1JkIduw

Thursday 28th MayLancashire EventOver 85interlinkedbranches covering:Merseyside,Cheshire, NorthWales, GreaterManchester &Lancashire15 lotsavailablefrom £29,950Find yourperfectproperty82%Sold in our last live auctionth28Mayfrom 6.30pmFind your ideal property24/7 onlinebidding facilityAuction BrochureVillage Urban Resort, BuryWaterfold Business Park, Rochdale Road, BL9 7BQregister from 6.30pm | Auction starts 7.00pm1

2015Merseyside & colancashireauction calendarAdvertiseHereLarge Distribution NetworkBenefit from being seen across the region.Over 500 brochures distributedUploaded on over 50 websitesEmailed to our specialist investor database of over 8000 peopleask about auctionVisit www.gnpa.co.uk or ask in branch for details0161 300 7100marketing@iam-sold.co.uk2 3

Notes...Auction Day ProcedureBefore placing a bid we strongly advise that youcarry out market research and due diligence onany property you are interested in bidding on.Make sure to review any legal documents we mayhave for the subject property. We recommend thatbefore bidding you visually inspect the propertyinternally and are completely happy with what’son offer.RegistrationYou will require photographic I.D. and proof ofaddress to obtain a bidding paddle to enable youto bid at a property auction. If you intend to bidplease remember to bring with you your catalogue,debit/credit card or bankers draft for yourreservation and the required identification. Pleasealso bring the contact details of the solicitor youintend to use, or there may be a solicitor present.TimingThe lots will be sold in order as catalogued.Allow approximately 3 minutes per lot as a guide.Therefore lot ten should be offered for sale atapproximately 7.30pm.Bidding For Your LotVillage Urban Resort, Bury, WaterfoldBusiness Park,Rochdale Road, BL9 7BQDirections• Head north on M66 toward Exit 2• At junction 2, take the A58 exit to Bury/Heywood• At the roundabout, take the 1st exit• Turn left• At the roundabout, take the 2nd exitRegistration at 6.30pmAuction begins at 7.00pmWhen the auctioneer announces your lot he willalso bring to your attention any last minute itemswhich you should be aware of. He will also readthe full address of the property, so please doublecheck before bidding that this is the lot that youare interested in. The current lot number is usuallydisplayed with a photograph on screens at thefront of the room. The auctioneer will invite bidsat a particular level and you can make this bidby raising your paddle, hand or catalogue. If youwish to make a bid other than the auctioneer callsfor, please shout out your bid and the auctioneermay or may not accept it. The property will be‘knocked down’ to the highest bidder – but not untilthe auctioneer warns you by saying ‘going, going,gone’. Never delay until the last second with yourbid – you may lose it. Remember, there may be300+ people in the room and unless your bid isclear the auctioneer may not see you.On The Fall Of The HammerIf you are the successful bidder a member ofthe auction team will approach you and ask youto follow them to the sales room. You will thenbe asked to provide a reservation fee or deposit.We will then prepare the acknowledgement ofreservation form for you to sign using the detailsprovided. Exchange will usually take place amaximum of 28 days later under the supervisionof your solicitor upon receipt of Draft Contract.Please do not leave the auction room withoutpaying your deposit or reservation fee and signingthe relevant paperwork.What If The Lot I Want Is Unsold?If a lot fails to reach its reserve in the roomand you wish to buy it, ensure you register yourhighest bid with us before you leave the room.We will contact the vendor and ask them for theirinstructions and contact you if we think that a saleafter the auction is negotiable. Alternatively callus in the office after the sale.Is my property suitable for Auction?Any type of property is suitable for sale byauction. Lots range from traditional residentialproperties from all price ranges, style andcondition, new-build development, tenantedinvestments, developments sites and all sectorsof commercial property. Selling through auction isthe preferred method of sale in the USA, Canada,and in main land Europe.Traditional Method of AuctionThis is an Unconditional Auction where onacceptance of an offer or on the fall of thehammer the buyer will pay up to a 10% depositand exchange of contracts is immediate. Bothparties are then legally bound to buy and sell.Traditional Auctions are mainly used by theinvestment market for properties that attractsignificant interest from professional investors.The residential sector can find it harder to buythrough a traditional auction because there isa limited amount of time to put finance in place,meaning many purchases through a traditionalauction are generally cash based.Modern Method of AuctionThe Modern Method of Auction is different totraditional auction procedures in the UK, in thatit is conditional. This means that the sale is notlegally binding once a bid is accepted. Once a bidis accepted the buyer is allowed a 28 day periodof reservation in which to achieve exchange ofcontracts, at which point the sale becomes legallybinding, (i.e. the buyer is bound to buy and thevendor is bound to sell). The 28 day period startsfrom when the buyer’s solicitor is in receipt of draftcontracts. A further 28 day period is authorised toachieve completion of contracts, and at this pointlegal transfer of title takes place and keys andmonies change hands.The VerdictWhilst the Traditional Auction is useful fordisposing of investment stock to the investmentmarket quickly and efficiently, the residentialmarket requires more than this. The ModernMethod offers the ability to maximise the levelof interest from a broad range of buyers, in turncreating the best sales price in the current marketbut still benefiting from the security of a nonrefundable reservation fee or deposit and afixed date to move and sell.Bidding Prior to the AuctionAny bid or registration of interest must bepresented to the vendor in real time which maylead to a property being sold prior to the auctionevent. Buyers are urged to register their interestearly to avoid any disappointment. If you requireany assistance with finance or conveyancing thenspeak to a member of the auction team who will behappy to provide quotes from our specialist panel.4 5

