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Auctions

Here at H&H Land & Estates, we offer our clients three different ways of selling their properties. Property can be sold by private treaty, public auction or by tender.

Public Auction – A popular method of sale where your property is up for people to bid in an auction for.

Private Treaty – Recognised as the usual, traditional method of sale.

By Tender – Offers are made usually in a sealed envelope  prior to a deadline, perhaps giving an element of mystery.

The process of an auction typically involves the following steps:

​​​​​​​Advertisements 

The property being put up for auction is typically advertised for a period of 4-5 weeks on our website and social media sites. The aim of these advertisements is to attract potential buyers.

Contract & Conditions 

​​​​​​​The sale contract and conditions of sale are made available for interested buyers to inspect or view before the auction. These documents can be obtained from the auctioneer.

Financing & Surveys

​​​​​​Prospective buyers should have their financing arangements in place before the auction. If necessary, some may also conduct a survey on the property to assess its condition and value.

Bidding & Deposit 

​​​​​​During the auction, interested buyers must participate by bidding on the property. The auctioneer sets the starting bid, then bidders raise the offer in increments. Once the hammer falls, indicating that the highest bid has been made, the successful buyer must sign the contracts immediately and pay a deposit, which is usually around 10% of the purchase price. 

Commitment to Complete

​​​​​​By signing the contract, the buyer commits to completing the sale on the agreed upon completion date. This date is typically 28 days after the auction, failure to complete the sale in this time may result in penalties.

Completion and Balance Payment

​​​​​On the completion date, the buyer must pay the remaining balance of the purchase price to the seller. 

Selling your property at Auction offers several advantages:
  • Speedy Process - The auction process, from advertising to completion, usually takes between 8 -10 weeks. Auctions provide a fast and efficient way to sell your property, ensuring a quick sale within a defined timeframe. 
  • Binding Contract - When the auctioneers hammer falls and the reserve price is met, it establishes a binding contract between the seller and the highest bidder. This immediate agreement ensures certainty for both parties. 
  • Secure Transaction - The buyer is required to sign the contract immediately after the auction and provide a deposit, usually around 10% of the purchase price. The seller also signs the contracts and the exchange of contract solidifies the transaction.
  • Completion date - The contract specifies a completion date when the buyer must pay the remaining balance of the purchase price. This predetemined date provides clarity and ensures a smooth transition of ownership.
  • Deposit Protection - If the buyer fails to complete the purchase, the seller retains the deposit. This deposit acts as a safeguard for the seller, covering any expenses incurred during the auction process. 
  • No Chain - Auction sales eliminate the complexities and uncertainties of property chains. The seller does not have to wait for other transactions to be completed, providing a more straightforward process.
  • Pre-auction surveys - To attract confident buyers, it is advisable to have all of the necessary surveys conducted before the auction. This allows potential bidders to make informed decisions based on the property's condition and value. 
  • Competitive bidding - Auctions create a competitive environment that often leads to achieving open market value or even surpassing expectations. Spirited bidding among interested buyers can drive the price higher, resulting in a favourable outcome for our sellers.
  •  Back up Plan - If the property does not sell at the auction, it can be transitioned to the private treaty method of sale. This ensures that the property remains on the market, providing alternative avenues for potential buyers to make offers. 

Featured Auction Properties

Picture No. 01
£120,000
Petty Hall Barn, Orton, Penrith, CA10 3RX
Orton, CA10 3RX
0.86
7
£180,000
12 Market Street, Kirkby Stephen, Cumbria, CA17 4QS
Kirkby Stephen, CA17 4QS
1
3
1
13
Picture No. 01
£265,000
Garth Cottage, Blease Road, Threlkeld, CA12 4RX
Blease Road, CA12 4RX
1
3
1
15