Residential, commercial and land auction specialists with nearly 2 decades of experience.
Flat / Apartment
1 Reception Rooms
House, Terraced House
2 Reception Rooms
1 Reception Rooms
1 Reception Rooms
2 Reception Rooms
1 Reception Rooms
2 Reception Rooms
Property Solvers Online Auctions was established on the back of the directors’ collective 35+ years experience of fast home buying and selling.
Covering England, Wales and Scotland, our property auctions feature everything from residential house and flat sales to commercial / mixed-use / industrial / warehouse buildings and various types of land assets.
With a tech-driven streamlined process from start to finish, our state-of-the-art platform enables you to bid and purchase auction properties efficiently with minimum fuss.
Securely bidding for an auction property couldn’t be simpler with Property Solvers.
You’ll need to register first by visiting the listing page itself and following the registration process (required by law).
You’ll then be able to watch the auction, receive alerts until the bidding window is open. Of course, we’ll completely available to assist with anything you’ll need.
Once you express initial interest in one of the properties we’re auctioning, you will receive a series of emails confirming the details of the sale alongside guides on how the bidding and associated payment processes work.
A Straightforward Process from Start to Finish
In order to bid at the Property Solvers Conditional Auction you will first need to create an account by providing your contact details. You will be required to verify your email address, by clicking an activation link that we’ll send to you via email. Once you’ve created an account you can ‘watch’ lots that you’re interested in (you’ll be kept up-to-date throughout the auction cycle), as well as gain access to the legal packs. In order to place a bid on a lot you will need to complete the bidder registration steps, as detailed below.
Please note, the first time you register to bid you will also be asked to verify your mobile number and upload copies of your photo ID (e.g. driver’s licence or passport) and recent proof of address (dated within the last 3 months). This is required so we can easily keep in touch and helps us confirm your identity in the event of you purchasing a lot.
Ensure You Read, Understand and Accept the Terms
You will be asked to read and accept our Online Auction Terms and Conditions. Additionally, there may be specific documentation relating to the sale of the property you’re registering to bid on that will need to be read and accepted before you are able to bid. Once accepted, you will receive a copy of the document(s) via email for your own records.
Register Your Credit or Debit Card for The Bidder Security
In order to bid online you will be required to register a credit or debit card for the bidder security deposit. We use Stripe who provide a secure, online card registration facility, and they will attempt to place a ‘hold on funds’ on your account for the bidder security amount (often known as a ‘payment shadow’ as no money is taken at this stage). The bidder security amount will be clearly displayed when registering your card.
On the fall of the electronic gavel, the winning bidder’s card will be automatically debited for the bidder security amount, whilst all the unsuccessful bidder’s cards will have their shadow payments released (this can take several days depending on the card provider). For more information about this process please read the detailed explanation at the end of this document.
Final Step – Auctioneer Review
Once you have completed the bidder registration steps, Property Solvers Online Auction will review your registration to bid. We may contact you to obtain some additional information, so that we can electronically verify your identity with a credit reference agency – this is a quick and simple process which leaves a ‘soft footprint’ and doesn’t affect your credit score. You will be notified by email as soon as you have been approved to bid.
Recommended Due Diligence Before Bidding
In general terms, you are strongly advised to view the property and take 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 available online, and take proper legal advice accordingly. Finally, understand the contract you are entering into and the financial commitment that you will be liable for should you be the successful purchaser.
Understand The Guide and Reserve Price
What is a Guide Price?
A Guide Price is an indication as to where the Reserve is currently set. It is not necessarily what the auctioneer expects to sell the lot for, and should not be taken as a valuation or estimate of sale price. The reserve will not exceed the Guide Price by more than 10% if it is a single figure Guide price, and if a Guide Price range is quoted, the Reserve will fall within that
What is a Reserve Price?
The Reserve is the minimum figure that the Auctioneer is currently authorised by the vendor to sell the property for. Please note that Reserve is liable to change throughout the course of marketing. The Auctioneer reserves the right to lower the Reserve during the auction to a level that matches the existing highest bid. In the event that there were no further bids, the bidder who placed that ‘highest bid’ will be declared the purchaser at the end of the auction process.
To Be Aware of When Bidding for a Property 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.
