Frequently Asked Questions:
- UK - Ireland - Spain - Turkey - Bulgaria - Cyprus -
The following Frequently asked questions are to assist with buying property in UK, Selling Property and those buying property overseas.
Deposits:
When buying property in UK it is normal that buyers will lodge a deposit with the buyer’s solicitor, until exchange of contracts when the deposit is increased to 10% of the purchase price and transferred to the owner’s solicitor until completion when the full amount is paid and all funds are released to the owner, via the solicitors.
When buying property overseas, processes can vary. In Spain for example it is normal that a buyer will pay a holding deposit directly to the owner. We do not recommend paying deposits directly to the owners, not that we're saying we don't trust the owners, but everything is agreed within a set of rules when deposits are paid to solicitors.
When buying through this auction, the successful bidder must pay an initial deposit of £1,000 for UK properties, or 1,500 Euros for non UK properties. The full deposit of 10% of the bid price must be paid upon signing of the sales contract, less the initial deposit payment. However, there are 2 different types of property sale in this auction, which affect timescales, and promptness of payments as explained below.
In the case of Standard Sale Completion properties, the signing, or exchange of contracts cannot happen until all searches and contracts have been prepared by the owner’s solicitors, bringing the sales process duration to that normally taken by any standard property sales process by any other method, around 6-9 weeks.
With Properties marked Rapid Sale Completion, all searches and contracts have already been prepared by the owner’s solicitors and therefore the full 10% deposit is payable within 3 days, less the initial deposit payment which is payable immediately following auction close. Properties marked Rapid Sale Completion have a sales process more in line with a live auction, usually within 30 days. The successful bidder will receive a credit card payment request for the initial deposit within 24 hours of the Auction close, which must be paid immediately. Once paid, this will be transferred to the owner’s solicitor. As with a live auction, deposits are non returnable for Rapid Sale Completion properties.
If you are a buyer, click here for more information about Sale Completion Types
If you are a seller, click here for more information about Sale Completion Types
Solicitors: Generally those buying property in the UK would not do so without using a solicitor. However, overseas some estate agents will advise saving your money because the notary takes care of everything and you just need an interpreter. In a perfect world this can work out OK, but if there are any complications it is unlikely that the Notary will help you. We would strongly advise against being tempted to save the cost of a solicitor in any property purchase, but with regard to buying properties purchased through this auction, a solicitor must be used to ensure security and comfort for our buyers and sellers.
Exclusivity Contracts: We do not tie owners into any contract which limits the methods by which the owner can sell property. If you are currently in an exclusivity contract with an estate agent we recommend that you withdraw from the exclusivity part of the contract allowing you to sell by any means of your choice.
Property Guide Prices: Our guide prices show a high and a low price. These represent the range that bidders are expected to bid within. Buyers can still bid above or below of these figures, generally either to virtually guarantee they will be the successful bid, or to chance their luck to see if they can steal a bargain, but accept that their bid is not likely to be the winning bid.
Currencies: All UK Property guide prices are quoted in sterling GBP. All other properties are quoted in Euros. As such all bids must be in Sterling for UK properties or Euros for all others. Where a property is purchased in countries which do not use sterling or euros, the actual price paid will be calculated in the local currency, determined by the exchange rate on the day of exchange/signing of contracts..
What if my property does not sell in the 30 day auction period? If your property does not sell, you can re-enter for a further auction at a cost of only £20. We only allow a maximum of 3 auction entries at the same guide price, as if the property still remains unsold after this it is deemed too expensive for current market conditions. You can enter further auctions at the £20 cost, but the guide price must be reduced by at least 3%.
If the information on this site does not answer your questions relative to buying property Overseas, buying property in UK, or selling property, do not hesitate to contact us and we will reply as soon as possible.
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