Property Auctions UK Process

DUE DILIGENCE

  1. A consultant from Surelock Network Auctions will carry out an appraisal of your property and advise you or confirm that the property is suitable to be sold by auction.
  2. You will discuss and agree the guide price and the reserve price. These are not the same thing; the guide price is the price the surveyor estimates the property is worth; the reserve price is the lowest price you’re willing to sell for on auction day.
  3. Once you are happy with the price and procedure, you will need to sign our sole and auction agency agreements and pay the required entry fee for the auction. Bear in mind the auction entry fee covers the marketing, survey and the auctioneer on the day as well as all the staff involved at the auction.
  4. After everything has been signed and agreed, we will instruct your solicitors to prepare a legal pack including the Energy Performance Certificate (EPC). As soon as this pack is ready it will be published on our auction website for prospective buyers to view.
real estate auction illustration design over white
Auction sale symbol. 3D rendered illustration.
MARKETING & PROMOTION

Once all of the legal work is completed, the marketing of your property in the chosen auction will begin.

  1. The final sales details of your property will be prepared for you to carefully read through and approve.
  2. Surelock Network Auctions will already have its auction calendar set, so you will now discuss and agree the best date and venue for your property to be sold.
  3. The way in which Surelock Network Auctions markets your property and its auctions will be explained to you. You are likely to discover there is a LOT more marketing done for auctions that there would be if you chose to sell your property through more traditional channels. The marketing includes regular newspaper and industry press slots, email campaigns and of course online listings to encourage viewings.
GOING TO AUCTION

You will be kept informed of the interest levels in the property and also advised of any offers that have been qualified. Unqualified or uncorroborated offers may not be put forward to you.

  1. In the week before auction date Surelock Network Auctions will contact you to discuss the final recommendation for the reserve price. This may have changed from the price discussed originally following the level of interest shown during the marketing phase. If you agree with the final reserve price you will need to sign and return the final reserve figure by letter.
  2. Once the gavel goes down and your property is sold at the auction, contracts will be exchanged. The full sale completion should then be finalised in approximately 28 days. Please note this process can be quicker than 28 days, and on occasion can take up to 6 week, but 28 days is the average time.
  3. The completion of the sale then takes place in the usual way. With the contracts exchanged and a completion date agreed all that is required is for the monies to be transferred to make the purchase of the property.
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