Going, going......Gone!Glossary of TermsAddendumThe document published on the day of theauction containing all of the corrections, changesand additions to the details within the catalogue.It is important that you read this document beforebidding to see if there is anything significantlisted against your lot. We will be compiling theseamendments right up until the auction day. Themost up to date copy is always available from ourAuction Department. The Addendum forms part ofthe contract of sale.Reserve PriceThis is the minimum price that is acceptable tothe vendor for selling a subject lot in the auction.We do not publish Reserve Prices; this figure isa private agreement between the vendor and theauctioneer, however as a guide the Reserve isgenerally around 10% in excess of the StartingBid. Both the Starting Bid and Reserve can besubject to change.Reservation FeeUnless otherwise stated, each property issold subject to a Reservation Fee of 3.5% to aminimum of £5,000 + VAT (£1,000) = £6,000. Ifyou are interested in a particular lot please speakto a member of the team before you bid andclearly read the terms and conditions attachedto the property. Please note that the ReservationFee is in addition to the final negotiated sellingprice, and is received on a non-refundable basis.It is held as a reservation against the subjectproperty until such time that exchange of contractstake place. If the sale falls through due to thevendor breaching the terms of the agreement theReservation Fee or deposit becomes repayable tothe buyer in full.Exchange of ContractsHere, the buyer signs the contract for sale andsends it to the seller, who also signs it. This is thepoint at which both parties are legally obliged tocomplete the transaction, and usually takes placea maximum of 28 days after the buyer’s solicitor isin receipt of draft contracts. The purchase is notactually complete at this point, but there is a legalobligation for the purchaser to buy and the vendorto sell.Completion of ContractsThis is when the purchase becomes final.The purchase price is paid in full by the buyer’sconveyancer and received by the seller’sconveyancer. Completion can take place at thesame time as the exchange of contracts (seeabove) but is usually a week or so later. The sellermust move out of the property on this date andrelease the keys to the buyer, who may moveinto the property.Special Conditions Of SaleIn addition to these ‘general’ conditions applicableto each lot the vendor’s solicitor may draftadditional terms applicable to their individual lot –these are the Special Conditions. These are notprinted in the catalogue and are available for freefrom the Auction Department if applicable. Theyform part of the Contract of Sale. It is importantthat you satisfy all of your legal enquiries and areaware of all conditions (including any Addendum)before you bid at auction. These will normallyonly relate to the Traditional Method of Auctioninstructions.Energy Performance Certificate (EPCs)EPCs contain information on your home’senergy use and typical energy costs, withrecommendations on how to reduce energyuse and save money.DisclaimerParticulars within this catalogue are believedto be correct but their accuracy is not guaranteed.Information relating to rating matters has beenobtained by verbal enquiry only. Prospectivepurchasers are advised to make their ownenquiries of the appropriate authority. Allmeasurements, areas and distances areapproximate only. Potential purchasers areadvised to check them.The CatalogueDetails of the property and land to be sold areset out in this catalogue. All lots are sold subjectto Special Conditions of Sale. It is important thatprospective purchasers satisfy themselves as tothe location, boundaries, condition and state ofthe lots before the auction.Plans, Maps and PhotographsThe plans, maps and photographs publishedin the catalogue are to aid identification of theproperty only. The plans are not to scale.Starting BidsThese are prices published for each property andare the level at which the bidding will commence.Starting Bids are for guidance only and are notReserve Prices. These prices may occasionallychange throughout the marketing period. EachStarting Bid has a corresponding Reserve Pricethat is usually in excess of the starting price.InsuranceUnless indicated to the contrary, the sellerwill continue to be responsible for insuring theproperty until completion.ViewingDue to the nature and condition of auctionproperties we highlight the potential risk thatviewing such properties carries and advise allto proceed with caution and take necessaryrequirements to ensure their own safety whilstviewing any lot in this catalogue. Viewings6 7

