complete.

These are due to circumstances that are beyond our control and a sad reality of the house sales industry.  Any estate agent that tells you a different story is likely being disingenuous.

It also costs us more to effectively manage and run an auction.  There are many extra processes to ensure a smooth sale.  These include vetting buyers, producing detailed brochures, engaging in extra marketing efforts, dealing with pre/post-auction legal queries, managing the auction platform (24/7) and ensuring everyone involved is happy.

You can rest assured that you will be getting good value for money from a team with extensive experience in the quick home sale sector.

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What kind of properties do Property Solvers sell at auction?

Most people that contact Property Solvers are residential homeowners in search of a quick sale.

We also regularly receive enquiries from people selling commercial, mixed-use, industrial, agricultural property, land, ground rents, garages, amenity ground and everything in between!

We would typically suggest using our auction service when our sell house fast option is unworkable or unviable.

It’s a great way to get an excellent price whilst benefitting from a much shorter timeframe relative to what’s possible with an estate agency or brokerage.

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Will I definitely sell my property using your auction service?

The chances of achieving a successful sale at auction are significantly higher than selling through an estate agency.

There are just so many things that could go wrong that are legally eliminated through using an auction service like ours.

For instance, using a price to entice strategy and creating a competitive buyer environment will mean that people will be clamouring to make an offer.  Furthermore, once a successful bid has been made, buyers automatically become financially committed to the sale.

These and other factors mean that silly buyer games and delays that often happen with estate agency sales are avoided.

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Would it not be quicker to use your 'We Buy Any House' service?

The short answer is yes.  Our We Buy Any House service suits people in search of a swift, hassle-free sale with no associated costs.

We can get the sale completed within as little as 7 days and have been able to exchange contracts in just 48 hours where necessary.

The trade-off as a seller is that our purchase prices are typically 75% of the market value (with no fees).  We appreciate that this is not an option for everyone which is why our auction is an excellent alternative.

Depending on whether you choose our 28-day (unconditional) or 56-day (conditional) sale, we can achieve you between 80% and 100% of the market value within much less time than what’s possible through an estate agent.

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What's the difference between a conditional and unconditional auction?

The principal difference between conditional and unconditional property auction comes down to sale speed and the timeframe within which you want to complete.

Conditional Auction (56 Day Completion)

After marketing your property and conducting viewings/open days, the auctioneer will conduct a competitive bidding process.

The bid is won once the virtual hammer falls.

There is then an allocated 4-week (28-day) exclusivity period for the buyer to exchange contracts on the property.

At this juncture, a non-refundable deposit is also instantly paid (for extra security).  The buyer must exchange after the 28 day period or risk losing all of this deposit.

At the point of exchange, a 10% deposit is paid into the buyer’s conveyancer’s account.

There is then a further 4 weeks (28 days) for the sale to complete.

The main upsides of selling this way is the longer timeline that buyers have to complete on the sale and higher achievable prices.

The ‘pool’ of potential purchasers of your property widens as there is more time to organise mortgage finance compared to what is the case with traditional (or ‘unconditional’) auctions.

Unconditional Auction (28 Day Completion)

Similar to the 56-day auction, there will be best bids process after the property has been marketed and viewed by potential bidders.

A stipulated bidding period will see potential buyers compete against each other.  Once the virtual hammer falls, the winning buyer has effectively exchanged contracts and will need to pay a minimum deposit of 10%.

The buyer is obliged to complete on the sale within 28 days. Failing to do so means that he/she will lose the deposit and incur other financial penalties set by the auction house.

Although the price achieved can be lower, sellers sometimes prefer this auction sales channel due to the time saving.

Typically we often find that tenanted, pre-repossession, inherited/probate, divorce/separation and other types of problem properties are better suited for unconditional auctions.

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What kind of disbursements will I have to pay when selling at auction?

In most cases, as a seller, the disbursements you’ll end up paying will be no different to selling through an estate agency.

Either way, sellers disbursement costs are usually low compared to what a buyer has to pay.

To put your mind at ease, we would recommend speaking to a conveyancing specialist who can confirm the exact costs you would expect to incur.

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Does selling a property at auction mean that buyers will think that something is wrong?

In most cases, this is not true…

The stereotype that all auction properties are problematic continues to fade away.

More people realise that selling at auction is an excellent way to achieve a good price in a shorter time frame compared to an estate agency.

Of course, this does not mean that buyers will not want to undertake detailed research and checks on your property.

For this reason, along with the legal pack, we often recommend getting a professional survey undertaken beforehand.  This helps keep things transparent and efficient.

