How to Bid
There are 3 main options of how to bid on the day of the auction: - in person, proxy bid and a telephone bid
In person – on arrival at the auction venue, all persons interested in bidding must register at the foyer of the auction and obtain a bidders paddle.
Proxy bid – a purchaser who is unable to attend the auction may instruct in writing a member of Equity & Law staff to bid on their behalf under the terms and conditions of the auction.
Telephone bid – the interested bidder may bid over the telephone via a member of Equity & Law staff under the relevant terms and conditions of the auction.
For any proxy or telephone bidders the bidder must complete a remote bidding form and Equity & Law must be in possession of cleared funds in respect to the deposit if the bidder is successful. Please see the form in the catalogue.
All bids are to be made clearly. The Auctioneer reserves the right to regulate bidding and to refuse undesirable bids. The vendor reserves the right to bid up to the reserve price or authorise the Auctioneer to do so. In the event of any dispute in respect to the auction, the Auctioneers decision is final.
Guide and Reserve Prices
All properties are advertised with a guide price. The guide price is intended to indicate an approximation of the minimum acceptable price. These guide prices should not be interpreted as asking prices and are purely for guidance. Prospective purchasers are strongly advised to contact Equity & Law on 0208 123 0067 or 0796 777 0832 to check availability of each lot prior to the auction sale. Whilst every effort is made to ensure guide prices are not misleading, it is possible that the reserve price set for an auction lot may exceed the quoted guide price.
All properties, unless otherwise stated, are sold subject to a reserve price
Unconditional Auction
ALL PROPERTIES OFFERED IN THIS SECTION ARE SOLD SUBJECT TO THE GENERAL CONDITIONS OF SALE AND SPECIAL CONDITIONS WHERE APPLICABLE.
On the fall of the gavel, the successful bidder is legally bound to purchaser the property and the Auctioneer will immediately collect a 10% deposit from the purchaser and exchange of contracts will occur. The auction conditions require full legal completion twenty-eight days following the auction.
It is important to realise that on acceptance of an offer, the purchaser is legally bound to buy and the seller is legally bound to sell within the agreed time limit.
Those sellers entering a property into the unconditional auction must ask their solicitor to consider preparing special auction conditions for their property, which will give the prospective bidders more information regarding the legal arrangements for the sale of their property and to ensure buyers are fully informed concerning the particular circumstances of the transaction. Special conditions take effect in addition to the General Auction Conditions, which are published in the Auction Brochure
Conditional Auction
Where properties are sold under the conditional terms and conditions the General Auction conditions do not apply and all acceptable bids are deemed to be made in accordance with the following arrangements:
i) Where the Auctioneer takes an acceptable bid, then subject to these conditions, the buyer and seller agree to use their best endeavours to proceed to a formal exchange of legal contracts within 28 days the time limit will expire at 1700hrs on the 28th day following the date of the auction or acceptance of an offer if sold pre or post auction
ii) A non-refundable reservation charge must be paid by the buyer immediately following the conclusion of the auction or acceptance of an offer. This must be paid by cleared funds to the Auctioneer who will issue an Acknowledgment of Reservation
iii) Following the auction and in the 28 day period following the auction the seller agrees as follows:
a) The Seller will immediately instruct solicitors promptly to dispatch the contract and accompanying papers to the buyer’s solicitors and to deal promptly with proposed amendments or variations to the contract and provide answers to enquires.
b) No sale contract or details of the title of the Property will be sent to anyone other than the buyer’s solicitors
c) No property negotiations will be conducted with any third party for the sale of the Property
d) No other person will be allowed to view the Property
iv) The buyer agrees within 2 days following the auction or acceptance of offer:
a) To instruct a surveyor and/or accept liability for surveyors’ fees by making a mortgage application
b) Once received, propose any required amendments or variations to the sale contract
c) Once property papers are received by its solicitors, raise all substantive preliminary enquires
v) It is hereby agreed between the parties as follows:
a) The seller has entered into the Agreement because the buyer has given certain commitments as herein mentioned, if the Buyer fails to comply with them strictly in accordance with the timetable this Agreement shall immediately lapse.
b) If the Buyer decides not to proceed with the transaction as negotiated he/she shall immediately inform the Seller whereupon this agreement will lapse.
vi) This agreement is an independent contract and does not bind the Seller or the Buyer to the transaction.
Viewings
All persons wishing to view any property should call the office listed with each lot to make further arrangements
Notes
To the best of our knowledge all details are correct at the time of going to press. The sale is held in two distinct sections. Please read the notes carefully relating to the differences in these sections.
Deposit payments made by a credit card will be subject to a 3% surcharge
In all cases, whether the property is sold prior, on the night or post auction, the successful buyer will be required to pay a buyers registration fee of £220 exclusive of VAT.
All buyers are required to produce a form of identification, preferably a photographic drivers licence or passport and proof of residence which can be a utility bill, bank statement, credit card statement or telephone bill.
MISREPRESENTATION ACT 1967
NOTICE: Equity & Law for themselves and for the vendors of any property in this catalogue whose agents they are, give notice that:
1) The particulars or property featured in this catalogue do not constitute, nor constitute any part of, on offer or a contract;
2) All statements contained in this catalogue as to properties feature herein are made without responsibility on the part of Equity & Law or the Vendor
3) None of the statements contained in this catalogue are to be relied on as statements or representations of fact;
4) Any intending purchaser must satisfy himself by inspection or otherwise as to the correctness of each of the statements relating to any properties in this catalogue.
5) The vendor does not make or give, and neither Equity & Law nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to properties featured in this catalogue.