are conducted entirely at your own risk, theseproperties are not owned or controlled by theAuction Department and we cannot be heldliable for loss or injury caused while viewingor accessing any lot.purchaser will be required to pay £166.67 + VAT(£33.33) = £200 for the preparation of the BuyerInformation Pack. Once the property is sold, thepack will be forwarded to the solicitors involved toensure a speedy exchange and completion.Due to the nature of some auction properties,electricity may not be turned on therefore viewingtimes are restricted. Viewers will also have to bringtheir own lighting/ladders if wanting to inspectcupboards, cellars and roof spaces.The Legal AspectThe Legal aspect of buying at auction is acontractual commitment. Before making anoffer prior to auction or bidding at the auction itis advisable to consult a solicitor regarding theGeneral and Special Conditions of Sale, the LocalAuthority Search and other legal documentation.Pre Auction OffersIf a property has been entered to a live auctionroom at one of our regional auctions the onlinebidding facility is disabled. If you wish to placea pre auction offer you will need to speak witha member of the Auction Team who will explainthe process to you. The vendor can consideroffers prior to the live auction, but this is at theirdiscretion to do so.The auctioneers or vendors cannot be heldresponsible for costs incurred in respect of any lotwhich is withdrawn or sold prior to auction.Buyer Information PackA Buyer information pack is a bundle of legaldocuments prepared before the property is soldvia auction. This gives the buyer a chance toview the legal aspects of the property beforepurchasing.The pack includes: Property Information forms,Fixture and Fittings forms, official register copies,Title Plan, Local Search and Water and DrainageSearch, leasehold documents if applicable andauction Terms and Conditions. The successfulOk, I think we’ve explained pretty mucheverything. However if you’re strugglingwith the concept, have a question or justwant to confirm some details, don’t hesitateto speak to a member of our auction team.They are approachable, friendly and able tooffer honest and sensible advice. You cancontact us by telephone, email or alternativelyvisit our website www.tnwpa.co.ukProof ofIdentificationAll successful bidders must provide proof of identity and addressin order for us to comply with money laundering regulations.Original documents must be provided. Photocopies are not accepted.You must supply at least one document from each list to proceedwith the sale.*To Prove Identity• Current signed passport• Current full UK/EU Photo card drivinglicence**• Current full UK Driving Licence** (old style)**(a provisional licence will not be accepted.• Resident permit issued by the home officeto EU Nationals• Inland Revenue Tax Notification• Firearms CertificateDeposits/ Reservation FeesDeposits will be accepted by one of the following methods:Switch, Delta, Banker’s Draft.NO CASH OR CHEQUES WILL BE ACCEPTEDTo prove evidence of address• Current full UK Driving Licence**& old style)**(a provisional licence will not be accepted.• A utility bill issued in the last three months(not a mobile phone bill)• Local Authority tax bill (valid for the currentyear)• Bank, building society or credit unionstatement containing a current address• The most recent original mortgage statementfrom a UK lender*We reserve the right to conduct a soft imprint online identification search on any successful purchaser.**Current full UK/EU driving license cannot be used to prove both ID and address. This document can onlyidentify ID or address.8 9

Lots 0f LotsLot 116 Hough StreetBoltonGreater ManchesterBL3 4LXStarting Bid: £79,950 Previous List Price: New to MarketBranch: Bolton | 01204 381281Lot01Property Address16 Hough Street, Bolton, Greater ManchesterStarting Bid£79,950AgentCardwellsTown House3 Bedrooms029 Marlin Street, Nelson, Lancashire£29,950Petty2 Reception Rooms 2 Bathrooms0343 Falmouth Street, Oldham, Greater Manchester£39,950Alan Kirkham0405102 Sunfield Road, Oldham, Greater Manchester49 Ferney Field Road, Chadderton, Greater Manchester£79,950£155,000Alan KirkhamAlan KirkhamDouble Glazing · Central Heating · EPC: D0607080910113 Burnaby Street, Werneth, Oldham, Greater ManchesterLand At 2 Kensington Grove, Denton, Greater Manchester104 Park Road, Rochdale, Greater Manchester118 Summit, Littlebrough, Rochdale, Greater Manchester7 Park Lodge, Beardwood, Blackburn, Lancashire91 Rawson Avenue, Accrington, Lancashire£45,000£195,000£39,950£72,000£67,950£44,000CordingleysAlan KirkhamCowell & NorfordCowell & NorfordMortimersMortimersLot 29 Marlin StreetNelsonLancashireBB9 8HYStarting Bid: £29,950 Previous List Price: New to MarketBranch: Nelson | 01282 6163141213205 Church Street, Little Lever, Greater Manchester6 Francis Street, Colne, Lancashire£59,950£54,000Open HouseUK Online AgentsEnd Terraced House2 Bedrooms1415Shanghi Burnley Road, Brierfield, Lancashire562 Oldham Road, Rochdale, Greater Manchester£110,000£79,950UK Online AgentsAlan Kirkham1 Reception Room 1 BathroomEnclosed Yard · Good Size Garden · EPC: F . VacantLot 343 Falmouth StreetOldhamGreater ManchesterOL8 1PEStarting Bid: £39,950 Previous List Price: New to MarketBranch: Chadderton | 0161 626 5688Terraced TownHouse3 Bedrooms1 Reception Room 1 BathroomRear Garden · No Chain · EPC: C10 111

