Selling your property at auction

In recent years, selling property at auction has become more common, as people inherit properties or sell buy-to-let ones which are some distance from where they live.

To make sure the sale goes as smoothly as possible, you should:

• Instruct us at the earliest opportunity to put together the necessary documentation.
• Make a list of the information a prospective buyer will find useful, such as the age of the central heating system and wiring, and include any guarantees.
• Set a reasonable reserve price, which is the lowest price you will accept for the property. If this is not met, the property will not be sold, but you will still be liable for the costs of marketing of the property and the related legal work.
• You should also decide on the completion date. The contract to buy and sell is created when the auctioneer's hammer falls and the deposit is payable immediately, with completion normally four weeks later.

Be prepared for the possibility that the property will not sell at auction. Vacant properties qualify for rate relief, but other costs (such as insurance) may rise by virtue of them being empty and unattended.