Processing Fee – £125 + VAT will be payable in conjunction with the reservation fee.
Stamp Duty and Income Tax – 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. We would also advise speaking to an accountant / tax advisor if you’re buying a second property as there are likely to be income tax liabilities to consider.
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.
Conveyancer and Other Professional Fees – Any bidder may employ the services of another professional in order to advise them on the purchase of a property. The purchaser will require a conveyancer / conveyancing solicitor and should set aside funds to pay for any of these additional costs/fees.
Value Added Tax (VAT) (where applicable) – 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.
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:
Further information regarding this clause (if applicable), will be found in the legal pack.
Stress-Free Bidding from the Comfort of Your Own Home
When the auction opens, you will be able to 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 is displayed on-screen at all times. The auction results will also be displayed.
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.
How proxy bids work with the reserve price
Virtually every lot is sold subject to a reserve price (the minimum price that the auctioneer is authorised to sell for on the day). When you submit a maximum bid, the actual bid placed by the system will depend on where the reserve price is in relation to your maximum bid, as defined below.
If your maximum bid is below the reserve price
The system will place an immediate bid at your maximum bid amount.
If your maximum bid is at or above the reserve price
NB: Your maximum bid is kept completely confidential – it’s presence or amount are not disclosed to the auctioneer, vendor or any other bidder.
The Bidding Extension Window Eliminates ‘Bid Sniping’
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, and 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, 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.
Legal Position When You’ve Won the Auction
If you are the successful purchaser, we’ll be in touch following the online auction to discuss the next steps.
The system will take the bidder security amount from your registered credit or debit card (all underbidders will have their hold on funds released); the contract will then be signed on your behalf with copies being sent to both your solicitor and the seller’s solicitor.
We’ll Guide You Through to Completion
If you are the successful purchaser, we’ll be in touch following the online auction to discuss the next steps. The system will take the bidder security amount from your registered credit or debit card (all underbidders will have their hold on funds released); the contract will then be signed on your behalf with copies being sent to both your solicitor and the seller’s solicitor.
Please contact the team during office hours (9am to 5:30pm Monday to Friday) on 020 8945 7715 or email us at firstname.lastname@example.org. Alternatively, please leave a message on out of hours enquiry line on 0800 044 3797 and one of the team will be back in touch.
How The Payment Registration Works
In order to bid online you are required to submit details of a credit or debit card. When you register your card, we will be placing a hold on funds on your credit card (or bank account if you use a debit card), to the value of the bidder security deposit. This means that the amount we’re holding will affect the available amount you have to spend on your card, as the amount will be ring-fenced and you will not be able to spend it until the hold has been released.
If you are the winning bidder then the amount will be taken in full from your registered credit card or bank account immediately following the close of the auction. If you are not a winning bidder then the hold on funds will be released from your card, but be aware that it can take anything from a few hours up to several days for the hold to be released (dependent on the card issuer). If in doubt, contact your card issuer. Please be aware that you will not have access to the funds until the hold has been released.
Please see two example payment registrations below:
Tom has a credit card with an overall limit of £5,000, and a current available balance of £4,500
Jane has a debit card for a bank account with a current balance of £2,750
All lots sold through Property Solvers Online Auctions are subject to the Conditional (56-Day) or Unconditional (28-Day) Common Auction Conditions (never both) in addition to Special Conditions of Sale (provided by the seller’s solicitor) and the Addendum.
Our auction guide prices are set as a means to indicate each seller’s minimum expectation. As a buyer, you should be aware that Property Solvers Online Auctions reserves the right to change the guide at any time prior to the fall of the online hammer and it is not necessarily the price at which the property will sell for.
Unless otherwise stated on the listing or associated terms and conditions, each Lot will be offered subject to an undisclosed reserve price. Property Solvers Online Auctions will not be able to sell at below this price during the auction. Typically, this is set within the guide range or no more than 5-10% above the guide price.
Property Solvers Online Auctions are actively with estate agents, we buy any house companies, accredited property sourcers, developers of all sizes, unsecured/secured lenders, public / charitable bodies to market stock and achieve excellent prices. We pay generous referral fees and take full control of the entire process.