Lot 4102 Sunfield RoadOldhamGreater ManchesterOL1 2BSStarting Bid: £79,950 Previous List Price: New to MarketBranch: Chadderton | 0161 626 5688Semi DetachedBungalow2 Bedrooms1 Reception Room 1 BathroomLot 7Land at 2 Kensington GroveDentonGreater ManchesterM34 3GWStarting Bid: £195,000 Previous List Price: New to MarketBranch: Chadderton | 0161 626 5688With historical planning permissions to demolish the existingresidence, to erect a block of 15 modern apartments withassociated parking and landscaping. Opportunity for a suitableand sympathetic residential development in a popular location.Gardens · Vacant Posession · EPC: EPlanning Permission · Potential to ConvertLot 549 Ferney Field RoadChadderton, ChaddertonGreater ManchesterOL9 0LUStarting Bid: £155,000 Previous List Price: New to MarketBranch: Chadderton | 0161 626 5688Lot 8104 Park RoadRochdaleGreater ManchesterOL12 9BPStarting Bid: £39,950 Previous List Price: New to MarketBranch: Rochdale | 01706 863 490/07732663831 andyDetached Bungalow2 BedroomsMaisonette2 Bedrooms1 Reception Room 1 Bathroom1 Reception Room 1 BathroomGardens Front/Rear · Garage · EPC: EGardens · Double Glazing.VacantLot 6Lot 93 Burnaby StreetWerneth, OldhamGreater ManchesterOL8 4AHStarting Bid: £45,000 Previous List Price: New to MarketBranch: Ashton-under-Lyne | 0161 330 0432118 SummitLittlebrough, RochdaleGreater ManchesterOL15 9QXStarting Bid: £72,000 Previous List Price: New to MarketBranch: Rochdale | 01706 863 490/07732663831 andyMid Terraced House2 BedroomsEnd Terraced House2 Bedrooms1 Reception Room 1 Bathroom1 Reception Room 1 BathroomRear Yard · Investment Opportunity · EPC: GRear Garden · Garage · EPC: D. Vacant2312 13

nwpa case studies30thJulyStart Bid.........................................£45,000Viewings..................................................22Sold ................................................£55,00034 Queens Road,Chadderton• 2 Bedrooms• Mid Terraced Property• Great PotentialStart Bid.......................................£125,000Viewings....................................................9Sold ..............................................£140,0002 Ewart Road, Broadgreen,Liverpool• 3 Bedrooms• Semi Detached House• Garage & Off Street ParkingOur Next Live Auction EventStart Bid.........................................£25,000Viewings ....................................................8Sold ................................................£65,000Start Bid....................................... £119,950Viewings..................................................37Sold ..............................................£156,000Village Urban Resort, Bury,Waterfold Business Park,Rochdale Road, BL9 7BQIf you’re interested in buying or selling at our next event,please contact us today for further information.0161 300 7100enquiries@iam-sold.co.ukCapel Y Groes, Hill Street, Penycae• 1 Bedroom• Centre Village Location• Conservation Area• EPC: E16 Central Avenue, Manchester• 3 Bedrooms• Semi Detached House• Ideal Opportunity• Gardens14 15

Lot 107 Park LodgeBeardwood, BlackburnLancashireBB2 7FNStarting Bid: £67,950 Previous List Price: New to MarketBranch: Blackburn | 01254 662223Lot 136 Francis StreetColneLancashireBB8 8JHStarting Bid: £54,000 Previous List Price: New to MarketBranch: Accrington | 0800 772 3773Flat1 BedroomEnd Terraced House2 Bedrooms1 Reception Room 1 Bathroom1 Reception Room 1 BathroomVisitor Parking · Secure Underground Parking · EPC: CDriveway · Rear Yard · EPC: FLot 1191 Rawson AvenueAccringtonLancashireBB5 0JEStarting Bid: £44,000 Previous List Price: New to MarketBranch: Accrington | 01254 234266Semi DetachedHouse2 BedroomsLot 14Shanghi Burnley RoadBrierfieldLancashireBB9 5HYStarting Bid: £110,000 Previous List Price: New to MarketBranch: Accrington | 0800 772 3773This is a substantial detached commercial building with parkingto the rear and access from both sides. This property is on a verybusy main road that runs between Nelson and Burnley.1 Reception Room 1 BathroomFront Garden · Parking Space.VacantRestaurant · Shop Front · EPC: ELot 12Lot 15205 Church StreetLittle Lever, Little LeverGreater ManchesterBL3 1BWStarting Bid: £59,950 Previous List Price: New to MarketBranch: Head Office | 01925599784562 Oldham RoadRochdaleGreater ManchesterOL11 2AZStarting Bid: £79,950 Previous List Price: New to MarketBranch: Royton | 0161 626 9789Terraced House2 BedroomsSemi DetachedHouse4 Bedrooms1 Reception Room 1 Bathroom1 Reception Room 1 BathroomDouble Glazing · Conservatory.TenantedDouble Glazing · Central Heating · EPC: E4516 17

