Selling your property at Auction with NALC 

NALC’s Auctions are used to buy and sell many commodities not just property or antiques.

It is a simple and quick way to buy and sell, where prices are determined on the day of sale and according to demand. Minimum prices are set (your reserve Price), so there is no chance of selling below your specified minimum price, but there is no maximum. It’s all down to buyers on the day.

If you are thinking of selling at auction, the key reason is likely be, because you are a motivated and fully decided to seller and want to achieve your goal within a predetermined time period whilst still maximising price.

The average time from instruction to exchange of contracts is around 6-8 weeks, less than a half of the time for the UK average period through traditional Estate Agencies.

This means you twice as likely to sell by auction than private treaty. Yes, that’s right – your chances of selling are almost doubled if you trust in our process.

you will be more than likely “chain free” and have no need to link the sale with a simultaneous purchase.

Please remember when you are selling at auction, if there is a successful bidder, contracts are exchanged there and then. You will know the completion date to which both you as seller and the buyer have committed to.

That means if you are living in the property, you will need to commit to vacating by the due date. How­ever the buyer too is committed, they pay their deposit there and then and there is no backing out.

Most importantly 9 times out of 10 our service to sell your property is FREE OF CHARGE to our vendors. As our commission is paid by your buyer. Trying NALC is as easy as could be.

Once you’ve decided to sell, you will need a full auction appraisal to find out the price you can expect to achieve.

It may be tempting to go with the auctioneer who quotes you the highest guide price, but if your property doesn’t sell then you could be left with the auctioneer’s and solicitor’s costs and a property that you still need to sell. It can also be tempting to use the auctioneer that quotes the lowest fee, but are they really going to market your property to its full potential? At NALC We do everything we can in always seeking to achieve the best price for our sellers.

 

We will agree a reserve price with you which is the minimum price you want your property to be sold for. This is normally set in principle when you instruct us. It safeguards you from setting a reserve that is too low or too high. It’s confidential and will not be disclosed to anyone.

The Auction Day 

The auction day is what the whole process leads up to. Our NATIONAL based auctions attract many hundreds of bidders 

People may be bidding in person, by telephone or we may have received proxy bids from these unable to attend. As we all know post pandemic Most Bids are now made online. We typically have over 50 lots in each auction, so it can be a long day or night!!

Auctions are streamed live by our partner organisations and also on our very own website (2021) so whilst you are welcome to come along and see your property being sold, you can also watch online if more convenient.

Once the winning bid has been made, contracts are exchanged at that point and we collect the buyer and take them through to the private contract signing area, where we complete the paperwork and take payment from the buyer for the deposit.

We will normally remit the deposit together with the paperwork to your solicitors within 72 hours so that they can deal with the final legal aspects of the transaction leading up to completion.

We follow all UK and relevant EU legislation.

All personal data is held according to guidelines and we are required to ensure that we have fully checked and verified the identity and residential address of all those instructing us to sell at auction and all those named on the contract. We will therefore need to have sight of your identity documentation, before any marketing may commence.

We also undertake similar due diligence for all those bidding or buying at our auctions.

Before marketing commences we will need to see originals of your identity documentation by one item from each list below.  Photo copies can only be accepted where the copy documentation has been countersigned by and bearing an original signature of the person certifying the document and signed as true certified copies and confirming photo ID is a true likeness of the subject..

Only copies certified by a UK lawyer, UK banker, authorised financial intermediary such as an independent financial advisor, regulated mortgage broker, certified accountant, teacher, doctor or minister of religion can be accepted.

For Limited Companies we will require a copy of the certificate of incorporation, Confirmation of all directors and shareholders all to be evidenced by documents deposited at Companies House.

We will require to verify the identity of the director bidding plus all beneficial owners holding 25% or more of the company share capital.

For UK trusts, companies and partnerships, occupational pension schemes, registered charities in England and Wales, local authorities or non-UK individuals you should contact us well in advance of Buying or selling at the auction or buying to confirm the documentation we require.

Important notices pre-registration Please note that charges and fees additional to the sale price might be payable by the successful buyer in respect of the lot please read the information contained below and check the special conditions of sale plus the particulars of sale and any addendum for the lot before deciding whether or not to bid. Pre-registration approval to bid All bidders who wish to bid need to register beforehand all checks required by current money laundering regulations must be satisfactorily completed as part of the process prior to NALC Auctions approving you to bid at our Auctions please use the links upon our website in order to fill in your pre-registration forms (hyperlink). Guide prices
  1. Where a guide price or range of prices is given that guide price is the minimum price at which or range of prices within which the seller might be prepared to sell at on the date on which the guide price is published upon this website. The guide price will normally be at or above the reserve price. The guide price may be subject to change at any time up to and including the day of the auction the latest publish guide price or range of prices is displayed on our website and you are advised to check the website regularly for any updates alternatively you can of course call the office and speak to a member of our team on 01636 558200 for an update on the status of any particular property which you may be interested in.
  2. All guide prices are always quoted subject to the auction contract.
  3. Please note the guide price in the lot does not include any buyers fee charged by the auctioneers and the VAT on the sale price, any stamp duty land tax or any other taxes or additional fees which may be payable
  4. Additional costs and fees charged by the seller or third parties that might apply to some lots and also some buyers’ fees are not included within the guide price.
  5. if a guide price is listed to be advised that’s TBA it means no guide price has yet been set, should you be interested in this particular property please do not hesitate to call the office on 01636 558200 and the members of staff in the office will endeavor to give you the most up-to-date information.
Reserve prices 6.The reserve price is the minimum price at which the vendor is prepared to sell the lot. Whilst every effort is made to ensure the advertised guide prices are up to date it is possible that the reserve price set for any lot may exceed the previously quoted guide price this is because our sellers do not fix their final reserve until just before the lot is offered for sale at the auction itself. Buyers and sellers’ fees and additional charges
  1. For each lot a buyer’s fee is payable on the fall of the Hammer.
  2. NALC Auctions Ltd charge the following amounts for a residential auction. All lots £650 plus the VAT
  3. For our chattels and machinery and equipment auctions a minimum of 10% buyer’s premium on the hammer price will be charged.
  4. Sellers fees and additional charges might be charged by the seller and all other parties. You are strongly advised to read the special conditions of sale for the lot prior to bidding and check any additional charges and fees and to check the addendum. The addendum may but does not always contain details of any such amounts.
  5. Some lots (commercial property) VAT may be chargeable in addition to the sale price of the lot. The lot particulars and all the special conditions will explain whether VAT is chargeable or not.
  6. Other matters. Please note that lots may be sold or withdrawn at any time prior to the auction.
  7. Please note that the amount of security (deposit payable) per lot is variable and must be agreed with the auction department prior to bidding please refer to the addendum and the particulars and conditions of sale which will normally state the guide price and required deposit or bigger security deposit. The required deposit will normally be 10% plus any buyer’s premium
  8. Plans are reproduced with the consent of promap and ordnance Survey and are licensed by HM stationery office
  9. Plans and photographs shown in the catalogue and on this website are included in order to assist you in locating the lot in question. They are not necessarily drawn to scale and any arrows on plans or photographs are merely there to assist you in finding the lot itself and not for the purposes of indicating the legal boundary; especially when referring to Land Registry plans.
In this regard the auctioneers cannot guarantee that any plans or photographs showing up-to-date position with regard to boundaries or occupiers either of the lot or for the property shown in such plans or photographs.