Bidder Information

THE AUCTION

MONEY LAUNDERING REGULATIONS
We have in place procedures and controls which are designed to forestall and prevent Money Laundering. If we suspect that a supplier, customer/client, or employee is committing a Money Laundering offence as defined by the Proceeds of Crime Act 2002 we will in accordance with our legal responsibilities disclose the suspicion to the National Criminal Intelligence Service.

In order to comply with the Proceeds of Crime Act 2002 and the Money Laundering Regulations Act 2007, both Sellers and Buyers at auction will have to provide formal identification in the form of one item from the following two groups:

A) IDENTITY DOCUMENTS

  • Current signed passport
  • Current UK driving licence
  • Resident permit
  • Revenue tax notification

B) EVIDENCE OF ADDRESS

  • Utility bill – issued within the last three months (not mobile phone bill)
  • Local Authority tax bill for the current year
  • Bank, building society or credit card statement containing current address
  • Most recent mortgage statement
  • Current UK driving licence (not used for evidence of name)

CONDITIONS OF SALE
All properties in this catalogue are sold subject to the Conditions of Sale printed in this catalogue together with the special conditions relating to each individual lot. These, together with any related documentation, will be available via our website prior to the sale. Interested parties are deemed to buy in full knowledge of these whether or not they have actually inspected the conditions. We recommend inspecting the legal documents once they are available and avoid leaving it until auction day. The auction packs will only be available for inspection at the sale room from 12.30 – 1.30 pm. for afternoon sessions and 9.45am – 10.30am for morning sessions.

ORDNANCE SURVEY
Ordnance survey extracts crown copyright 2003. All rights reserved. Licence no. 10020449. Survey scale 1:250,000. Plotted scale 1:1250. Boundaries are shown for identification only and should not be taken as definitive.

TENURE DETAILS
It is not always possible to provide tenure details relating to each lot at the time the catalogue is printed. Where we have written confirmation from the vendor’s solicitor we will provide details. In the absence of written confirmation the tenure details will be omitted from the catalogue but, details will be included in the Conditions of Sale which will be available in our office for the days leading up to the auction.

VIEWING AUCTION PROPERTY
Details of appropriate viewing arrangements are included with each lot in the catalogue. In the cases of severe weather we recommend checking with the office to ensure that viewings are still being held.

Viewing times will begin and end promptly as stated and your co-operation is appreciated. Some of the properties offered for sale by auction each month are in a poor state of repair and in some cases hazardous. Interested parties are reminded to exercise caution whilst viewing.

SURVEYS
If you wish to have a survey carried out on the property prior to the auction please refer your surveyor to us as soon as possible and appropriate arrangements will be made. We cannot always accommodate last minute requests.

GUIDE PRICE
An indication of the seller’s current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers 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 can and may be subject to change up to and including the day of the auction.

REGISTRATION OF INTEREST
If you are interested in a particular property, we advise you to register your interest with us as soon as possible. We can then make you aware of any alterations and, if requested, inform you when the legal documentation is received.

PRE-AUCTION OFFERS
We anticipate that the lots in this catalogue will be offered, as advertised, on the day of the sale. There may be circumstances where the acceptance of an offer prior to auction may be considered. However, only unconditional offers will be submitted, ie those which are not subject to mortgage, survey, searches, etc.

If you are interested in purchasing a property prior to the auction you must submit the offer in writing confirming your details, solicitors, financial arrangements and the amount of the offer (please use the form at the rear of the catalogue). Details will then be submitted in writing to the seller and we will contact you within 48 hours should they wish to accept the offer. If an offer is accepted, the property will remain in the sale until you have exchanged contracts with us under auction conditions. If you do not hear from us within 48 hours you must assume that the property will remain in the auction as planned, which is usually the case.

TELEPHONE/PROXY BIDS
We advise that you attend the auction in person if you are bidding for a particular lot. If however you are unable to come to the sale or have someone bid on your behalf, you may choose to bid by proxy or by telephone. The appropriate form together with the deposit requirements will either be printed at the end of this catalogue or will be available on request from our offices.

ALTERATIONS
Should any of the properties mentioned in this catalogue be withdrawn from sale or if any alterations arise, details will be included on our website on the same day (www.markjenkinson. co.uk/next auction/addendum column).

An addendum sheet will also be distributed prior to the auction and alterations will be referred to by the auctioneer prior to each particular lot.

AT AND AFTER THE AUCTION

AUCTION PROCEDURE
If you are the successful bidder, a member of the auction team will approach you with a simple form. You will be asked to provide your name, address, telephone number and evidence of your identity. If you are bidding on behalf of somebody else we will need the details of that person or company. We will also request the name and address of the solicitor acting on your behalf. The vendor’s solicitor will usually be present at the sale room and will oversee the signing of the contract either straight away or at the end of the auction should you wish to bid on another property.

THE DEPOSIT
The amount of the deposit required in each case will be stated in the Conditions of Sale and will usually be 10% subject to a minimum of £1,500. Payment must be made at the saleroom by either cheque or bankers draft and failure to do so may lead to that lot being re-offered. Deposit payments in cash will not be accepted.

All cheques are banked immediately after the auction and you must ensure that you have adequate funds in your account.

It should also be noted that some auction contracts also have a provision for payment of the vendor’s fees.

BUYER’S ADMINISTRATION FEE
Please note there is an administration fee of £480 including VAT payable on each lot. Payment can be made by cheque or cash following the ID check.

COMPLETION DATES
The completion date for each lot can vary, and you are advised to check the Conditions of Sale prior to the auction.

Access may be arranged for a surveyor acting on behalf of the purchaser’s lender who will be asked to sign an appropriate undertaking.

KEYS
Keys to auction lots will not be released at any time without prior arrangement. Once we have notification from the vendor’s solicitor that completion has taken place, the keys to the property will be made available for collection at our offices. To avoid unnecessary delay we recommend contacting us in advance to make the appropriate arrangements for collection.

UNSOLD LOTS
Enquiries for unsold lots are welcome after the sale when unconditional offers will be considered. In many cases properties are sold immediately after the auction is finished and if you are interested please see the auction staff at the sale room.

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