Registration form for Proxy or Telephone BiddingReservation FeeBidding Method Proxy Telephone Pre RegistrationCommercial Properties Wanted!Date of Auction Lot Number Lot AddressMaximum Bid £(in words)I hear by authorise iam-sold Ltd to bid on my behalf for the subject property listed, be that bytelephone, or by proxy. I confirm that I have read and understand the terms and conditions includedin the auction catalogue. If you select the telephone as a method of bidding, and we are unable tocontact you, the maximum of the proxy will be put forward on your behalf.Buyer’s DetailsPostal AddressTelephone (for bids)Full Name(s)Post CodeN%EmailSolicitor’s Details (if appointed)/ if not please tick the box for a quotePostal AddressTelephoneEmailPost Codecommissionto payBuyer’s SignatureI understand that if my bid is successful that a Buyer’s Premium of 3.5% subject to a minimumof £5000 + VAT (£1,000) = £6,000 is payable. The Buyer’s Premium is calculated against thefinal negotiated selling price and is not considered as part payment of the final negotiated sellingprice. The Buyer’s Premium is received on a non-refundable basis and is held as a reservationfor the subject property and will be forfeited if formal contracts are not exchanged with in 28 days.The buyers shall pay an additional £166.67 + VAT (£33.33) = £200 for the preparation of the BuyerInformation Pack. The buyers declare that the information and conditions held within the auctioncatalogue are understood and accepted. A 3% surcharge applies for credit card transactions takenas payments.PLEASE NOTE THAT CARD DETAILS WILL BE VERIFIED BEFORE ANY BIDS ARE ACCEPTED.I authorise a payment for the buyers premium to be taken from my bank account listed below:with the ModernMethod of AuctionContact us today.Name on cardCard TypeCard NumberValid FromExpiry DateSecurity Number0161 300 7100enquiries@iam-sold.co.uk18 19

Did you know we also sellcommercial propertyWe can maximise the value of your property through the ModernMethod of Auction with 0% commission to pay in the process.Sign upto The North West Property AuctionIf you would like to sign up to our catalogue subscription service, please fill out the form below andreturn to: The Auction Department, 7 & 8 Diamond Court, Newcastle upon Tyne, NE3 2EN or emailenquiries@iam-sold.co.uk to register your interest.We have a wide range of properties available on our websiteNameTelephoneLand at 99 RavenheadRoad, Saint Helens12 & 12a Orrell Lane,LiverpoolMin Y Don, StationSquare, PwllheliEmailTick this box if you wish to receive Auction Brochures for ALL of our live events.Terms & ConditionsStarting Bid+ £39,950• Development Land• Full Planning Permission• Main Road LocationCall: 01744 228163-5 Alcock Street,RuncornSoldSold Price: £66,000• 7 Office Rooms• Roller Shutter SecurityDoorsStarting Bid+ £99,950• Mixed Use Property• 3 Fully Tenanted Bed Sits• Close to Local AmenitiesCall: 0151 525 8181102 Pendlebury Road,Swinton, ManchesterSoldSold Price: £221,500• 12 Offices• 4 FloorsStarting Bid+ £199,950• Freehold• Substantial Business Premises• Good LocationCall: 0175 870 1100Land On The North Westerly Side ofFolkestone Road, Kew, SouthportSoldSold Price: £360,000• Planning Permission• 0.1 Hectare in SizeTelephone or Proxy Bidding1. A prospective buyer wishing to make a telephoneor proxy bid (a “Bidder”) must complete, sign anddate the form within this catalogue.Separate forms must be completed for each lot onwhich a bid is to be placed.2. The form must be delivered to The AuctionDepartment, 7 & 8 Diamond Court, Newcastleupon Tyne, NE3 2EN at least 24 hours prior tothe start of the Auction.3. In the case of a telephone bid a member of theAuctioneers’ staff will attempt to contact the Bidderby telephone before the lot in question is offeredfor sale. If contact is made the Bidder may competein the bidding through the Auctioneers’ staff.However if telephone contact cannot be made orthe connection is lost the Bidder hereby authorisesthe Auctioneers and their staff to bid on their behalfup to the maximum authorised bid for the lot inquestion.5. If the Bidder wishes to withdraw or alter hisinstructions or to attend the Auction to bid it is theirresponsibility to notify the Auctioneers in writingbefore the Auction.6. The Auctioneers shall not be liable for any failureto bid due to inadequate or unclear instructionsbeing received or for any other reason. TheAuctioneers have absolute discretion as to whetheror not and in what manner to bid.7. The Bidder is deemed to have full knowledgeof the General and Special Conditions of Saleand the Notice to All Prospective Buyers herein.The Bidder is also deemed to have full knowledgeof any addendum produced by the Auctioneersat or prior to the Auction. The Bidder is thereforeadvised to check whether any relevant addendumhas or will be produced but the Auctioneers will notbe liable to the Bidder if he fails to so check.0151 230 8489enquiries@iam-sold.co.uk4. If the Bidder is successful the Bidderhereby authorises the Auctioneers to sign theMemorandum of Agreement on their behalf.20 21