Ultimately, it comes down to whether your property is mortgageable.  The question you should ask yourself is: “will a mainstream mortgage company have no issues with lending to the buyer?”

If it’s been some a while since your property has been decorated but it’s habitable then our suggestion price will be slightly lower.

On the other hand, if the property does not have a functioning bathroom and/or kitchen and has structural issues / damp / Japanese knotweed, then it may be more suitable for cash buyers only.  In these scenarios, you’ll need to be willing to price the property at a discount for the time, effort and money required for the buyer to bring the property back up to standard.

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How should I price my property for auction?

An old saying in the industry is that ‘a property is worth what someone is willing to pay for it’.

We will provide you with appropriate guidelines for auction once we’ve run our own house valuation processes, using information that’s widely available in the public domain.

Most buyers will have a general idea of where prices are at and will be looking to see whether your property is priced fairly.

This can, of course, be open to interpretation and will depend on whether there are issues with your property.

For instance, if you’ve spent money renovating and improving the house, then there’s usually no reason to be a little aggressive with the guide and asking prices.

As mentioned above, at the opposite end of the scale is where a property may need significant works undertaken – in which case buyers will factor in the costs they will eventually incur themselves when bidding.

There is also a range of other factors such as local demand, transport links, local amenities, schools, infrastructure and other ‘micro’ factors that come into play.

Either way, as industry professionals with many years of experience, we urge you to price the property realistically.  The risk of not doing so is that the property ends up unsold and ‘tainted’ (even if such a label is unjustified).

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How quickly will my property sell through your auction?

Using an auction service like ours is a surefire way to get a quick sale at a competitive price.

Assuming the legal pack is ready, Property Solvers will be able to list your property straightaway.

We typically allow for a 3-week marketing period to allow for the property to get a good level of exposure and for us to conduct open days and viewings.

It’s during this period that we’ll also be fully-available to answer any buyer questions before opening up the bids.

Note that we can reduce or increase this timeframe where deemed appropriate (and with your full approval).

If you choose our default conditional auction option, once the bid is won, there will be a further 56 days to wait until completion.

With the unconditional option, there will be 28 days until completion.

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Where will my property be advertised for auction?

You can rest assured that your property will be marketed on the leading portals – including Rightmove, Zoopla, Prime Location and many more (see where we advertise).

Working in the industry for over 18 years, we’re well connected with the UK’s property investment community (check out our popular investor’s blog).  We also have a good-sized LinkedIn company page and manage LinkedIn’s largest property investor / developer’s group.

Furthermore, Property Solvers will produce a high-quality brochure that will distributed amongst active buyers alongside our various other social media channels.

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What happens if an auction buyer changes his/her mind?

In the very rare instances where this happens, it should be noted that once the virtual hammer falls, contracts are exchanged and the buyer usually pays a deposit of 10%.

If he/she was to then pull out, there is a serious risk of losing this deposit.  There will also be legal abortive fees, penalties and we will not refund the 2% deposit paid.

Note that with our conditional 56-day option, the buyer would stand to lose the non-refundable deposit if he/she were to pull out before exchange and completion.  However, again, this is extremely unlikely to happen.

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Can the buyer try and drop the price post-auction?

Also known as gazundering, the practice of dropping the price after the virtual hammer has fallen is not possible.

Even with the 56-day conditional auction (and payment of the non-refundable reservation fee), the sale price cannot be altered under any circumstances.

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Would it be better to try with an estate agent first?

As part of our initial conversation, we will find out a little more about your objectives.  If we feel that an estate agency sale (through ourselves, for example) is a better option, we will certainly advise.

It’s generally the better option if you have more time to sell and don’t mind putting up with the many hassles that come with this route.

At the same time, it’s worth noting the following:

• With our 56-day auction, we can often achieve sellers up to 100% of the full market value over a much shorter period compared to estate agency sales;
• Property that’s new to the market is always better positioned for sale;
• The longer a property stays on the market, the worse things get.  People may notice that your property has been on with an estate agent and immediately think there’s something wrong;
• If you eventually sell at auction, any previous estate agency viewers may come back and make a bid which means you could end up getting charged two sets of fees;
• Auction sales are a lot less hassle compared to using an estate agency!

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My property is already with an estate agent and not selling - can I swap it to auction?

Absolutely!  Provided you are not tied into a contract, we would be happy to relist your property for auction.

Time and time again, we see estate agencies overvaluing properties to win business.  We’ll provide our honest, professional opinion and advise on the best route to take in order for you to sell with the outcome you desire.

