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Why buy at Auction with Breach Wood Ingram?
Purchasing a property at Public Auction is an easy and straight
forward process that is now gaining considerable popularity
You should be adequately prepared for the Auction. If your bid is successful,
you will be required to sign a legally binding contract to purchase the
lot/s.
Catalogue
As a prospective buyer, you should obtain a copy of the catalogue
from us, which will normally be available about 5 weeks before the Auction.
If you are viewing online, make sure you are on our official website for
comprehensive particulars and not one of the many listing/link sites.
Advantages
There are many advantages of buying at Auction including a wide selection
of properties and land available at competitive reserve prices. In addition,
on the 'fall of the hammer,' you have certainty that the property is yours
and no 'gazumping' can take place.
If several potential buyers are interested in a particular lot, the bidding
in the room will demonstrate free and fair competition in a totally transparent
market place against, for example, a private sealed bid situation where
the highest bid could well be considerably in excess of the next.
Viewing
Viewing the property is essential and the catalogue will provide details
of when viewing can be carried out. It is usual that block viewings at
specific times for each lot will be applicable with no appointment necessary.
It must be appreciated that viewings of all tenanted properties will be
strictly by appointment at a time to suit them. Tenants are instructed
not to permit unauthorised viewings that have not been arranged through
us.
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Legal Packs
The legal aspect is most important and each lot is sold Subject to Conditions
of Sale. These are in two parts (i) the General Conditions which are printed
at the end of the catalogue and (ii) the Special Conditions which apply
separately to each lot. You should seek legal advice on the meaning and
implications of all these conditions of sale should you intend to bid.
It is advised that you consult a Solicitor/Licensed Conveyancer to give
independent advice, giving them adequate time. The legal documents that
we have been provided with by the Seller's Solicitors or Legal Representative
relating to each lot including the Special Conditions of Sale, Title information,
Searches, Leases, Planning Permissions, Plans, Drawings, etc, are available
for inspection at our Office by appointment, once these are in our possession,
and at the Auction venue prior to the Sale.
We can normally provide hard copy legal packs for any of the lots in
the Auction at a cost of £25 to include postage. Legal packs will soon
be available to download at a charge of £20 for a single download
or £125 for an annual subscription.
The legal and other information you obtain will assist in making an informed
decision about the lot. If you need further legal details please contact
the Seller's Solicitor or Legal Representative whose details are included
under each individual lot, as 'Vendor's Solicitors'.
Please note that you purchase subject to all legal documentation and
terms of contract, whether or not you have inspected and read the same.
Prospective Purchasers shall be deemed to have inspected the property
and made all usual and necessary searches and enquiries of the relevant
authorities and other bodies.
Survey & Valuations
Should you wish to have an independent valuation/survey carried out, please
ask your surveyor to make contact with us directly to make the necessary
access arrangements. It will be prudent to arrange any survey well in
advance.
Guide Prices
We provide guide prices or guide ranges which are not necessarily the
prices at which the properties will sell, but are intended to be an indication.
The actual sale price could be higher or lower depending upon the interest
and demand. The guide may alter during the marketing process so please
keep updated. The reserve price is the lowest figure a vendor will accept
and is confidential between vendor and Auctioneers. The majority of properties
within the Auction Catalogue, unless otherwise specified, will have a
reserve price but this figure will not be disclosed.
Finance/General
Should you require a mortgage or loan to finance
your proposed purchase, it will be necessary to obtain an offer from your
lender, in principle, before the Auction day. The majority of building
societies, banks, and other lenders will wish to instruct a surveyor/valuer
to prepare a valuation report before making a mortgage/loan offer. You
will need to make your application as early as possible to allow sufficient
time as you will be required to enter into a binding contract at the fall
of the hammer and pay a non-refundable deposit of 10% of the purchase
price or £2000 (whichever is the greater) at that time. It is essential
that all financial arrangements are made well in advance of Auction day.
You will normally be expected to complete the purchase and pay the balance
of the purchase price within 20 working days of the day of the Auction
(RICS Common Auction Conditions). This should be discussed with your lender
to ensure there will be no problems.
A separate deposit cheque will be required for each lot purchased. Each
successful bidder will be required to pay to “Breach Wood Ingram” an administration fee of £395 + VAT, on exchange of contract of each lot purchased.