Modern Method of AuctionTerms & Conditions (V3.1)Reservation Fee• Read the conditions.• Inspect the Buyer Information Pack for the relevantproperty.• where the following words printed in bold type appearthey have the specified meanings.Approved financial institutionAny bank or building society that has signed up to theContractThe contract by which the seller agrees to sell and thebuyer agrees to buy the property.OnlineThese conditions govern the conduct of “conditional” or• Have finance available for the deposit and purchaseBanking Code or Business Banking Code or is otherwiseOn our website or, where applicable, one of our accredited“modern method” auctions operated by iam-sold Limitedprice.acceptable to us.partner’s websites.(Company or Auctioneer or us/we/our).In addition, before buying a property a prudentAuctionPropertyAll properties sold by auction using the Company websitebuyer will:The auction advertised as online or in the catalogue (asEach separate property described in the catalogue or (asor by a physical auction which are expressed to be eitherapplicable).the case may be) online.a “conditional” or “modern method” auction are governed• Carry out usual searches and make usual enquiries.by these conditions.Auction conduct conditionsPrice• Take professional advice from a conveyancer and,The conditions so headed, including any extra auctionThe price that the buyer agrees to pay for the property.A non-refundable reservation fee of 3.5 % subject to ain appropriate cases, a chartered surveyor and anconduct conditions.minimum of £5,000 + VAT (£1,000) = £6,000 must beaccountant.Reservation Depositpaid by the buyer immediately following the conclusionAuctioneersA non-refundable deposit paid by the buyer to us toof the auction or acceptance of an offer. This must be• Check the content of all available leases and otherThe auctioneers of the auction.reserve a property. This deposit is used by the seller topaid by cleared funds to the Auctioneer who will issue andocuments relating to the property.pay our fees for conducting the conditional auction.Acknowledgement of Reservation.Buyer Information Pack• Check that what is said about the property in the BuyerThe pack of documents relating to a property which isReservation FeeIntroductionInformation Pack is accurate.advertised online for conditional auction.A non-refundable fee paid by the buyer to us to reserve aThese conditions have three main sections.• Check whether VAT registration and election isproperty. This is in payment of our fees for conducting theadvisable.Business dayconditional auction.1. GlossaryAny day except (a) a Saturday or a Sunday; (b) a bankThis gives special meanings to some words used in theThe conditions assume that the buyer has acted likeholiday in England and Wales; or (c) Good Friday orReservation Formrest of the conditions.a prudent buyer. If you choose to buy a propertyChristmas Day.The form of contract which is to be signed by a buyer andwithout taking these normal precautions you do so atby us (on behalf of the seller) reserving the property for2. The conduct of the auctionyour own risk.Buyersale by the seller to the buyer as further described in theThis section regulates the conduct of the auction. If youThe person who agrees to buy the property or, ifconditions of reservation.bid for a property which is offered for sale by conditionalGlossaryapplicable, that person’s personal representatives. Ifauction you do so on the basis that you accept them.This glossary applies to the auction conduct conditionstwo or more are jointly the buyer their obligations canSellerand the sale conditions.be enforced against them jointly or against each of themThe person selling the property. If two or more are jointly3. Conditions of reservationseparately.the seller their obligations can be enforced against themIf you win a conditional auction for a property you mustWherever it makes sense:jointly or against each of them separately.sign a reservation form under which you agree to beCataloguebound by the conditions of reservation relevant to that• singular words can be read as plurals, and plurals asAny catalogue to which the conditions refer including anyWe (and us and our)property.singular words;supplement to it.The auctioneers.The conditions are legally binding.• a ‘person’ includes a corporate body;ConditionYou (and your)Important noticeOne of the auction conduct conditions or sales conditions.Someone who bids on an auction, whether or not a buyer.A prudent buyer will, before bidding for a property:• words of one gender include the other genders;Auction Conduct Conditions• Take professional advice from a conveyancer and,• references to legislation are to that legislation as it mayConditional auctionin appropriate cases, a chartered surveyor and anhave been modified or re-enacted by the date of theA conditional or “modern method” of auction as describedA1 Introductionaccountant.auction or the contract date (as applicable); andin these conditions.22 23

