Solicitors - How does selling work?
In order to list a property you will need to:
- Register your firm with us. You will then be given access to the portal which will allow you to list properties.
- Upload property details together with a guide price and reserve price – if you would like us to produce a property pack, arrange an EPC, produce floor plans, or arrange house clearances*, please get in touch and we will be happy to organise this for you.
- Decide whether you wish to include a Buy It Now option.
*Please note that house clearances are at extra cost and will be quoted for individually.
What are the sellers’ fees?
Zero – we do not charge our sellers a fee to list or sell properties for sale on our website.
How quickly will funds be released following the sale?
Once the sale is agreed, the bidder will pay us a reservation fee and will then be required to exchange contracts within 60 days and complete within 90 days of the auction finishing.
If the property is sold under the Buy it Now option the buyer is required to complete within 45 days of the sale being agreed, but it will usually take considerably less time.
How long is the property listed for before the auction commences?
The auction will commence 30 days after the property is first listed on our site – unless you have opted for Buy it Now.
How are viewing days arranged?
We will arrange bidder viewing days and will organise these on your behalf. All you need to do is provide us with the key. Please note that only bidders who have registered with us will be allowed to view the property.
What happens if the reserve price is not met?
If the reserve price is not met, there is no obligation to sell.
You can opt to offer a second chance to the highest bidder after the auction has ended. You can also relist the property under either a buy it now option or for a second auction.
What are the buyers’ fees?
A buyer’s fee of 2.5% + VAT will be payable by the buyer to Probate Property Hub within 24 hours of a sale being agreed – either once a Buy it Now offer has been accepted by the vendor or the auction has ended and you are the successful bidder.
This fee is non-refundable and you will be expected to exchange contracts within 60 days (auction properties) and complete within 90 days of the auction ending. Buy it Now purchases should be completed within 45 days.
In the event that you fail to complete the sale and the purchase falls through the buyer’s fee will not be repaid.
The minimum fee is £2,500 + VAT.
How does it Buy it Now work?
If you opt to include ‘Buy it Now’ on your auction listing, you are providing an early opportunity to agree a sale prior to the commencement of the auction. Once the auction is live, the buy it now option will no longer be available.
If, during the 30-day listing period, a buyer wishes to make an offer, he will forward this, via the secure portal to you, in writing. You then have the opportunity to accept, reject or make a counter-offer to the bidder. If you choose not to accept a buy it now offer or your counter offer is rejected by the buyer, the auction will go ahead as planned. Other prospective buyers will not be able to see any ‘buy it now’ offers.
Are finance options available?
Many of our investors already have funds in place but if you would like to speak to us about funding options, we have close links with a finance company which can be particularly helpful as some of the properties listed may not attract conventional mortgage offers.
How do I arrange a viewing?
All properties will be available for viewing by registered buyers prior to sale. We will aim to arrange 2 viewings – both mid-week and on Sundays. Contact us to register to view a property here.
How do I obtain details about the property?
A property pack and floor plan of all properties offered for sale are available to download from our website.
I’m an investor interested in registering as a buyer. What do I need to know?
In order to register as a bidder, you will need to provide two forms of identification – one should be photo ID such as a passport or driving licence. The second form of ID can be a recent utilities bill or bank statement providing details of your current address.