Properties sold at our Auction are sold unconditionally and not sold “subject
to contract”, “subject to survey”, or “subject to finance”. If you are
the successful bidder you are legally bound to complete the sale. The
tenure of all properties is either freehold or long leasehold, subject
to nominal annual ground rent unless otherwise mentioned.
Pre-Auction Offers
Although it is not the intention of the Auctioneers to sell any lot prior
to the Auction sale, this can sometimes happen on Vendors instructions.
Would-be buyers interested in any lot should contact
the Auctioneers prior to the Auction to check that the lot/s they
are interested in will still be available on the day. Only those offers,
prior to the Auction, that are substantially in excess of the Guide Price
will be put forward to our vendors. Any offer must be in writing, by fax
or email and will only be considered if the property has been inspected
and the legal documentation and other relevant paperwork carefully perused.
Any offer prior to the Auction must be “unconditional” and will be strictly
on the basis of an immediate exchange of the Auction Contract, once accepted
by the Vendor, with the purchaser providing the full 10% deposit plus
our administration fee.
Registration
Please arrive early before the Auction commences. In compliance with the
current Money Laundering Act you will be required to complete the Bidding
Registration Form. This will be found at the rear of the catalogue or
is available from our representative at the registration desk. Alternatively,
the form(s) can be downloaded from this web site. On completion, you will
receive your personal bidding number giving authority to bid. There is
no cost for registration. You will be required to provide proof of identity,
your full name/s and address, details of solicitor/legal representative,
method of payment of the deposit and our administration fee. Please note
that you cannot use the same document to confirm both your name and address.
If you are bidding on behalf of somebody else, you will have to provide
the name, address and telephone number of that person or company, together
with the name and address of their solicitor and financial arrangements.
If you are bidding on behalf of a company, and this will include a sole
trader, you must provide us with a letter on company headed paper signed
by an authorised official of the company which confirms that you have
the Authority to Bid on its behalf. If the highest bidder is unregistered
or unable to comply with the deposit requirements then the Auctioneers
reserve the right to sell to the underbidder if above the reserve price.
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Bidding
You should be satisfied in all respects prior to bidding for
the lot you wish to purchase. You must have read the Addendum (revisions,
alterations etc) and inspected any additional documentation that are available.
Make sure that the Auctioneer takes your bid by making a positive movement
such as raising your catalogue, arm or calling out. If you are concerned
about the bidding process, we can arrange for our Auction representative
to do this on your behalf. Listen to any announcements from the rostrum
about the lot you wish to bid for. The Auctioneer will usually invite
initial bids at or around the guide price. If these are not readily forthcoming,
he may lower the level and you can make a bid at any time.
The Auctioneer will regulate the bidding increments with the lot eventually
being "knocked down" to the highest bidder. This will only take
place once the Auctioneer announces that the property is to be sold and
states “Going for the first time” “Going for the second time” “Going for
the third and last time – Sold.” The fall of the hammer is the final stage
in the bidding process and you must not leave it too late if you wish
to bid. Before the hammer goes down the Auctioneer usually points to the
highest bidder and states the final amount bid.
Once the hammer falls, there is a binding contract, which is subject
to the conditions of sale. If you are the successful buyer you should
move to the back of the room and make yourself known to a member of the
Auction Team. You must then pay the deposit, together with the administration
fee and sign the Memorandum of Sale before leaving the auction. If you
leave the auction without signing, the Auctioneer is legally authorised
to sign the Memorandum on behalf of both the purchaser and vendor. Keys
to any property will not be available until completion has taken place.
Unsold Lots
If a lot fails to reach its reserve price, the Auctioneer will state that
it has not been sold and will not bring down the hammer. If this happens
with your prospective lot, please speak to a member of our Auction team
who will be able to indicate the minimum price at which the property could
be purchased. Any offer will then be submitted, on the basis of an immediate
unconditional exchange of Auction contracts, upon the acceptance of the
vendor.
Insurance
The buyer will be responsible for insurance on the property once purchase
contracts exchange from and including the auction day. Your solicitor/legal
representative will be able to advise you of your insurance obligations.
Any problems
Enjoy the Auction experience, a straightforward and increasingly popular
method of purchase. Should you require any clarification or more information
on any aspect of buying at auction please contact
a member of our Auction Team.
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