We’re particularly interested in problem / short lease / commercial / mixed-use / warehouses / industrial / derelict / income + non-income producing buy-to-let stock / multi-let / houses of multiple occupation / inherited / probate / pre-repossession properties as well as all types of land assets.
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 held 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.
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.
The main difference between a conditional and unconditional property auction comes down to how quickly the sale process is concluded.
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.
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.
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.
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.
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.
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 (with the owner’s permission).
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 and, if you wish to commission a report yourself, any costs will need to be incurred by yourself or the buying entity.
Any concerns can then be addressed with the specialist surveying the property (should that be your chosen course of action).
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:
You can then refer this documentation to your own conveyancer and revert back to us with any questions at email@example.com.
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.
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 firstname.lastname@example.org should you have any questions or require any assistance. We’re always happy to assist…
Our auctions sell everything from residential terraced / semi-detached / detached houses, flats / blocks of flats, chalet bungalow properties, cottages of all sizes right through to a range of commercial / industrial / retail opportunities, ground rents, land and everything in between.
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.
Below are the costs that you will need to bear in mind when buying at auction:
This is a percentage additional charge on the hammer price (winning bid at auction) of the lot that must be paid by the purchaser.
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.
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.
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.
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.
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:
Further information regarding this clause, will be found in the legal pack for the auction property listing.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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 buyer).
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.
As a ‘one stop shop’ for quick house sales, Property Solvers also offer our online property auction service.
We use over 18 years of experience to offer a new and highly innovative approach to selling your property in the shortest time possible.
Our auctions go live for 21 days across the major property portals so we can attract the maximum amount of bidders and get you the very best price.
In terms of how we work, Property Solvers run 2 different types of auction that offer our clients flexibility on the outcome of the sale:
Sometimes referred to as the modern method of auction, this enables you to get an excellent price and find a much more secure buyer compared to an estate agency sale.
With this method, the buyer has 28 days to exchange from when the hammer falls and a further 28 days to complete the transaction.
The buyer still pays the non-refundable exchange fee once the live auction ends that commits them to the sale.
The longer timeframe allows you to get the best price possible through the auction.
The more traditional (and faster) way of selling at auction. With this option, the winning bidder exchanges contract the moment the virtual hammer falls.
The buyer pays the non-refundable reservation fee the moment the auction ends as well as formally exchanges on the sale. The buyer then has 28 days to complete the sale.
If the buyer pulls out they lose the non-refundable fee and potentially also lose their 10% exchange deposit.
We’ll get your property sold much faster than traditional auctions for the optimum price.
The team at Property Solvers has many years of experience in valuing properties of all shapes and sizes.
Using house valuation tools available in the public domain, we’ll start by look at sold property comparables in your local area.
We’ll also apply specific methodologies used by the Royal Institute of Chartered Surveyors (RICS) and run off one of our house valuation reports (produced exclusively using HM Land Registry data).
We can turn this around for you immediately if so required and provide you with a ‘desktop’ property valuation for auction alongside a detailed explanation of our findings.
This price will be based on what we feel the property is worth in its current state. This can be either a single figure or price range (i.e. £X to £X). Much will depend on the level of bidding interest during the auction, demand, the state of the market and other dynamics. As professional auctioneers, our aim is to push the price above this level.
This is the minimum figure that you would be willing to sell at. The bidding must reach this figure in order for the property to be reserved (and sold). This figure will be agreed before the auction between us and will be kept confidential. If the bidding does not exceed the reserve the property will be left unsold and you have the option to run it through the next auction for free!
Before deciding on a final valuation for the auction we will visit the property to do a full internal inspection.
This will enable us to confirm our suggested price structures for auction and get you the best outcome!
We’re available to do this 7 days a week at a time convenient for you.
We also sell commercial, mixed-use properties and freehold land through our auctions.
In fact, selling property with part or full commercial aspects is arguably more likely to get a better result compared to the open market. This is often because buyers actively check auctions portals such as our own to see what’s available.
Our auction team can sell industrial units, garages / garage blocks, storage facilities, ground rents, forecourts, retail shops, florists, car parks / parking areas, mixed-use and other types of vacant/occupied commercial premises. We’ll take on both freehold and leasehold properties (regardless of the remaining lease length).
