An Administration Fee is payable at the same time as the deposit for each Lot purchased. The Administration Fee will be added to the sale price using the following scaled increments and includes VAT:
Up to £20,000 = £400
£20,001 to £50,000 = £600
£50,001 to £100,000 = £800
£100,001 and above = £1,000
If two or more Lots are offered together in the first instance, or Lots are purchased under one contract, the administration fee will apply per Lot and not per contract. In the event of non-payment or underpayment a deduction will be made from the deposit received. A VAT receipt will be issued in the name of the buyer.
For properties where the opening bid is less than £40,000:
A fee of £1,200 (incl VAT) is payable immediately at the end of the auction period. This amount will be taken from the £5,000 that is paid at the end of the auction. Therefore, you will be required to pay the purchase price less £3,800 to the Seller.
For properties where the opening bid is £40,000 or above:
A fee of £2,400 (incl VAT) is payable immediately at the end of the auction period. This amount will be taken from the £5,000 that is paid at the end of the auction. Therefore, you will be required to pay the purchase price less £2,600 to the Seller.
A fee of £6,000 (incl VAT) is charged immediately at the end of the auction period and any outstanding amounts of the reservation fee is payable immediately after the end of auction.
Other non-optional fees may also be payable in addition to the bid price. All Lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer. All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what you may be liable for if you are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If you are in doubt you should seek advice from your own professional advisors.