The Auctioneers will generally offer the lots in the order as shown in the catalogue, although they reserve the right to amend the order of sale.
Any addendums to the description of a particular lot will be sent to all registered parties prior to the auction whenever possible and will be announced by the Auctioneer on the day. Prospective buyers should ensure that they are present for the start of the auction to ensure they have heard this announcement as its contents will form part of the sales contract. Prospective buyers should ensure that they have a copy of the catalogue prior to bidding and are deemed to have read the details and to have heard the pre-auction announcements whether they have done so or not.
Phillip Arnold Auctions will always endeavour to inform prospective purchasers of variations to the catalogue, when such changes are brought to their attention. Neither the Auctioneers nor their clients can be held responsible for any losses, damages or abortive costs incurred in respect of lots that are withdrawn or sold prior to auction.
Prospective buyers bid on the basis that they have checked the General Conditions of Sale, that are detailed at the back of the catalogue, and the Special Conditions of Sale relating to each individual lot. If there is a conflict between them, the Special Conditions of Sale shall prevail. Details provided by the vendor’s solicitor are contained within the legal packs for each lot and are available for download free of charge from the website.
Prospective buyers bid on the basis that they are deemed to have inspected all lots, have made all necessary enquiries and have checked the legal documentation. Buyers are deemed to be satisfied that they fully understand their content. The Auctioneers strongly suggest that buyers take legal and professional advice prior to bidding on any lot. The Auctioneers will make every possible endeavour to provide access to all lots prior to the sale although this cannot be guaranteed. The Auctioneers will attempt to answer any queries prior to auction but after 11am on the day of auction the Auctioneer and his team will not be available to answer any questions.
Guide price*: this is an indication of the Seller's current minimum acceptable price at auction. The guide price is given to assist prospective buyers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the Seller and the Auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the Seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This Guide Price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A Guide Price is different to a Reserve Price (see separate definition). Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction.
*Reserve Price*: The Seller's minimum acceptable price at auction and the figure below which the Auctioneer cannot sell. The Reserve Price is not disclosed and remains confidential between the Seller and the Auctioneer. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction.
All registered bidders will have been set up to bid prior to the auction sale and will have been notified by e-mail. Bidding registration will be closed from 5pm on the day before the auction and no new registrations will be permitted after that time. It is the bidder's duty to ensure that they are free from 12 noon on the day of auction. Bids may be refused at the Auctioneers discretion and the Auctioneers reserve the right to bid on behalf of the vendor up to the reserve. At the fall of the hammer the successful bidder will be under a legally binding contract to purchase the property in accordance with the general and special conditions of sale, together with addendum and contents of this notice. The buyer will be required to supply the 10% deposit by close of business on the day of auction. Should funds not be received the Auctioneer is legally entitled to sign the memorandum on behalf of the buyer or alternatively offer the lot to the under bidder or re-offer to the room and claim any resultant loss against the original buyer. Completion of the sale and payment of the balance of the purchase money is 28 days after the exchange of contracts unless the conditions of sale provide otherwise.
The deposit amount of 10% of the selling price (plus VAT where applicable) is required for each lot (subject to a minimum of £3,000) unless otherwise stated by the Auctioneer. Payment is to be made by BACS transfer to the same account that was provided for the initial deposit for registration. Please note we will not accept cash under any circumstances. The Auctioneers only accept deposit cheques on the basis that there are adequate funds in the account on which the cheque is drawn and reserve the right to take any action as appropriate against a purchaser whose cheque is not honoured on first presentation.
A successful purchaser will also be required to pay a Buyer's Administration charge of £600 (inclusive of VAT)
Unless otherwise stated all property is sold subject to a reserve price whether declared or not.
Please note that purchasers will not be entitled to keys or access to vacant properties until completion of the sale. If access is required it may be arranged through the relevant Auctioneers with the express permission of the vendor. The buyer will be responsible for insuring the lot that they purchase from exchange of contracts unless the Special Conditions of Sale state otherwise.
No representation or warranty is made in respect of the structure of any properties or in relation to their state of repair. Any prospective buyer requiring a survey of the particular lot should arrange this themselves with a professionally qualified person who will be required to arrange access directly with the Auctioneers.
Unless otherwise provided in the Special Conditions of Sale, all lots are sold exclusive of VAT.
If bidding by telephone, the Auctioneers accept no liability for poor signal or being unable to reach the prospective buyer at the time required.
Online Property Auctions Overview
This guide has been published by Phillip Arnold Auctions to give a brief guide to prospective buyers and sellers as to how the auction process works.