Auction Madness – Hold Onto Your Hat!
What a rollercoaster this auction sale is turning out to be. Just when you think you’ve got a grip, another curveball comes flying at you. Let me break it down (and try not to scream while I do).
So, out of nowhere, PA Todd (A firm of Solicitors) hits us with the news “stamp duty changes are coming” and apparently, they can’t sort it in time…cue the panic. Now we’re frantically chasing Shimon Rudich (another solicitors firm) because, shockingly, “Bondwolfe” (our experts) didn’t think to warn us sooner. Even after two months of working with Jonathan (our auctioneer). Unreal!
Then, because the universe loves a laugh, we almost missed the March auction listing altogether. Why? Because the auctioneers forgot to send the invoice. £474 lighter (cheers), we scraped in with just two days to spare. But guess what? The same genius (Jonathan) still hasn’t sent over the Sales Memorandum…professionalism at its finest.
On the bright side, our solicitors are absolute rockstars, quick, sharp, and already bombarding us with paperwork (five documents, £480 upfront, the rest later). At least the buyer can cover the fees, but still…so much admin.
Now, the fun part. My ID check flagged "adverse entries" as in, "Have you ever been convicted of a crime, including internationally or sanctioned?"...Wait, what? 😂 Unless they’re counting that parking ticket from 2012, I think we’re good.
But here’s where it gets really spicy. The auctioneers slapped a £104k reserve on the place. Are they joking? We need at least £190k or we’re drowning in mortgage debt. Oh, and keeping the tenant? The solicitor said it might put buyers off. Fantastic!
And just when I thought the invoices were done, another one lands. Thought the buyer was covering this? Alway’s ask the questions or you will be bombarded with fees and they definitely won’t spoon feed you even though it’s your first time using an auction house.
The legal pack’s finally with the auctioneers, now we wait for their team to rubber stamp it before it goes live…Tick tock.
So…is anyone else exhausted? Am I being naive, or is this just how the auction game works? Drop your thoughts below – I need all the moral support I can get! 🍷🚀Okay jokes aside, below is a step by step list of how/what I did to set-up the auction sale. Hopefully, this should help anyone that is contemplating wishing to sell via an auction:
Register with Auctioneers
ID & AML Checks
Fully read & Docusign auction terms and conditions
Provide auctioneers with the solicitors details
Any special conditions that need to make solicitors aware (sellers to pay)
Upon receipt of Invoice make Payment
Check they have received payments
Go through draft sales particulars
Make any changes
Check link which is due to go live, (a couple of pics need correcting)
Confirm Final Edit;
In the meantime email from Solicitors; the instruction process ‘digital onboarding’ as follows:
Review our fee estimate and terms of business
Complete our instruction questionnaire (Client Ques)
Complete the leasehold information forms
Make Payment
Fixtures & Fittings PDF of the Assett
Read through Initial (welcome) letter to client
Complete the property information forms (detailed)
Read through MS Law Terms of business
Next Steps
Confirm receipt of your funds (solicitors £722)
Send all completed documents (solicitors)
Update to see all is well with the paperwork
Feedback from MS Law, ID Checks and a couple more tweaks
Provide a copy of the tenancy agreement and the DPS certificate.
Carry out drainage and water search
Final Task:
Another tweak was to include a red border around the house as the original photo made the house look small. We have also included a picture of the garden to showcase the development potential to the rear.
Accept the terms & make the payment. Although we are £1,196 out of pocket and no sign of a sale, I am still glad we tried. If you can’t stomach these large payments, then I will say business is not for you.