Tuesday 17th May 2011

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 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.

Additional fees to be paid by the buyer

The catalogue is usually printed ahead of the legal pack and we are unable to confirm any additional fees outlined in the Special Conditions of sale at the time of going to print.

We strongly advise checking for –

Auctioneer's administration fee – The amount of £600 including VAT is payable in all instances, whether buying before, at or after the auction.

Local Authority fees – it is common practice for Council clients to make an additional % charge to cover their legal, surveyors and selling fees. Amounts do vary.

Search Fees – some solicitors will reclaim the cost of carrying out searches from the buyer

VAT – Some commercial properties will be subject to Value Added Tax at 20%

Stamp Duty – This will vary, not only with the amount paid for the property but with the circumstances of the buyer and the property’s intended use.

Rent arrears – in the case of investment properties, the buyer may be responsible for the payment of any outstanding rent.

Contributions to the seller's legal and/or auctioneer's costs.