A1.1 Words in bold type have specified meanings, whichauction.description of a property is based on informationare defined in the Glossary.supplied by or on behalf of the seller. You need to check(a) is to be held by us as agent for the seller, butA2.4 You acknowledge that to the extent permitted bythat the information is correct.otherwise is to be held as stated in the reservationA1.2 Where a property is advertised for auction:law we owe you no duty of care and you have no claimconditions; andagainst us for any loss.A4.2 The description of a property and the Buyer(a) online, you have been given access to that auctionInformation Pack may change prior to the conditional(b) must be paid in pounds sterling by cheque or byonly on the basis that you accept these auction conductA3 Bidding and reserve pricesauction and it is your responsibility to check that youbankers’ draft made payable to us on an approvedconditions;have the correct versions.financial institution or by such other method of paymentA3.1 All bids are to be made in pounds sterling exclusiveas we may notify to you.(b) in a catalogue, you are only issued that catalogueof any applicable VAT.A4.3 If we provide information, or a copy of a document,on the basis that you accept these auction conductprovided by others we do so only on the basis that weA5.6 We may retain the reservation form signed by orconditions,A3.2 We may refuse to accept a bid. We do not have toare not responsible for the accuracy of that information oron behalf of the seller until the reservation deposit orexplain why.document.reservation fee (as applicable) has been received inwhich govern our relationship with you and cannotcleared funds.be disapplied or varied by the sale conditions (evenA3.3 All bids made online must comply with the termsA5 The reservation formby a condition purporting to replace the whole of theand conditions which apply to use of our website or to theA5.7 If you do not comply with your obligations underConditional Auction Conditions). They can be varied onlyuse of our partner’s websites (as applicable).A5.1 A successful bid is one we accept as such (normallythe reservation form then you are personally liable toif we agree.on the fall of the hammer or close of an auction online).comply with the obligations under the reservation formA3.4 if there is a dispute over bidding we are entitled toThis condition A5 applies to you if you make theeven if you are acting as an agent for the buyer.A2 Our roleresolve it, and our decision is final.successful bid for a property.A5.8 Where the buyer is a company, you warrant thatA2.1 As agents for each seller we have authority to:A3.5 Unless stated otherwise each property is subjectA5.2 You are obliged to enter into a reservation formthe buyer is properly constituted and able to buy theto a reserve price (which may be fixed just before thewhich obliges you to proceed to purchase the property atproperty.(a) prepare the catalogue (as applicable) fromproperty is offered for sale). If no bid equals or exceedsthe price you bid plus VAT (if applicable).information supplied by or on behalf of each seller;that reserve price the property will be withdrawn from theReservation Conditionsconditional auction.A5.3 You must:(b) offer each property for sale by conditional auction;R1 IntroductionA3.6 Where there is a reserve price the seller may bid(a) provide all information we reasonably need from you(c) receive and hold reservation deposits (if applicable);(or ask us or another agent to bid on the seller’s behalf)to enable us to complete the reservation form (includingR1.1 Words in bold type have specified meanings, whichup to the reserve price but may not make a bid equalproof of your identity and address if required by us);are defined in the Glossary.(d) receive reservation fees (if applicable);to or exceeding the reserve price. You accept that itis possible that all bids up to the reserve price are bids(b) sign the completed reservation form; andR1.2 Where you win a conditional auction for a(e) sign each reservation form on behalf of each seller;made by or on behalf of the seller.property you must sign a reservation form, which is aand(c) pay the reservation fee or reservation deposit (aslegally binding contract between the buyer and sellerA3.7 Where a guide price (or range of prices) is given thatrequired by the reservation form).reserving the property for purchase by the buyer.(f) treat a reservation form as repudiated if the buyerguide is the minimum price at which, or range of pricesfails to sign that reservation form or pay a reservationwithin which, the seller might be prepared to sell at theA5.4 If you do not we may either:R.1.3 These reservation conditions summarise the termsfee or reservation deposit (as applicable).date of the guide price. But guide prices may change.of the reservation form.The last published guide price will normally be at or above(a) as agent for the seller treat that failure as yourR2 Payment of reservation feeA2.2. Our decision on the conduct of the conditionalany reserve price, but not always – as the seller may fixrepudiation of the reservation form and offer theauction is final.the final reserve price just before bidding commences.property for sale again. The seller may then have aR2.1 This condition applies where a reservation feeclaim against you for breach of contract; ormust be paid by you on winning a conditional auction forA2.3 We may cancel the conditional auction, or changeA4 The Buyer Information Pack and other information(b) sign the reservation form on your behalf.a property.the way in which a property is offered for sale. We mayalso combine or divide properties. A property mayA4.1 We have taken reasonable care to describeA5.5 Where a reservation deposit is paid, thatR2.2 Conditional upon payment of the reservation feebe sold or withdrawn from sale prior to the conditionaleach property (either online or in a catalogue). Thereservation deposit:and you signing the reservation form, the property shall24 25

