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A Brief Guide to Buying & Selling by Auction |
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Buying by Auction really is a simple business, but you do need to be aware of the possible
pitfalls. There are various matters that you should arrange prior to bidding and these
notes contain important information, particularly for those not familiar with Auctions.
If you would like any particular point clarified then do call us - we are at the service
of Buyers and Sellers. Tel: 0845 8500333 (calls to 0845 numbers cost 6p per minute, plus
up to 2p per minute from a BT Together landline. Mobile and other providers' charges may vary).
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Common Auction Conditions & Special Conditions of Sale |
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The Auction is conducted in accordance with the Common Auction Conditions and Special
Conditions of Sale, both of which are available free of charge upon request. An Addendum
is also issued on Auction day and should be read if you intend to bid.
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Guide Prices |
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The Guide Prices are the parameters which we believe the Lot may achieve, although by the very
nature of the entries, actual sale prices may be higher or lower depending on the
demand. The Reserve Prices are confidential between the Sellers and Auctioneers and cannot be disclosed.
The Guide Prices are given in good faith, but may be changed at any time leading up to the Sale.
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Viewings |
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Viewing arrangements for each lot are set out in the catalogue or you can book direct through this website.
Block viewings for all vacant properties will be at specific times. Negotiators have tight schedules so
those arriving late at a confirmed appointment may have only a limited viewing time. You will understand
that delays put whole schedules out for the rest of the day, thereby creating havoc for subsequent appointments.
A confirmed booking is required for each viewing and we do not guarantee to attend block viewings where
appointments to view have not been confirmed by prospective Buyers.
Viewings of all tenanted properties are strictly by appointment and will be by courtesy of the tenants
at times convenient to them. All tenants are under strict instructions not to allow unauthorised viewings and
interested parties are asked to respect their privacy at all times.
Once a Lot has been sold, there will be a charge of £50, inclusive of VAT, per visit, if we are asked
to conduct a further viewing prior to completion.
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Professional Assistance |
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If you are intending to bid you are advised to consult a Solicitor/Licensed Conveyancer to
give independent advice on the legal documentation, which can be inspected at our offices
or downloaded online from this website. The legal documents will also be available in the
Sale Rooms prior to the Auctions.
Finance must be arranged before the date of the Auction and any valuation/survey
required by your lender should be completed before you bid. As the successful Buyer it will
be your responsibility to insure the property on exchange and you should make arrangements
immediately after the sale.
Prospective Buyers are required to make all their own investigations to satisfy
themselves as to the condition of all Lots and make any necessary pre-contract enquiries prior
to bidding. If you are the successful Buyer then the Contract is binding on the fall of the hammer.
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Legal Documentation |
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All legal documentation supplied to us, including Special Conditions of Sale, Leases, Plans, Planning
Permissions, Title details and Searches, will be available for inspection at the Auctioneer's
Office by prior arrangement and in the Auction Room before the Sale.
The Special Conditions of Sale, and any EPC, will be freely despatched upon request.
Other documentation will be sent upon pre-payment of the appropriate copying charges,
which are dependent upon the size of the individual packages. If documentation is
unavailable at the time of your call we will contact you again when received.
We also offer the facility to download the legal documentation directly
from this website, subject to registration and log-in for the following services:-
Free Downloads - unlimited access to all auctions/lots to download the Special Conditions of Sale only.
Single Lot Access - £15 charge for unlimited access to your chosen lot for all available downloads.
Annual Subscription - £125 for a full years subscription for unlimited access to all auctions/lots for all available downloads.
In order to take full advantage of the legals online service we recommend that you have a broadband connection.
You are strongly advised to seek independent advice on the contents of all legal documentation.
If you are attending the Auction we would also advise you to review the documents in the Sale Room prior to bidding.
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Measurements and Plans |
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All room sizes and site measurements are approximate and may have been scaled from architects,
Land Registry or Ordnance Survey Plans. Each Lot will be sold in accordance with the Title
Documents as the Location Plans shown in the catalogue are for identification purposes only.
Prospective Buyers should make their own site inspections and investigations with
regard to the accuracy of all measurements given in the catalogue and make any necessary
pre-contract enquiries prior to bidding. If you are the successful Bidder then the Contract is
binding on the fall of the hammer.
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Deposits |
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Deposits, which are payable on the fall of the hammer, are 10% of the purchase price.
If the sale price is less than £20,000 then a minimum deposit of £2,000 will be payable.
Buyers should arrange to bring either a bankers draft/counter cheque,
building society draft or debit card to the Sale Room to cover their maximum bid.
Personal and company cheques will only be accepted by prior arrangement.
If you wish to pay by personal or company cheque then you should call us
on 0845 8500333 at least three working days prior to the Auction for further details.
A £20 fee will be charged (payable in cash only) upon acceptance of any personal or
company cheque to cover the special clearance costs levied by our bank. All drafts/cheques
should be made payable to "Regional Property Services Ltd" (unless otherwise stated in the Special Conditions).
Deposits can also be paid by either Visa Debit Card or Maestro (not credit cards).
Transactions must be in person and cannot be accepted over the telephone. You must make sure
that there are cleared funds in the account and PIN numbers and a series of security questions,
including password, will be required to complete the transaction.