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Do all auction houses advertise on Rightmove, Zoopla and Prime Location?

No.  Many online auction houses advertise on their own websites only.  If you see that there are no sellers fees, this is often the case.

It’s crucial for your property to be marketed (at the very least) on Rightmove, Zoopla and Prime Location so that enough buyers can see it to bid.

Whilst there are a handful of auction sites with decent volumes of traffic out there, none will give you the same level of exposure as what you would get on these portals.

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What's the best way to set the reserve and guide prices?

Setting the guide and reserve price can be a tricky process.

It comes down to getting you an excellent price that you’re going to be happy with without putting off buyers.

You can rest assured that the valuation team at Property Solvers have lots of experience in valuing property with a view of getting the best outcome.

Alongside your input, we use established HM Land Registry data and Royal Institute of Chartered Surveyor (RICS) methodologies to primarily establish the value of your property.

We’ll then use market sentiment data and our own real-time analyses to provide you with recommended reserve and guide prices.

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Will my property sell for higher than the guide price?

Yes, this is entirely possible.

Our job here is to push the price as high as we can – however, we cannot guarantee that it will go beyond the guide.

Much will depend on how accurately it is priced and the level of demand.  We are certain that, if you follow our guidance, we will get you an excellent result that will leave you with a smile on your face!

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How does the 'Buy it Now' option work?

We offer buyers the opportunity to make a ‘pre-auction’ offer during the 3-week marketing period through a button on the portal.

One of our auction administrators will then be in touch with yourself to present any offer.   We leave it at your discretion to accept this offer or not.

If you decide to go ahead (and cancel the auction), we will ensure to take the deposit and/or immediately exchange on contracts so that you have the same level of security as if the auction went ahead.

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Can I sell my property with a tenant in situ?

Yes, this is no problem at all.  Many buyers who visit online auction pages are interested in properties with tenants in situ.

You get the added benefit of receiving income right up to completion where the new buyer will effectively take over.

Please note that most auction buyers will want to see a copy of the tenancy agreement, rental schedules, payment history, compliance with the relevant legislation (see our selling tenanted property blog post).

Some sellers, however, choose to vacate the property before putting it through the auction market.  Although there is no guarantee, it can often mean that the price achieved is higher as you’re effectively opening up the potential ‘pool’ of buyers (and not limiting the sale to landlords and property investors).

At the same time, if you’re thinking about serving notice, it’s worth thinking about the amount of time it will take you to do so as well as the fact that there will be no rental income.

Either way, we’d be more than happy to have an informal chat through your options.

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Is bidding via an online auction safe?

Yes, using an online auction service like Property Solvers is 100% safe.

We use the industry-leading Essential Information Group (EIG) auction infrastructure and you can rest assured that your personal details will be kept securely.   Any money transfers are administered through Stripe, global pioneers in internet payment processing.

As a company, Property Solvers is registered with the Information Commissioner’s Office (ICO), anti-money laundering and trading standards.

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What are the legal conditions when using an online auction?

Auction terms and conditions are exactly the same as when attending a traditional ‘in the room’ event.

This means that if you were to successfully win a bid you make over the reserve, you are legally committed to the sale.

However, with our unconditional (56-day) auctions, you will need to pay a non-refundable reservation fee at the fall of the online hammer and then have 28 days before exchanging contracts (when there is a legal commitment to the sale).

Although technically you could pull out of the sale after paying the fee, you will lose the non-refundable deposit.  This is the reason why both our conditional (28-day) and unconditional (56-day) auction sales rarely fall through.

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What are the differences between the Property Solvers' 'conditional' and 'unconditional' auctions?

The main difference between a conditional and unconditional property auction comes down to how quickly the sale process is concluded.

Conditional Auction (56 Day Completion)

Also known as the Modern Method of Auction, as a buyer, you’ll have a longer timeframe to complete the sale.

After marketing a property and conducting viewings/open days, we will conduct the bidding process.

The bid is won once the virtual hammer falls.

There is then an allocated 4-week (28-day) exclusivity period for you to exchange contracts on the property.

It’s during this period that most buyers organise mortgage finance (a process that’s not usually possible with traditional auctions).

At this juncture, a non-refundable deposit is also instantly paid.  You must exchange after the 28 day period or risk losing all of this deposit (plus abortive legal costs).

At the point of exchange, unless otherwise agreed in the Special Conditions of Sale, a 10% deposit is usually also paid into your conveyancer’s account (meaning that you will need to pay 90% of the price agreed upon completion).

