1) Like a traditional private treaty sale, we sell properties for the best price we can achieve in the time frame our sellers want and they receive 100% of the sale price if the highest bid  matches or exceeds their reserve.

To get the best price possible in the short time frame our sellers want, we advertise an ‘offers over’ price and advertise the property on major portals like RightMove & Zoopla as well as to our database of investors. Our consultants provide buyers with an estate agent experience by promoting the property to people in our database who have expressed an appropriate interest in property by type and location. They arrange viewings (when/where possible),  answer questions and solve any problems.  They also monitor interest in the auction and keep sellers up to date with progress.

The process provides the convenience and transparency of an auction with the customer experience of an estate agent. There is no cost to advertise with us, we pay for essential documents (EPC certificates and floor plans) and if we cannot sell the property during the Sole Selling Rights (SSR) contract, sellers pay nothing in costs or fees.

To ensure most properties do sell, we advertise properties with realistic reserves. The seller sets the reserve and we approve it if  recent sales in the area for similar properties show it is an achievable target.  As with any auction process, sellers enter into a contract to sell their property if we match the Reserve Price they set.

If we reach the reserve, sellers pay commission of at 1.8% inc VAT (min £2,000 incl VAT) and all their own legal fees. We also charge buyers a fee (usually 3.6% incl VAT).

Proceeds from the sale are available when the sale completes (normally 56 days following the agreement) but we may be able to provide a loan secured on the property (fees and interest will apply on the loan).

2) For sellers who want the fastest sale and completion (such as money in the bank within 7 days of accepting our offer), National Residential will buy the property  for 70 – 80% of the value. We do not charge any fees and we pay upto £720 Inc VAT towards seller’s legal costs (for conveyancing only)*.

We  deposit the funds from the sale (minus any monies owed in secured loans against the property which are paid directly to the lenders) into the seller’s bank as soon as the legal work is complete which is typically within 7 days of the offer being officially accepted.

We normally resell properties we buy in 7 days so the offer we make is determined by predicting a realistic and attractive resale price, the cost of legal work and the risk involved in buying property to resell.

3) For sellers who need a fast sale and access to money raised by the sale ASAP but also want a better price than we can offer when we buy property in 7 days, our fixed price option uses the auction process and sellers commit to a SSR contract but instead of a reserve price, sellers agree a sale price (typically of 80 – 90% of their home’s value) in advance of the auction – this is the price sellers will receive from us (minus any costs or fees) regardless of the sale price we achieve.

If a property sells for more than the offer price, we keep the difference. We take our fees and pay our costs from the difference between the agreed price and the final sale price.

There are no agency fees or commission charges on this type of sale and we pay upto £720 towards legal fees (for conveyancing only) on completion if sellers use our panel solicitors so the offer accepted is normally the value sellers walk away*.

By choosing this option rather than our ’28 Day Auction Sale with Fees’ option (#1 above), if agreed in advance, we can provide a secured loan against the property within days of the auction ending  and us collecting a deposit from the winning bidder to secure the sale.  Interest is normally charged on loans over £20K and sellers are made aware of any costs when they take out a loan.

This is particularly appealing to homeowners and investors with challenges selling certain properties such as: properties need of refurbishment; tenanted properties, and properties with short leases. With our expertise and funding, sellers can resolve these issues and sell their property for its best price.

The Ombudsman must allow the property business the opportunity to resolve the complaint themselves. It is only fair and reasonable to allow them to do so.

• Tell the property business why you are unhappy, setting out the act or omission you believe has occurred.
• Let the property business know what you would like them to do to resolve your complaint.
• Follow up any conversations in writing, making a note of the date and time and who you spoke to.
• Keep copies of all correspondence with the property business.

 
For more information on The Property Ombudsman governing principles and the code of practice we must follow, please see the files below.

• A Consumer’s Guide For Helping You Resolve Your Dispute
• Compliance Committee
• Terms of Reference for The Property Ombudsman Scheme
• The Agent’s Responsibility for Dealing with Vulnerable Consumers
• General Membership Obligations

Alternatively, for more information please see  https://www.tpos.co.uk/