Property Solvers auctions are also an excellent sales outlet for land (with or without planning permission). This includes everything from urban land (such as split titled gardens, basement space, amenity and surplus urban plots) through to agricultural, meadows, fields, greenbelt land, moorings, paddocks and everything in between!
Derelict / abandoned buildings, farm outbuildings, barns and buildings with change of planning use potential across the country are all very much of interest to our auction database.
For these types of sale, our valuation / marketing process is more nuanced than with residential properties. As with any auction sale we undertake, we can get your building / plot / site listed within very short timeframes and guarantee excellent exposure.
Appreciating the extra complications involved in this type of transaction, we typically extend the time for selling to 6 weeks between exchange and completion.
When getting in touch with us, we would ask that you forward any plans, leases, photos/images, surveys, insurance policies, planning permissions and any other documents that would be helpful to assess the property quickly.
Property Solvers invests heavily into a range of marketing channels to ensure your property gets the very best exposure. This includes:
The auction legal pack is a set of documents produced by your conveyancer / conveyancing solicitor. These may include:
Although it’s not compulsory to sell at auction, we usually recommend having these documents prepared to get the best result.
Unlike a normal high street sale with an auction, the buyer is committed when the hammer falls.
They should therefore be fully aware of all legal issues before they bid and financially commit to the sale.
As a seller, you can reassure them by providing a professional and comprehensive legal pack.
It means the buyer will be fully aware of all legal issues before they bid and financially commit to the sale.
We often find that buyers tend to offer lower prices or will not bid if the auction pack isn’t there as they are concerned that there may be something wrong with the property.
Should you be interested, we work with professional in auction specialist lawyers who can offer who can offer you a fast, friendly and cost-effective service.
£447.00 (plus VAT and disbursements)
+ £447 (plus VAT) due on completion*
Price to be confirmed with the conveyancer (will be higher)**
* The above is based on a sales price of under £250,000. The post-auction conveyancing fees will increase to £647 (including VAT) for properties sold at between £250,001 and £500,000 and £847 (including VAT) for properties sold at between £500,001 to £750,000. Fees for properties sold at over £750,001 are available upon request. There is also a supplementary conveyancing fee for leasehold property sales of £250 including VAT (regardless of sold price).
** You may be required to sign a separate agreement to cover the costs should the sale fall through.
Also, note that you will be entitled to keep the legal pack should the sale fall through.
You are then free to use this as you wish, including future transactions (and thereby save money).
See our guide to selling at auction where we explore the aspect of legal packs in more detail.
Property Solvers offer very competitive fees for our auction service:
*We operate on a no sale, no fee basis.
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):
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.
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.
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.
The short answer is yes. The Property Solvers 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.
The principal difference between conditional and unconditional property auction comes down to sale speed and the timeframe within which you want to complete.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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:
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.
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.
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.
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!
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.
Yes, this is no problem at all. Many buyers who visit online auction pages are interested in single-let properties and Houses in Multiple Occupation (HMO) 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.
One of the main differences from other auction houses you may have come across (such as Allsop, Savills, Clive Emson, Pugh, Barnard Marcus) we’re able to list your property in days and get the auction going shortly after that. With traditional auctioneers, you’re likely to be waiting at least month for a space in the catalogue plus the extra time for marketing, listing the lot, viewings etc.
Property Solvers Auctions will bring in competitive pre-auction offers in much shorter timeframes.
Furthermore, we’re able to prioritise the auction properties we market equally. There no risk of your property being buried at the back of the catalogue or pushed behind other auction sales.
Absolutely! We are well-versed with the Scottish conveyancing process and deal with auction property sales across Greater Glasgow & The Clyde Valley, Edinburgh & The Lothians, Dumfries & Galloway, Aberdeenshire, Argyll & The Isles, The Kingdom of Fife, Ayrshire & Arran, Outer Hebrides, Dundee & Angus, Shetland, The Highlands, Lanarkshire, Orkney, Loch Lomond, Perthshire & The Trossachs, Stirling and The Forth Valley.
We often find LinkedIn is the best social media network for active auction buyers and we have a very strong presence there, not only through the Property Solvers Company Page but also the Property Investors / Developers group we’ve run since 2008 which has tens of thousands of members (and counting!).