Auction

romansauctions

1lW5Lxr

A guide to buying at auction

Viewing

Please view the properties which interest you as soon as

possible. Viewing arrangements for each lot are contained

in this catalogue. Block viewings for all properties will be

at specific times and if you arrive late you may have only a

limited viewing time.

Legal documentation

For each lot there are Special Conditions of Sale and other

documentation provided by the vendor’s solicitors. If you wish

to receive this information, legal packs can be downloaded

from our website romans.co.uk. All legal documentation can

be inspected by prior arrangement at our head office and is

available in the auction room on the auction day.

Instructing a solicitor

Before bidding at the auction, you are advised to consult

a solicitor or licensed conveyancer to advise you on the

general and special conditions of sale, the local authority

search, the land registry office copy entries and any other

information provided.

Guide prices

Guide prices provided with this catalogue and shown on

our website and press advertising indicate the level of

the sellers reserve. The guide price may change at any

time prior to the auction. Lots may be sold at, above or

below the guide price and the eventual sale price will be

dependent on the amount of bidding at the auction.

Reserve prices

All lots offered for sale are subject to a reserve price. The

reserve is a confidential minimum price which the seller

authorises the auctioneer to sell at – bidding must reach or

exceed this figure for the lot to be sold. The reserve may

be changed by the seller at any time up to the start of the

auction and this will be reflected in the guide price. The

level of the reserve may be lower than the guide price.

Pre-auction offers

These must be made in writing and will only be considered

if the lot has been viewed, Legal documents inspected and

proof of funding has been supplied to the auctioneers. Preauction

offers are on the basis of an immediate exchange of

auction contracts upon acceptance by the seller.

Any offer will be assumed to be your best and final offer

and we cannot guarantee that you will be invited to

increase your bid if an alternative, satisfactory offer is

received prior to exchange.

Our clients have agreed that only pre-auction offers

substantially above the guide price need to be submitted.

Telephone and proxy bids and buyers charge

If you want to bid by telephone or proxy on the day of the

auction we are more than happy for you to do so. We must

be holding a signed contract and banker’s draft at least

24 hours before the auction. Therefore please contact us

in plenty of time to receive and return the bidding pack, to

avoid disappointment.

Each successful buyer will be required to pay the

auctioneers, Romans, a non-refundable buyers charge of

£950 plus VAT = £1,140. On purchases up to £20,000, the

buyers charge will be £550 plus VAT = £660. The charge is

payable on exchange of contracts.

Addendum

When you arrive at the Auction, a member of Romans’

staff will hand you a list of last minute alterations and

amendments to the catalogue, this is known as an

‘addendum’. It is essential that you read this information

carefully in case it refers to a lot which is of interest to you,

as the addendum f orms part of the contract of sale.

Deposits

Purchasers are reminded that at the fall of the Auctioneer’s

gavel a deposit of 10% of the contract sale price (minimum

£4,000, if the sale price is less than £40,000, unless

specified otherwise in Special Conditions) per lot shall be

payable, by way of banker’s draft. Personal or company

cheques will not be accepted unless arrangements have

been made at least 3 working days prior to the Auction.

All banker’s drafts should be made payable to Romans.

Cash and credit/debit cards will not be accepted.

We suggest you obtain a draft for 10% of your maximum

bid price (minimum £4,000, if the sale price is less than

£40,000, unless specified otherwise in Special Conditions)

and bring it with you to the auction. If you purchase for

less, the difference will be deducted from your ‘balance’

figure on completion.

Any shortfall (subject to the Auctioneer’s discretion) can be

paid by personal/company cheque.

Buyers charge

Each successful buyer will be required to pay the

auctioneers, Romans, a non-refundable buyers charge of

£950 plus VAT = £1,140. On purchases up to £20,000, the

buyers charge will be £550 plus VAT = £660. The charge is

payable on exchange of contracts.

Proof of identity

In order to comply with money laundering legislation, the

successful bidder is required to provide photographic

proof of identification e.g. UK Driver’s Licence, Passport.

Please note that it is a requirement that you also provide

documentation to confirm your name and residential

address (Utility bill, Council Tax bill).

Completion day

Completion normally takes place twenty working days

after the date that contracts are exchanged, unless other

arrangements are specified in the special conditions of sale.

It is advisable to check this prior to the auction day.

All plans are strictly for identification purposes only and

should not be relied upon. Please refer to the legal pack

for the Land Registry plan of each lot.

Any plans are reproduced from Ordnance Survey maps

with kind permission of the Controller of Her Majesty’s

Stationery Office @ Crown copyright.

All rights reserved, Licence no:100020449.

2

More magazines by this user
Similar magazines