Common Auction Conditions and Special Conditions of Sale

The Auction is conducted in accordance with 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 if any lots have been changed and should be read if you are intending to bid.

Professional assistance

If you are intending to bid you are advised to consult a solicitor and gain independent advice upon the legal documentation which can be inspected at our offices. The legal documentation will also be available in the Sale Room prior to the Auction. Prospective buyers are required to make all their own investigations to satisfy themselves as to the condition of any lots and make the necessary pre-contract enquiries prior to bidding. If you are a successful buyer, then the contract is binding on the fall of the hammer.

Money Laundering Regulations

In order to comply with the Proceeds of Crime Act and the Money Laundering Regulations Act, both sellers and buyers at Auction will have to provide formal identification.

1. Identity documents:-

Current passport

Current photographic driving licence

2. Evidence of address

Utility bill

Council tax bill

Bank, building society or credit card statement

Mortgage statement

Viewings

Viewings will be as set out in the Catalogue and in the adverts. All vacant properties will be at specific times. We have tight schedules so anyone arriving late to attend a confirmed appointment will only have a limited viewing time. If this is not adhered to, you will understand that this may put the whole schedule out for the rest of the day thereby causing havoc for subsequent appointments. Once the lot has been sold, there will be a charge of £30 inclusive of VAT per visit prior to completion. Your prompt arrival and your cooperation is much appreciated.

Guide Prices

Guide prices are parameters which we believe the lot may achieve although, by the very nature of the day, actual sale prices may be higher or lower depending on the demand on the day. The reserve price is confidential between the seller and the Auctioneer and cannot be disclosed. The guide prices are given in good faith but may be changed at any time leading up to the sale.

Pre-Auction Offers

All lots in the Catalogue will be offered as advertised on the day of the sale. There may be exceptional circumstances where an offer may be accepted prior to auction; these would be unconditional, not subject to any mortgage and you would be required to sign the contract and complete within 28 days.

Registration of Interest

If you are interested in any particular lot, we advise you to make your interest known with the negotiator as soon as possible as they are in a position to make you aware of any alterations prior to the day of sale.

Buying by auction really is a terribly simple business but you do need to be aware of 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, please do call us, we are at the service of buyers and sellers alike. Call us should you wish to clarify any particular point.

Measurements and Plans

All sizes, site measurements etc are approximate and may have been scaled from architects, Land Registry, Ordnance Survey or other plans. Each lot will be sold in accordance with the title documents and location plans shown in the Catalogue and are there for identification purposes only. Prospective purchasers must make their own site inspection and investigations with regard to all accuracy of all measurements in the Catalogue and should make any pre-contract enquiries prior to bidding. If you are a successful bidder, then the contract is binding on the fall of the hammer.

Deposits

Deposits are payable on the fall of the hammer and are usually 10% of the purchase price. If the sale price is less than £100,000, then a minimum deposit of £5,000 will be payable. Try and arrange to bring either a banker’s draft, counter cheque, building society draft or a debit card to the Sale Room to cover their maximum bid. Personal cheques will only be accepted by prior arrangement. If you wish to pay by personal cheques, then call us at least four working days prior to the Auction for further details. A £30 fee will be charged upon acceptance of a personal cheque with a special clearance cost levied by our bank. Buyers with cash will not be accepted for deposit payments under any circumstances. The administration fee may be paid in cash separately to the main deposit.

The Auction Day

Make sure you arrive in plenty of time, read any notices or addendums and do any last minute legal documentation should this be required. The Auctioneer will be in attendance an hour before each sale and questions are not invited during the Auction. Any last minute information can be obtained from the relevant solicitors. Pay close attention to the Auctioneer’s opening remarks as they may affect the lots which you are interested in. Bid briskly by raising your hand so the Auctioneer can see you clearly – leave the winking and nodding to the ‘Lovejoys’ of this world.

Auction Contract

On the fall of the hammer the highest bidder above the reserve is contracted to buy. The successful buyer is noted and he or she immediately approached to provide a deposit, administration fee and identity. 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 documents will still be required together with written authority from the company. The sale document for the bid will be prepared at the solicitors’ desks and must be signed before leaving the room. The signed counterpart of the sale memorandum should be passed to your solicitor or legal representative immediately. You should also insure the property for which you will normally take charge of 28 days after exchange although this can be varied in Special Conditions of Sale; if so this will be mentioned by the Auctioneer. 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 in accordance with our conditions of sale.

Buyers’ Administration Fee

Please note there is an administration fee of £275 inlcuding VAT on each lot. Payments can be made by cash or cheque following the ID certification.

Are you the NEW Owner of the Property?

Good luck on the day and we hope you are successful with your quest to purchase. If you are unsure of any aspect of buying or selling, do call our offices, our staff will only be too delighted to assist you in any way.

Q&A

Which properties sell best at Auction?

Suitable lots include houses requiring complete or partial modernisation.

Houses with long-term sitting tenants.

Student investment properties.

Commercial investments.

Ground rent portfolios.

Building plots and development sites.

Properties with structural problems.

Land for grazing or equestrian use.

Buildings for redevelopment.

Unique properties in areas where demand is high and you may already know of several where people have said ‘I’ll buy that at any cost’.

Is my property suitable?

See above. The key question in any Auction sale is ‘does the property have potential?’. If the answer is Yes, it’s a suitable Auction property.

Auction versus Private Treaty and the Difference therein.

To sell at Auction all the legal work is done in advance. The Auction usually takes place after a marketing period of 4-5 weeks and at the fall of the hammer there is a legally binding contract with a 10% non-refundable deposit and a completion date of 28 days later. With a Private Treaty sale, the legal documents are prepared once the property has been Sale Agreed subject to Contract. In these straitened times, buyers more often than not choose to renegotiate once the contract is issued or a survey has been undertaken.

Why use Eadon Lockwood & Riddle ?

We cover a wide area of Derbyshire and Sheffield. Auctioneer Nick Riddle has been auctioning for in excess of 18 years and has seen many different properties sold by auction through the course of those years including the first £1,000,000 house sold by auction in Derbyshire and the first £2,000,000 house sold by auction in Sheffield.

Finance

Most auction buyers have access to specialist sources of finance to assist with their purchase as traditional lenders no longer fund small scale property refurbishment following the property crash and reviews of their lending criteria. We have teamed up with a leading business finance lender who are financial services experts and they will be on hand to give you assistance should you not be fully in funds to complete in 28 days.