Selling with MyLondonHome Auctions couldn’t be easier…
Whether you are selling an investment property or your home, we believe that the process should be exciting and stress-free.
That’s why a chain free MyLondonHome Auction is fast, certain and most importantly transparent and secure.
MyLondonHome Auctions provides the successful buyer with 40 working days from the end of the bidding to exchange contracts. This gives the buyer the chance to raise finance, which is likely to encourage additional buyers to be interested in your property.
All bidders on our site are pre-authorised and are required to input their payment details in advance of making a bid. Successful bidders are required to pay their reservation fee immediately at the end of the bidding process, so you know that buyers are committed to completing the sale.
This guide is for selling property on MyLondonHome Auctions, if you are looking for information on how to buy property on MyLondonHome Auctions, please view the Buying Guide.
A Step By Step Guide To Selling Your Property
A reserve price is the minimum amount for which would be willing to sell your property. It is important that you have a realistic number in mind as you need to be competitive on price to attract more than one bidder - the more bidders, the higher the price achieved. We will, of course, help you arrive at this figure. Once agreed you will be asked to sign our contract and provide proof of identification to meet with current Money Laundering requirements.
We will prepare the marketing material, arrange for our photographer to visit for the photo shoot and floor plan creation. We then need to discuss the bid timing. You can choose the length of the bidding period up to 30 days from the date of listing online.
3. Produce a Legal Documents Pack
A legal pack must be uploaded prior to the start of the bidding. We can put you in touch with our auction specialist legal partners if you'd like us to arrange a legal pack for you, who have agreed a fixed price for clients of MyLondonHome. Alternatively, you may wish to instruct your own solicitors to arrange a legal pack and we can advise them of the content needed.
4. Sit back and watch the bids come in! This is the fun part!
Bids are placed in minimum increments according to the value of the property. In addition, whenever a bid is placed in the final 5 minutes, the bidding timer will reset to 5 minutes. This is to allow other parties a fair chance to place another bid.
5. When the timer reaches zero:
The Reservation period begins. If the reserve is met or exceeded and the bidding timer reaches zero, an exclusivity period begins in relation to that property. The successful bidder is contractually required to exchange on the property on or before the expiry of 40 working days from the end of the bidding. To ensure that the successful bidder proceeds, the buyer is automatically charged a reservation fee which is payable to us for conducting the bidding and effecting the sale of the property. We will be authorised to sign the reservation agreement on both your’s and the buyer’s behalf.
If, by your act, you fail to exchange on or before the expiry of 40 working days from the end of the bidding period, the reservation fee shall be fully refunded to the buyer and you will be liable to pay us a fee for services rendered as part of selling your property. You should check your terms and conditions before listing. If the buyer fails to exchange on or before the expiry of 40 working days from the end of the bidding, they will forfeit the full amount of the reservation fee. You will receive 50% of that fee within 60 days. You will be free to relist the property for sale again, setting a new bidding day.
Frequently Asked Questions
Q. Can I withdraw my property from MyLondonHome Auctions?
Yes, although you may be charged a withdrawal fee if the reserve has been met. We understand that you might have to withdraw your property, so we reserve the right to waive this fee in extenuating circumstances. Note however that if the bidding period has ended and you receive a bid that is in excess of your reserve, you will be legally obliged to enter into a reservation agreement with that buyer.
Identity and anti-money laundering checks are carried out on all bidders before they place a bid. This process involves buyers providing passport and/or driving licence details, which is checked against a variety of sources, including the electoral roll and with credit check providers.
Before placing a bid, all bidders must enter their payment details. If a bidder is successful, they are automatically charged a reservation fee payable to us for conducting the bidding.
Your property will continue to be marketed on all the major portals. We will also market your property on our website and with our network of registered buyers, which includes overseas buyers, investors and cash buyers.
No. The successful buyer pays a 2.4% inclusive of VAT reservation fee which we hold and which is our fee, meaning you have no commission bills to pay on completion.
Want to find out about buying property on MyLondonHome Auctions? Check out the Buying Guide.