Buying and Selling FAQs

A guide price may be a single figure amount or it may be a guide range, eg. £250,000 – £280,000. The guide price is not the reserve price nor is it necessarily the ultimate sale price achieved, although it may sometimes turn out to be.

The reserve price is the minimum price  for which the seller has authorised the auctioneer to sell the property. The reserve price is not disclosed to potential buyers.

If the bidding during the auction does not reach the agreed reserve price, the lot will be withdrawn and the property will be unsold during the auction. Potential buyers can and usually do make a lower post-auction bid which sellers can accept if they are minded to do so.

Viewing times can be found in the property details in our online catalogue and there is no need to register.

Simply visit the property at the allotted time slot. If there are no viewings slots currently available online, please contact the team to make further enquiries.

Every property offered in our auction will have a legal pack which contains the documents produced by the seller’s solicitors related to the sale offering including any special conditions of sale, title documents etc. The legal packs are available to download from our website and will be available in the weeks leading up to the auction.   

If the legal pack is not available, you can register your interest in the property and will then be notified as soon as it is available for download.

Yes. In order to participate in the auction you will need to be pre-registered prior to the auction day. Registration is available on our website and our bidding platform is “Auction Passport”. You will need to open a free account with them to allow you to register for the auction. Full instructions on registration procedure along with how to place bids can be found by following the link to ‘register to bid’.

As part of the registration process you will need to input your card details and we will place a hold on your card for £7,100, this comprises £5,000 towards your deposit and £2,100 inc of VAT for your Buyers Administration Fee. This is done via the payment system Stripe.

If you are successful in your bid, this your deposit will then be taken and will contribute towards your 10% deposit. If you’re not successful, then the hold will be lifted immediately.

If you are the successful bidder, a member of our team will be in contact on the day of the auction to go through the next steps of the purchase.

With each bid, a buyer is making an acceptable offer to buy the property. On the fall of the hammer, contracts are immediately exchanged between the final/winning bidder and the seller. A 10% deposit is then immediately payable by the buyer and the completion period then begins.

The standard completion period for properties sold at Resi.Auction is 30 working days. However please check the Legal Pack, as many properties may have varied periods or extended completion periods of more than 6 weeks or be sold on a conditional basis (for example, sold subject to a grant of probate being obtained).

If you cannot complete on the agreed completion date, Notice to Complete will be served on you by the seller’s solicitor (assuming required in the sale contract). Failure to complete is likely to result in a forfeiture of your 10% deposit and the seller will have the right to pursue you for failing to meet your contractual obligations.

The auctioneers administration fees are £1,750 plus VAT, please also refer to the special conditions of sale provided in the legal pack. In some instances fees may be displayed on the actual property detail in the marketing material.

A buyer will of course also be liable for its legal and stamp duty (SDLT) costs when purchasing a property. You should rely on your own legal advice in this regard.

We have a panel of solicitors we can refer you to, please contact our helpful team who can direct you accordingly.

Regarding finance, please click on the individual property for a link ‘Finance available on this lot’ the link will take you through to ‘Together Finance’ who will gladly assist with Bridging Finance.

The short answer is yes, but please seek professional advice, the condition will rely on the house having been empty for 2 or more years.

In practice, it means that the contractor/supplier can only charge the reduced rate of VAT if you can prove that nobody has lived in the property for at least 2 years, otherwise you will have to pay VAT at 20%.

www.gov.uk/vat-builders