Buyers should note that cash will not be accepted for deposit payments under any
circumstances, although the Administration Fee of £650 may be paid as cash separately to the main deposit.
We have a primary duty to our Clients (the Sellers) and reserve the right to immediately
re-offer any Lot if the deposit conditions are not strictly adhered to in accordance with our Conditions of Sale.
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Administration Fee |
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An Administration Fee of £650, including VAT, is payable at the same time as the contractual deposit
on each Lot purchased. In the event of non-payment, a deduction of £650 will be made from the amount
received before the balance is applied to the deposit. A VAT receipt will be issued in the name of the Buyer.
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Offers |
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Our Clients have agreed that only pre-Auction offers substantially above the top Guide Price
figure will be submitted for their consideration. Offers must be in writing and will only be
considered if the property has been viewed and the legal documentation inspected. Pre-Auction
bids will be on the basis of an immediate exchange of Auction Contracts upon acceptance by the
Seller with the Buyer providing the full deposit and Administration Fee. Any offer will be
assumed to be your best and final offer and we cannot guarantee that you will be invited to
increase your bid in the event of an alternative satisfactory offer being received prior to exchange.
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Withdrawal/Sales Prior |
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Interested parties are advised to establish that the Lot is to be offered by telephoning
the Auctioneer's before leaving for the actual Auction, especially if you are making a long journey!
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Telephone/Proxy/Internet Bidding |
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Although we strongly advise prospective Buyers to attend the Auctions, we do provide telephone, proxy and internet bidding services if you are unable to bid personally. A detailed
instruction form can be downloaded from this website or is available from our Offices.
Completed forms, with accompanying deposits and proof of identity, should be returned to our Maidstone Office
at least 72 hours prior to date of the Auction. Telephone bidding will be dealt with on a first
come, first served basis only. We cannot accept responsibility for failure of the telephone, postal or internet services.
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The Auction Day |
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Arrive in plenty of time for Bidders Registration. Read the Addendum and view any last minute legal
documentation at the Clerks Desk. The Auctioneers will be in attendance one hour before each Sale.
Questions are not invited during the Auction and last minute information can be obtained from the
Clerks Desk while the Sale is in progress.
Listen carefully to the Auctioneer's opening remarks as they may affect the Lot in which
you are interested and, if you are not bidding on the first few Lots, watch the way in which the
Auction is conducted. Bid briskly by raising your Bidding Number so that the Auctioneer can see you
clearly - leave winking and nodding to the professionals! On the fall of the hammer the highest Bidder
above the reserve is contracted to buy.
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Registration |
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All potential Buyers are required to register their details before bidding. At registration
you will need to provide the full names and address of the Buyer for Auction Contract purposes,
the Bidders details (if these are different from the named Buyer) and the Solicitor/Legal
Representative. You will also need to prove method of payment of the deposit/administration
fee and that you have the necessary proof of identity to comply with Money Laundering Regulations.
Registration takes place at the Auction, where you will be allocated a personal Bidding
Number, which will enable you to bid. There is no charge for registration and Bidders who attend
our Auctions on a regular basis are invited to retain their Bidding Number for future use, subject
to confirmation of deposit payments and proof of identity on each occasion. The Auctioneer reserves
the right to refuse a bid where registration has not taken place and to offer the Lot to the Underbidder.
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Proof of Identity |
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In compliance with the Money Laundering Act all successful Bidders are required to provide
photographic identification and proof of address when signing the Memorandum of Sale.
In all cases Buyers must present the following documents:-
photographic identity
document such as a current passport or UK driving licence and
an original utility bill,
council tax bill, building society or bank statement, credit card statement or any other
form of identity document (with the exception of a mobile phone bill) that has been issued
within the last three months and that provides evidence of residency at the correspondence address.
If the bidder is acting on behalf of another party, they will be required to provide
the documents detailed above for both themselves and for the named Buyer for whom they act, as well
as providing a valid letter of authority from the Buyer authorising them to bid on their behalf.
If the bidder is acting on behalf of a company, the above documents will still be required,
together with written authority from the company.
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Auction Contracts |
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On the fall of the hammer the highest Bidder above the reserve is contracted to buy.
The successful Bidding Number is noted and the Buyer immediately approached for the
required deposit, administration fee and proof of identity. The Sale Memorandum will
be prepared at the Clerks Desk and must be signed and exchanged before leaving the Auction Room.
The signed Counterpart Sale Memorandum should be passed to your Solicitor or
Legal Representative immediately and you should also insure the property, if appropriate.
Completion will normally take place 28 days after exchange, but this may be varied in the
individual Special Conditions of Sale, which are attached to the Sale Memorandum.
The Auctioneer is legally authorised to sign the Sale Memorandum on behalf of
both the Buyer and Seller if you leave the Auction Room without signing. We reserve the
right to immediately re-offer the Lot if the deposit conditions are not strictly adhered
to in accordance with our Conditions of Sale.
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After the Auction |
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A list of unsold Lots will be available after the Auction stating the minimum price at which
that Lot can now be bought. Offers will be submitted on the basis of an immediate exchange
of Auction Contracts upon acceptance by the Seller.
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Finally |
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Good luck on the day and if you are unsure of any aspect of buying or selling then do call
our offices - our staff will be delighted to assist.
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