There is then a further 4 weeks (28 days) for the sale to complete.

Unconditional Auction (28 Day Completion)

Similar to the 56-day auction, there will be a best bids process after the property has been marketed and viewed by potential bidders.

However, should you win the bid at the fall of the virtual hammer falls, you would have effectively exchanged contracts.

In addition to the non-refundable fee payable to Property Solvers, you would need to pay a minimum deposit of 10% to your conveyancer’s client account (unless otherwise agreed in the Special Conditions).  The remainder 90% will be due upon completion.

You then have 28 days to complete on the sale.  Failing to do so means that you will lose both deposits paid and incur other financial penalties set by your conveyancer.

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How do I set up an online property auction account?

To bid and then purchase a property at our auction, you will need to create an account.   You’ll also need to register if you would like a closer look at the properties we have advertised on the platform.

This can be done via the ‘Register’ button or when you try and view some of the gated documentation pertaining to a property in question.

You can then create an account by providing your contact details and we will need to verify your email address (we will send an activation link).

You will also need to submit your information and debit / credit card details for the deposit of the non-refundable fee.  Please note that this payment will only be taken if your bid is successful.

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How do I watch lots and view legal packs?

Once you have clicked on the activation link, your account will be set up and you can watch lots and view the legal pack.

Clicking on ‘Watch Lot’ also means that we will send you updates and reminder emails.

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How long do you market properties before the auction date?

In most cases, we will actively market the property for 3 weeks (21 days) before starting the bidding process.

This provides bidders with a sufficient amount of time to view and/or attend our open days, examine legal packs as ask us any questions related to the property in question.

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How can I view the auction property?

With the seller’s permission, Property Solvers are able to offer viewings 7 days a week.  Please call our freephone number 0800 044 3797 or email us at auctions@propertysolvers.co.uk.

Typically with auction sales, we’ll run open days where a number of potential bidders can view the property at the same time.

Should you wish to have a second viewing or book in a survey, we are more than happy to make those arrangements.

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How would I know if there are any structural or other issues with the property?

Where the seller has provided us with a RICS-approved homebuyer’s or structural, we will include it with the legal pack.

Please note that we do not undertake any surveys ourselves.  If you have any concerns, we would suggest organising your own survey prior to bidding.

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What will be in the legal pack?

Although it is not compulsory, we strongly advise sellers to produce a legal pack.

Once registered, you will be able to view the legal pack directly from the listing itself.  It will typically contain the following:

• The Title Register from HM Land Registry;
• Conveyancing Searches;
• Special Conditions of Sale;
• Property Information Form (TA6);
• Fixture & Contents Form (TA10);
• Leasehold Information (TA7) and Property Enquiries (LPE1) forms;
• Tenancy Agreements and Proof of Rental Receivables (if the property being sold is a buy-to-let);
• Commercial property leases (where required);
• Planning and building regulation documentation.

You can then refer this documentation to your own conveyancer and revert back to us with any questions at auctions@propertysolvers.co.uk.

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What Are the Special Conditions of Sale?

These are specific contractual terms related to the property in question that will not appear in the listing or property brochure.

Where included, we’ll include these terms in the Legal Pack.

Along with the terms and conditions, we would need you to acknowledge that you have read and understood them before allowing you to bid on any lot we advertise.

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How can I bid on properties?

To allow you to bid on properties we market, we’ll need to undertake a couple of fairly simple checks.

First, we’ll need to verify your mobile telephone number (via text message).

Secondly, we’ll ask you to scan copies of your ID (typically your driver’s licence or passport) and proof of address – such as a utility bill or bank statement.

You will then be asked to read and accept our conditional (56-day) or unconditional (28-day) auction terms and conditions.  These are aligned with the 4th Edition Common Auction Conditions (reproduced with the consent of the Royal Institute of Chartered Surveyors).

There may also be specific documentation – such as Special Conditions of Sale – that you will need to read and accept before being able to bid.

Property Solvers will send these documents to your email for your records.

We will also require you to register a credit or debit card in your own name for the security deposit.  We use Stripe who will provide a secure, online card registration facility.  They will attempt to place a ‘hold on funds’ (sometimes known as a ‘payment shadow’).  The bidder security amount will be clearly displayed when registering your card.

Your card will be automatically debited for this amount only if you win the bid.  If you’re not successful, this payment will be released back at no cost to you (please note that this can take up to a week).

