Sold.co.uk Reviews

Who is Sold.co.uk?

Sold.co.uk are online estate agents that double as property buyers (under its sister company, We Buy Any Home).

The home buying firm aims to offer an alternative to traditional estate agents by providing various quick home sale options – including what they state is a “free” service.

Sold.co.uk Contact Details

Sold.co.uk is a registered trademark of Sold (Residential) Ltd. (Company Number: 13775419) with both registered and business addresses in London.

The CEO and founder is Elliot Castle.  The company can be contacted via its website or direct contact line. 

How is Sold.co.uk Different from Traditional Estate Agents?

Online estate agents emerged as a more cost-effective alternative to traditional estate agents by offering a low-cost solution (since they have no physical branch).

Similar to firms like Property Solvers, Sold.co.uk also positions itself as different to standard online estate agents since it offers various home sale options.

For those who want to sell to the open market, it has a network of pre qualified buyers to maximise the chance of a sale.

Yet, unlike other online estate agents, Sold.co.uk does not limit homeowners to selling on the open market. Instead, it also operates as a cash buyer, which it claims results in a guaranteed sale within seven days.

How the Selling Process Works

The process you can expect will vary depending on whether you opt for Sold.co.uk’s property buying or online estate agency service.

However, we have outlined the basic process below…

How Is it Possible to Sell My House for Free Through Sold.co.uk?

In recent years, there have been a number of online estate agencies stating that they can effectively offer a completely free service.

Whilst there are some that have genuinely been able to offer this service (to grow market share) and earn fees through conveyancing and mortgage referrals, most have not been able to survive.

Sold.co.uk are different from other online estate agencies in that they will not charge you an estate agency fee but will make a profit by selling your property for a higher than the agreed price.

For example, say your property is worth £200,000 but you agree to sell via Sold.co.uk for £180,000.  Although there will be no fees, the company has a separate legal agreement to take anything over £190,000. If, for instance, your property sells for £20,000 – Sold.co.uk will earn £20,000.

Whilst the above is a simplified explanation of how the company operates, we would strongly recommend carefully reading the small print before moving forward.

It’s also worth spending the time to understand the true value of your property in the current market to ensure you’re not losing out.

Should I Use Sold.co.uk or Another Estate Agent?

Overall, Sold.co.uk is an established estate agent and property buyer that provides a genuine service.

However, there are plenty of other online estate agents and cash buyers offering something similar (along with alternative ways to buy your house).

Benefits

Sold.co.uk claims that when you sell your house through them, you will reach 98% of all active buyers. This is because they already have a large network of pre-qualified property buyers they can market your house to, in addition to using major property portals.

It’s a service that sets them apart from other online estate agents (and even traditional estate agents).

Many customers reported experiencing a good service from the online agent. Plus, they’re regulated by The Property Ombudsman – so if you’re unhappy with your experience, you have the means to file a complaint.

Sold.co.uk also cover legal fees and other costs involved in the sales process. There are no hidden fees or nasty surprises, and you have the option to only pay after you secure a sale.

Drawbacks

Compared to other sites of its kind, Sold.co.uk is somewhat vague about how its sale process works. Although the company states you can obtain an instant valuation first and sign a contract after, the finer details are less than crystal.

For instance, the company doesn’t clearly separate how their estate agent vs cash offer services work, and their “how it works” explanation is very vague.

While there are no hidden costs and Sold.co.uk does cover most fees, the exception is an Energy Performance Certificate (EPC).

Also, although Sold.co.uk technically offers a free service, it makes up for this by offering a below-market value asking price.

Below, we’ve outlined some of the pros and cons of using Sold.co.uk.

Sold.co.uk Reviews

Sold.co.uk has a 4.7 rating on Trustpilot, which puts it in the “excellent category.” It also has 916 reviews, which is a good enough sample to get an idea of customers’ experiences.

Various customers reported that they received excellent customer service and enjoyed a stress-free, fast sale.

As always, there were some negative reviews too. For instance, some customers complained they weren’t able to sell through Sold.co.uk or that their asking price was pushed too low.

On Google, Sold.co.uk has a much lower review of just 3.6, across 134 reviews. The discrepancy between the two review sites calls into question the accuracy of the Trustpilot reviews.

While some reviews said they had an absolute pleasure with the online agent, others reported a less than excellent service, saying they had struggled to contact anyone due to the small team.

Sold.co.uk Fees

The online estate agent offers a “no sale, no fee” package. In other words, if the property sale falls through, Sold.co.uk will cover legal costs and all other fees.

You can either opt for the completely free service, which means you will sell faster but accept a below market value asking price, or pay at the end but accept it might take longer.

There are no hidden fees to worry about, as the team is transparent about the charges you’ll face from the get-go.

While another estate agent or cash buyer might charge you closing costs or take a proportion of the house’s value without letting you know, that isn’t the case with Sold.co.uk.

Alternatives to Online Estate Agents

Based on the analysis above, you might be thinking “why can’t I sell my house independently and receive the full market value instead of settling for the agreed price of Sold.co.uk?”

For many people, it’s true that a standard high street estate agent will get the job done and help you earn more from the sale.

Also, while Sold.co.uk is unusual for being both an estate agent and a property buying firm, it doesn’t quite have all bases covered.

Another popular property sale method is via auction, which is popular among those who want a fast sales process. In a traditional auction, the buyer and seller will exchange contracts on auction day itself.

The entire process will typically take a little longer since there’s some preparation to carry out before auction day, but it’s typically still quicker than selling on the open market.

Plus, since you’ll be selling to a large pool of potential buyers, you may be able to secure a higher price.

Property Solvers is a hybrid estate agent that offers property buying and estate agency services alongside property auctions.

Want to Get Your Property Sold Fast?

Overall, Sold.co.uk is a unique online estate agent that offers two different ways to sell your home.

However, bear in mind that some customers said they didn’t receive excellent service, so there may be a better agent or property buyer in the UK you can use to sell your home.