The lot is the property or plot of land that is for sale.
VENDOR OR SELLER
The vendor is the person or company selling a particular lot.
PURCHASER OR BUYER
This is the interested person who is bidding and hoping to purchase a lot.
The guide price is a marketing figure, which is used to guide potential buyers as to how much a lot could be worth. This is not necessarily what a property will sell for, the sale price will be dependent on bidding and interest in the lot.
The guide price may change at any time prior to the auction depending on levels of interest and offers made prior the auction.
The holding fee is money held on account for bidders on a lot. If a bidder is unsuccessful this payment is returned to them. Only the holding fee of the winning bidder is kept.
ANTI MONEY LAUNDERING - AML
Any purchaser registering to bid on the Online Platform will be requested to provide proof of identification to satisfy the AML regulations.
All bidding takes place online through our website. See our useful buyers guide for more information.
SOLD OR WITHDRAWN PRIOR TO AUCTION
Properties do sometimes sell prior to auction or occasionally are withdrawn we will contact all interested parties.
There are sometimes amendments to property descriptions such as tenancy details for instance.
Any mistakes or amendments are corrected and are noted on the addendum for that lot.
We strongly advise that you should request a solicitor to review the legal pack for any property that you are interested in. If you do not have a solicitor, we can recommend one.
A survey is only mandatory if you require a mortgage. The mortgage provider will request access from The property Auction House to complete the survey for the Lender.
Even if you are buying the lot with cash, we strongly recommend that you ask a surveyor to undertake a survey before purchasing any property.
It is essential that you have all necessary funding in place before bidding on a lot.
If you need finance to purchase a property this can take time so ensure you have this in place before bidding.
If you need advice on financing the purchase of a lot, please ask and we will put you in the right direction.
SPECIAL CONDITIONS OF SALE
These are the unique conditions of sale that relate specifically to a lot. They will vary with each lot and will be available in the legal pack.
We strongly advise that interested buyers read and seek legal advice to understand any special conditions of sale.
The legal pack is prepared by the solicitors acting for the vendors.
Every property being sold will have a full legal pack and without one the property cannot be sold.
The legal pack contains relevant information to allow buyers to do their due diligence.
Information will include the contract with a special condition of sale attached, title documents, searches, planning consents, property information forms, fixtures and fittings list and any additional documentation relating to the lot.
The legal pack for each lot will be available through a link in that specific lot on our website.
We strongly advise interested buyers obtain a copy of the legal pack and seek proper legal advice before bidding.
Potential buyers book viewings by contacting The Property Auction House. We will require full name, address, telephone number and email address. We require a record of purchasers so that we can contact all interested parties once we have completed legal packs, set auction dates, and advise of any delays or cancellations.
Please be advised for safety reasons there may be properties where viewings are not available.
The reserve is the minimum agreed price a vendor will sell their lot for. The vendor is only obligated to sell the lot once the bid equals or exceeds the reserve.
The reserve amount is confidential between the auction house and the vendor. In accordance with RICs recommendations the reserve is typically 10% above the guide price.
A Buyers premium is only payable if a property is sold out of auction. The cost of Buyers Premium will be £995 this payment is required with the 10% deposit and can be paid by Bacs, Credit or Debit card.
The deposit is the amount of money required a successful bidder is required to pay within 24hrs of the auction ending.
This relates to the exchange of contracts between the vendor and the buyer of a lot.
Exchange will happen within 24hrs when the agreed deposit is paid on the lot.
Any lot that doesn’t achieve the reserve figure will be unsold. Any unsold properties will be available after the auction.
Responsibility for insuring will vary from property to property but we always advise buyers to arrange cover from exchange of contracts just to be on the safe side.
This is when the new buyer officially takes ownership of the lot.
We will be notified by the solicitors when completion has happened, and we will then release the keys.