We can then run our credit and anti-money laundering checks (at our own expense).  We may need to contact you directly should we need some extra information.  Note that this process does leave a ‘soft footprint’ and will not affect your credit rating.

Once accepted we’ll send you a confirmation email and you’re ready to bid!

At any point during the auction cycle, please do not hesitate to email us at auctions@propertysolvers.co.uk should you have any questions or require any assistance.  We’re always happy to assist…

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What kind of due diligence should I do when buying a property at auction?

As with any property purchase, caveat emptor (‘buyer beware’) applies.

We strongly advise that view the property and seek professional advice as to its condition and suitability.

You should also ensure that you thoroughly read and understand the legal pack and any other associated documentation that we provide, and take proper legal advice accordingly.

Please also appreciate the contract you are entering into and the financial commitment that you will be liable for should you be the successful purchaser.

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What are the costs associated with buying at a property auction?

Below are the costs that you will need to bear in mind when buying at auction:

Non-Refundable Reservation Fee

This is a percentage additional charge on the hammer price (winning bid at auction) of the lot that must be paid by the purchaser.

Stamp Duty Land Tax (SDLT)

You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England, Wales and Northern Ireland.  This will be charged if applicable and at the current prevailing rate.

Property Insurance

In most cases, you will be liable to insure the property from exchange of contracts. Further information can be found in the legal pack for the relevant Lot.

Conveyancing and Other Professional Fees

You will require a conveyancer / conveyancing solicitor and should set aside funds to pay for any of these additional fees.

Value Added Tax (VAT)

In the UK this is currently 20% and is charged on UK goods or services if they are eligible for VAT and if provided by an entity (person or company) that is registered (or should be registered) for VAT. For information regarding this clause, please refer to the special conditions of sale and addendum (if any), in the legal pack for the relevant property.

Income Tax

If you are buying a second or investment (income-generating) property at auction, we would strongly advise you to speak with a qualified tax advisor / accountant.

If you are buying as an individual or as a company, there are extra income tax liabilities that you will need to be mindful of.

Overage (Where Applicable)

This is the term normally used in the context of a property transaction to mean a sum which the vendor may be entitled to receive after completion if a specified condition is satisfied.

The condition may be:

• The grant of new planning permission; or
• The grant of planning permission for a new (perhaps more valuable) use of the land; or
• The construction of more than a specified number of houses, or a larger than specified commercial development on the land; or
• The on-sale of the land in its present state, where the vendor fears that the purchaser may take advantage of a rapidly rising market to make a quick profit from the land. This will be particularly useful in the case of a vendor who is anxious not to be embarrassed by being seen to have sold at an undervalue, such as a local authority or charity.

Further information regarding this clause, will be found in the legal pack for the auction property listing.

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How will Property Solvers Auctions establish the guide and reserve prices?

We engage in detailed conversations to establish the current value of the property and, combined with our own extensive experience, provide a recommended figure.  It’s at the vendor’s discretion as to whether they wish to move forward with our suggestions.

Establishing the Reserve Price

The reserve price is the minimum figure that we are currently authorised by the vendor to sell the property for.

Please note that Reserve is liable to change throughout the course of marketing.  Property Solvers reserves the right to lower the Reserve during the auction to a level that matches the existing highest bid.

In the event that there are no further bids, the bidder who places the ‘highest bid will be declared the purchaser at the end of the auction process.

Establishing the Guide Price

The guide price is an indication as to where the reserve is currently set.

It is not necessarily what we expect to sell the property for, and should not be taken as a valuation or estimate of the sale price.

The reserve will not exceed the guide price by more than 10% if it is a single figure guide price.  If a guide price range is quoted, the reserve will fall within that range.

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Can I bid at auction on someone's behalf?

Yes, this is entirely possible.

We would need to undertake the relevant identification checks on the bidder and receive a written letter of authority.

Please get in touch with us in good time before the start of the auction so that we can make sure things are set up in the right way.

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Can I make a pre-auction bid?

Yes, this is possible.  We will present the offer to the seller (along with confirmation of the buyer checks, proof of funds plus other credentials we have) and inform you of the decision.

In our experience, most wish to wait and see how things go with the bidding but some may go ahead.

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How does your bidding process work?

When the auction opens, you can place bids in line with the pre-determined bid increment levels, using the bid increase (+) and decrease (–) buttons provided.

Having set your preferred bid amount and clicking the ‘Place Bid’ button, you will be asked to confirm your bid at which point it will be placed.

Every time you submit a bid you will be clearly shown whether your bid was successful, and a full list of all bids will be displayed on the auction list.