e reserved to the buyer for the reservation period statedto enable the seller’s solicitors to draft and negotiate thein that reservation form, this is the period in whichsale and purchase contract and do all work necessary to(iii) keep the auctioneer and the seller’s solicitorsR6.3 The seller may terminate the reservation of thetime the buyer is to exchange contracts to purchase theenable contracts for sale of the Property to be exchangedadvised of progress with the application for the loan;property with by written notice to the buyer if theproperty.within the exclusivity period;buyer is in breach of the buyer’s obligations set out(d) Within 5 working days of receiving draft contractsabove.R3 Payment of reservation deposit(h) to immediately instruct the seller’s solicitors to issuefrom the seller’s solicitor, the buyer must ensure thata contract for the sale of the property to the buyer’stheir nominated solicitor has raised initial enquiries inR7 Binding obligationsR3.1 This condition applies where a reservation depositsolicitors and to do all other work required to enablerelation to the draft contract, in writing with the seller’smust be paid by you on winning a conditional auctioncontracts for the sale of the property to be exchangedsolicitor. If this has not been undertaken, the sellerR7.1 These conditions of reservation must be readfor a property.within the exclusivity period.reserves the absolute right to re-offer the property forin conjunction with the reservation form applicablesale free of any obligation to the buyer. In this event theto a particular property. Where there is any conflictR3.2 The reservation deposit is to be held by us and,R4.3 The seller may (but shall not be obliged to)Reservation Fee is deemed non refundable.or inconsistency between these conditions and thefollowing formal exchange of contracts for the sale andgrant an extension of the exclusivity period stated inprovisions of an individual reservation form, thepurchase of the property, transferred to the seller’sthe reservation form. Any such extension shall be(e) the date of completion shall be specified in therelevant provisions of the reservation form shall apply.solicitors as part payment of the purchase price under theconfirmed in writing.contract exchanged for the purchase of the propertycontract for the purchase of the property.but such date shall be no later than the date being 28R7.2 As these conditions and the reservation formR5 Buyer’s obligationsdays after the date of exchange of contracts and thecomprises legally binding obligations on you, it isR4 Seller’s obligationsbuyer shall use all reasonable endeavours to completerecommended you seek independent legal advice onR5.1 The buyer agrees:the purchase of the property by such date;these conditions and the reservation form beforeR4.1 On the reservation form being signed and eithermaking any bid on a property.reservation fee or reservation deposit being paid, the(a) to use all reasonable endeavours to proceed to a(f) the buyer shall pay to the auctioneer the cost of theseller will grant to the buyer a period of exclusivity.formal exchange of contracts within the exclusivity period;preparation of the Buyer Information Pack relating to theR8 Auctioneerproperty;R4.2 During the exclusivity period the seller agrees:(b) to immediately instruct the buyer’s solicitors toR8.1 You acknowledge and agree that we act as aninvestigate title to the property, negotiate the draft(g) buyer has received the Buyer Information Pack (ifagent of the seller and not in our own capacity.(a) he or she has instructed us not to agree anothercontract for the purchase of the property, raise enquiriesapplicable) and is ready willing and able to proceed withreservation of the property;of the seller and any third parties about the propertythe purchase of the property;R8.2 Save in the event of fraud or death or personaland do any other work required to enable contracts forinjury resulting from our negligence, neither the(b) not to encumber or deal with the title to the property;the purchase of the property to be exchanged within the(h) the buyer agrees that if contracts for the purchase ofus nor any of our group companies, affiliates, thirdexclusivity period;the property have not been legally and unconditionallyparty service providers, licensors, officers, directors(c) not to send, instruct or allow anyone else to send anyexchanged within the exclusivity period the seller hasor employees shall have any liability of any naturecontract for sale of the property to anyone other than the(c) to promptly:the absolute right to re-offer the property for sale freehowsoever arising in relation to these conditions or tobuyer’s solicitors;of any obligation to the buyer.any property.(i) if the buyer intends to use a loan in connection with(d) to give such access to the property as may bethe purchase of the property, the buyer shall applyR6 Termination of reservationreasonably required by any surveyor or valuer appointedto the relevant lender and complete all necessaryby the buyer;documentation and do all such things as such lender mayR6.1 The reservation form shall not be capable ofrequire to process the buyer’s application as soon astermination by the seller or buyer during the exclusivity(e) not to give access to any other person to view thepossible including the payment of any application fees;period except as specified below.property nor negotiate with anyone other than the buyerany terms for the sale of the property;(ii) if the buyer or the buyer’s mortgagee or lenderR6.2 On the expiry of the exclusivity period specifiedrequires that the property is surveyed and/or valued, thein the reservation form (or the expiry of any extension(f) to use all reasonable endeavours to proceed to abuyer will use all reasonable endeavours to arrange forgranted by the seller in writing) if the buyer has notformal exchange of contracts within the exclusivity period;the survey and/or valuation to take place at the propertyexchanged contracts to purchase the property, theas soon as reasonably practicable including the paymentreservation of the property shall terminate at the(g) to supply all documentation, information and authorityof any valuation fee;discretion of the auctioneer.26 27

Proudly in Partnership with:ESTATES, LETTINGS & MANAGEMENTMc DONALDAND COMPANYEstate & Letting AgentsSwiftmovesEstate & Letting AgentsAsk mefor helpAll AgentsWelcomeThe Auction Department7 & 8 Diamond Court, Newcastle upon Tyne, NE3 2EN0161 300 7100 | www.tnwpa.co.uk | enquiries@iam-sold.co.ukiam-sold are an auction management service provideroffering bespoke white label auction services to EstateAgents across the UK and Ireland, visit our website forfurther information iam-sold.co.uk28