Residential & Commercial Property Auction Services
Guide To Selling At Auction
Auction Entry Fees
Equity & Law charge an auction entry fee to cover the inspection of each property. This fee is only payable once in the initial contract period. Should your property fail to sell in the first auction it will automatically be listed into a second with no additional charge, unless a request is made for additional local or national advertising. Fees for multiple listings can be negotiated.
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Fees for Property Inspection
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V.A.T
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TOTAL
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Inspection fee
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£ 260.00
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Research
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£ 65.00
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Photography
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£ 60.00
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Listing on website
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£ 20.00
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Preparation of Auction Brochure
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£ 75.00
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Total
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£ 480.00
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£ 84.00
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£ 564.00
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Commission - Residential Property
In the event of a sale our commission rates start at 2.0% plus VAT for a sole selling rights or 2.5% plus VAT for a joint agency agreements. A joint agency is usually advisable where we feel it is necessary to include a local agent to handle local enquiries and conduct viewings. The Auctioneer will outline the agency appointment and confirm the auction entry fee and commission rate in writing before accepting your instructions.
Additional Local and National Advertising can be arranged at the Vendors expense.
Single Property Auctions are available at the same rates, but there may be a small charge for the venue. The venue charge is not normally more than £50.00 per property (No charge if auction is held on the premises)
Reserve Price & Guide Price
Our auction team will recommend a guide price, which you will need to approve before marketing begins. It is important to set the guide at a realistic price, which is attractive to buyers. This will generate competitive bidding in the auction room, and ensure that the best price is achieved.
When Do You Want To Sell?
Decide that you want to sell your property and we will set up an auction or list your property with others that are being planned. Contact the auctioneer@equityandlaw.co.uk and he will contact you to discuss your plans for selling.
Formally Instruct Us
After agreeing on a suitable guide price for your property and our commission fee (see below) we will send you an auction agreement, which you will sign and return to us.
Repossessed Property Sales
Equity & Law ask that anyone who is interested in the disposal of repossessed property to contact auctioneer@equityandlaw.co.uk or call 0796 777 0832.
Property Appraisal
We can provide you with a no obligation auction appraisal of your property based on verbal and written information available and we will advise you whether we think your property is suitable for sale by auction or not.
No Sale - No Commission Paid
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From
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To
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Entry Fee
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Commission
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£50,000
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£5,000,000
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£480.00
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Starts at 2.0% Sole Agency
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£5,000,000 +
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Call Auctioneer
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0796 777 0832
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If we successfully auction your property we will charge a commission. The amount of commission that we charge will depend on the type of property or business and its value. Fees can be discussed with the Auctioneer by telephone on 0796 777 0832 or e-mailing the auctioneer@equityandlaw.co.uk and the Auctioneer will contact you. Special terms can be agreed for multiple lots and corporate rates can be agreed.
Sale Particulars & Legal Packs
Draft sale particulars will be sent to you for approval and/or amendments. At the same time your solicitors will be instructed to prepare a legal pack containing special conditions of sale, title documents, leases (where applicable), searches, planning documentation and office copy entries so that they are ready for dispatch to interested parties. There may also be a requirement for a H.I.P. or E.P.C before we can begin to market your property.
Catalogues
The catalogue details all the lots that will be offered in the next sale and includes colour photographs of each property. The catalogue is distributed to those who request a copy as well as being available free of charge on our website.
Catalogue Advertising
If you would like to advertise your business in our auction catalogues, the rates are currently £125.00 quarter page, £250.00 for a half page or £500.00 for a full page.
Pay Here
Marketing
In addition to adding the properties to our website and mailing the catalogue to all those interested in the property. We will target individuals who have previously expressed an interest in similar properties, as well as adjacent occupiers, local agents, local developers, builders, and property companies. On the advertising side, we take out space in key property publications, giving details of all our properties, as well as placing advertisements in local media where appropriate and we often achieve editorial coverage. We also operate a telephone marketing campaign, which will include your property.
Viewings
Where applicable we will carry out regular viewings of your property at pre-arranged times. These viewing times will be published in the catalogue. We offer a discounted commission rate to Vendors who can oversee their own property viewings.
Legal Packs
The legal pack will need to be prepared by your solicitor. We shall also arrange for buyers to receive documents by post if they so request.
Interest and Offers
During the marketing period all interest and enquiries are logged. We will maintain close contact with potential buyers and liaise with you throughout as well as reporting any offers made prior to the auction.
Reserve price
We will agree a reserve price with you for your property. This is the level below which we will not be authorised to sell. It is important that the reserve price is set at a realistically achievable level and the final reserve will be set just prior to the auction date, after having given the Vendor the opportunity to gauge the response on the run up to the auction.
The Auction Day Itself
Equity & Law holds all its auctions within the locality of the property being sold and part of the initial appraisal is to identify a suitable venue. We pride ourselves on being flexible and open minded and prepared to work with the clients interests in mind, so the location of the auction is adapted accordingly.
For vendors it is important to note that the fall of the hammer represents an exchange of contracts and the successful bidder is legally obliged to pay a deposit, usually 10% of the purchase price, and sign a memorandum of sale contract before leaving the auction room. The buyer has purchased your property at the final bid price. They cannot then renegotiate and cannot change any of the terms stipulated. Completion usually occurs 20 working days after the auction, when the balance of the purchase price is payable. The deposit funds are then paid to you less our fees. The atmosphere in the auction room can be extremely exciting and competitive. The prices achieved at auction can often be higher than those achieved by private treaty, i.e. through an estate agent.
What happens if the property does not sell on the day?
If your property fails to reach its reserve price at the auction someone may still wish to buy it. You will need to decide whether to accept any subsequent offer and advise us accordingly. The property may even be sold in the days or weeks after the auction as we continue to market the property. It is quite common for an unsold property to sell within an hour of the auction ending as potential buyers may have simply been delayed etc. We will continue to market your property until it is sold and we will continue to list it in the second auction without additional charge. Special national advertising campaigns can be booked at discounted rates if required.
When Charges are Payable
Our fees become liable for payment on exchange of contracts. You will authorise your conveyancer to pay out of the proceeds of the sale our agreed commission plus VAT on completion.
A withdrawal fee applies in the amount of £150.00 + VAT (£26.25) in total £176.25 payable by you to us on demand in the event of withdrawal of the property from the market; or termination of our agency agreement or your disinstructing us; or your instruction to another agent under a joint sole agency or multiple agency; or sale of the property by another agent in breach of our agency agreement; or any other event which frustrates this agency agreement. The withdrawal fee will apply during or after the sole selling rights period.
If the account remains unpaid after the above date we reserve the right to charge daily interest on the outstanding balance at the rate of 3% above the base lending rate for the time being of Barclays Bank plc from the date payment was due until payment has been made.
Our fees are of course inclusive of general advertising costs but additional local and national advertising can be ordered at the Vendor's own expense.
An effective introduction is a confirmed viewing of your property through Ourselves at any time of marketing or an indirect viewing from our For Sale Board or Sales particulars.
Contact Equity & Law
Contact us on +44 0208 123 0067 or 0796 777 0832
E-mail: auctioneer@equityandlaw.co.uk
Web Site: www.equityandlaw.co.uk
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