Maximum (Proxy) Bids

You are not restricted to placing a bid at the minimum bid amount, but can instead increase your bid and place a maximum (proxy) bid in the system.

By setting a maximum bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your maximum bid amount.

If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.

We go more into the proxy bidding and payment processes in our ‘Buyer’s Operations Guide’ which you will receive via email once you have registered to access the platform.

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How long will the auction last?

This will depend on the specific sales circumstances and the level of interest generated during the marketing period.

Typically, however, we tend to open up the bidding period for a minimum of 24 hours which will provide all interested parties with ample time to bid against the property.

We would strongly recommend that you ‘Watch’ any properties you’re interested in.  We will be able to keep you informed of what is happening.  For example, should the vendor decide to accept a ‘Bid Now’ offer you will be notified.

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Is any bid I make binding?

Yes.  Regardless of whether the auction sale is conditional (56 days) or unconditional (28 days), if you’re the highest bidder above the set reserve price for the property you will be committed to the sale.

As the winning bidder of a conditional auction, you are not bound to buy the property but will have the right to exchange contracts within 28 days and complete on the property at the agreed price within the subsequent 28 days of draft contracts arriving with your conveyancers.  You will also be committed to paying the reservation fee (of 2%) which will not be returned should you not exchange or complete on time.

As the winning bidder of an unconditional auction, you are legally required to exchange at the fall of the online gavel, pay 10% of a deposit (in most cases) + the reservation fee (2%) and complete the sale within 28 days.

Failure to comply with the auction terms and conditions could result in heavy financial losses.  For this reason, please be aware of your legal obligations prior to placing a bid.

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Is there a risk of 'bid sniping' when using your platform?

Absolutely not.

Unlike eBay, bid sniping is impossible on our online auction platform.

All auctions will close as per their advertised ‘Auction End Date’.  However, if a bid is placed within the final 60 seconds of the auction’s scheduled end time the auction will be extended by an additional 60 seconds – known as the ‘bidding extension window’.

If a bid is placed in the bidding extension window, the countdown clock will immediately reset to 60 seconds again.  The auction will only finish when an entire 60-second bidding extension window passes without any further bids being placed – i.e. 60 seconds of ‘bidding silence’.

This ensures every bidder has a fair and equal opportunity to place another bid.

Do not leave your bid to the last few seconds.  It gives you no advantage and you risk your bid not being received by the server in time and you could lose the lot to another bidder.  Bidding is based on the server time and not your device which could be up to 2 seconds behind the server.

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What happens at the fall of the online hammer?

Once the online hammer (or gavel) falls, you will be informed if you are the winner or not via email.

The next steps will depend on whether this is a conditional (56-day) or unconditional (28-day) auction.

Fall of the Online Hammer – Conditional (56-Day) Property Auctions

As the winning bidder, you have the exclusive ‘right to exchange contracts’ on the property within the prescribed time frame – usually 28 days (20 business days).  This will be confirmed in the terms and conditions of sale and/or legal pack.

The bidder must also pay the non-refundable reservation fee.  At the point of exchange, the buyer will typically pay 10% of the agreed sales price into the conveyancer’s client account.

Once exchanged, the property sale must be completed within 28 days.

Fall of the Online Hammer – Unconditional (28-Day) Property Auctions

There is an immediate exchange of contracts and, unless otherwise agreed, you must deposit 10% of the property’s agreed sales price into your conveyancer’s client account.

The non-refundable reservation fee must also be paid to Property Solvers.

At this juncture, you will then have 28 days to complete on the sale.  Failure to do this in time could potentially mean losing the deposit and reservation fee as well as incur abortive penalties from the conveyancers handling the sale.

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Who will draft the Sales Memorandum?

The team at Property Solvers will produce a Sales Memorandum the moment the auction is concluded.

This will be circulated amongst the conveyancers to proceed with the next stages of the sale.

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Will paying the reservation fee increase the amount of Stamp Duty Land Tax I'll need to pay?

Yes.  HM Revenue and Customs policy states that a reservation fee for a land or property transaction will be deemed as chargeable consideration.

Property Solvers operates a different pricing structure to many other auctioneers in that we charge both buyer and seller fees (many pass the fees straight on to the buye1r).

This creates a more even playing field and, in addition to creating a non-conflicting bidding environment, means that your extra stamp duty liability is more reasonable.

Nonetheless, we would encourage factor this into your calculations before and during the bidding process.  We would also suggest speaking to a qualified tax advisor prior to purchasing any property.

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