Home » Services » Auctions » Auction FAQ » Notice to Bidders

Notice to Bidders

1. Properties are offered subject to the “Common Auction Conditions (Edition 3 August 2009)” which are reproduced with the consent of the Royal Institution of Chartered Surveyors.

These Conditions have three main sections:

a. Glossary

This gives special meanings to some words used in the rest of the conditions.

b. The conduct of the auction

These conditions regulate the conduct of the auction. If you read our catalogue or attend the auction, you do so on the basis that accept the conditions.

c. Conditions of sale

If you buy, you will sign a sales memorandum under which you agree to be bound by the conditions of sale for that lot. These conditions are:

      • General conditions that apply to all lots.
      • Any extra conditions in the catalogue or an addendum.
      • Special conditions that only apply to the lot you are buying (and which may vary the general conditions).
      • These conditions are legally binding.

2. A prudent buyer before bidding will:

      • Take professional advice from a conveyancer and, in appropriate cases, a chartered surveyor and an accountant.
      • Read the conditions.
      • Inspect the lot.
      • Carry out usual searches and make usual enquiries.
      • Check the content of all documents.
      • Check the accuracy of the catalogue.
      • Have finance available for the deposit and the purchase price.
      • Check whether VAT registration and election are advisable.
      • The conditions assume that the buyer has acted as a prudent buyer. If you choose to buy a lot without taking these normal precautions you do so at your risk.

3. There may be updates to information issued either in this catalogue or elsewhere. A notice detailing such changes will be available at the auction, or an announcement may be made from the rostrum. Updates are also posted online. You are advised to check with us on arrival at the auction as to whether there are any changes affecting the lot for which you intend to bid. If you do bid you will be assumed to do so with knowledge of any such changes. You should also check whether a lot in which you are interested has been withdrawn or sold prior.

 

4. Properties are offered subject to the “Common Auction Conditions (Edition 3 August 2009)” which are reproduced with the consent of the Royal Institution of Chartered Surveyors.

These Conditions have three main sections:

a. Glossary

This gives special meanings to some words used in the rest of the conditions.

b. The conduct of the auction

These conditions regulate the conduct of the auction. If you read our catalogue or attend the auction you do so on the basis that accept them.

c. Conditions of sale

If you buy, you will sign a sales memorandum under which you agree to be bound by the conditions of sale for that lot. These conditions are:

      • General conditions that apply to all lots.
      • Any extra conditions in the catalogue or an addendum.
      • Special conditions that only apply to the lot you are buying (and which may vary the general conditions).
      • These conditions are legally binding

5. A prudent buyer before bidding will:

  • Take professional advice from a conveyancer and, in appropriate cases, a chartered surveyor and an accountant.
  • Read the conditions.
  • Inspect the lot.
  • Carry out usual searches and make usual enquiries.
  • Check the content of all documents.
  • Check the accuracy of the catalogue.
  • Have finance available for the deposit and the purchase price.
  • Check whether VAT registration and election is advisable.
  • The conditions assume that the buyer has acted like a prudent buyer. If you choose to buy a lot without taking these normal precautions you do so at your own risk.

6. There may be updates to information issued either in this catalogue or elsewhere. A notice detailing such changes will be available at the auction, or an announcement may be made from the rostrum. Updates are also posted online at strettons.co.uk. You are advised to check with us on arrival at the auction as to whether there are any changes affecting the lot for which you intend to bid. If you do bid you will be assumed to do so with knowledge of any such changes. You should also check whether a lot in which you are interested has been withdrawn or sold prior.

 

7. Photographs or plans are for identification purposes only to assist you in the location of the property and they are not intended to show the interest to be sold. Such photographs and plans are expressly excluded from the contract of sale. Location plans are reproduced with permission of Ordnance Survey under licence number ES100004608. All measurements and dimensions are approximate. No services or systems (e.g. central heating, fire and burglar alarms) have been tested. The accommodation describes the number of rooms as currently arranged. A statement for one lot does not imply that it does/does not apply to another.

 

8. Some sellers require the buyer to contribute towards their legal/administrative costs by specifying an additional amount payable on completion. If applicable then it will be detailed in the special conditions of sale applying to that lot. Note that in addition to the purchase price and a buyer’s administration fee there may be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the legal documentation/special conditions.

 

9. No employee of the Auctioneers has the authority to make or give any representation or warranty about any of the lots to be offered.

 

10. The successful bidder must pay the deposit by way of a banker's draft or building society draft unless you have our prior written approval to payment by cheque. If this requirement is not complied with, then we reserve the right to offer the lot elsewhere or again by auction and claim any loss from you. Drafts should be made payable to Strettons. Payment can be made by bank debit card (but not credit card). We are unable to accept the deposit payment in cash.

 

11. If you are successful in the bidding then you have entered into a binding contract to purchase the lot subject to the conditions of sale. You must immediately give to the auctioneer’s clerk your name and address and that of your solicitor, provide two forms of proof of identity to include both the name and address of the buyer, pay the 10% deposit (or £2,000 whichever is the greater) and sign the sale memorandum before leaving the room.

 

12. If you are successful, then unless otherwise stated in the conditions of sale, the lot will be at your risk upon the fall of the gavel, and so you are recommended to arrange insurance as soon as possible. There will be an insurance desk at the auction from where in most cases immediate cover may be arranged.

 

13. Each successful buyer will be required to pay to Strettons a BUYERS ADMINISTRATION FEE of £600 including VAT on exchange of contracts for each lot purchased (or £300 for transactions of less than £10,000).

 

14. No responsibility is accepted for any information unless taken from our own catalogue or website, or specifically provided by a member of the Strettons auction team.

 

15. Most sellers will not allow us to release keys until after completion. In other cases, we will only release keys after deposits have cleared which will usually be two or three days and then only with the seller's consent.

 

16. Some of the lots in this catalogue may be in poor repair. Please take care when inspecting. All viewings are undertaken entirely at your own risk.

 

17. Guide prices are for guidance purposes only and represent the range within which the reserve (the minimum figure at which a lot can be sold) may be set at the time of catalogue printing. Guides may change at any time before the auction, and properties could sell above or below the figures quoted, but we do update them on our auction website each working day up to the last such day before the auction, and they are shown on the printed auction day announcement sheet. If a change occurs after this publication deadline then an announcement will be made from the rostrum. If the guide price is stated as a single figure then the reserve will be within 10% of the stated figure.

 

18. The word “Equivalent” in relation to rent means the corresponding annual amount due.

 

If you would like further advice or assistance on property auctions, please contact our auctions team.