Auction

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These Notices are intended to assist you as

a prospective Buyer. Legal matters in the

UK can be complex and so the Notices, the

Common Auction Conditions printed towards

the back of this catalogue and any other

conditions, documents or matters affecting

the Lot you are interested in should be read

and considered carefully. Whilst the Sellers

of the Lots described in this catalogue have

used reasonable efforts to ensure that Lots are

correctly described, we strongly recommend

that you arrange for your professional advisors

to consider and advise you on all aspects of

your intended purchase.

1. Particulars of Sales

Measurements and areas referred to in

the catalogue particulars are approximate

only. It is your responsibility to check the

following matters in respect of each Lot

you are interested in before the Auction:

All measurements

Areas

The exact description and location of the

Lot

Details of any leases affecting the Lot

Whether any fixtures, fittings and contents

referred to in the catalogue particulars are

owned by the Seller

The current occupiers at and/or trading

from the Lot

The structural condition of the Lot and any

possible contamination or pollution of the

Lot

You are advised to check these matters

by:

Personally inspecting the Lot

Arranging to have the Lot professionally

surveyed

Arranging for an environmental survey to

be carried out in respect of the Lot

Making enquiries with the Auctioneers,

the Seller and the Seller’s professional

advisors

Making relevant searches and enquiries

with all appropriate authorities

2. Plans and Photographs

2.1 The plans and photographs shown

in the catalogue are included in order

to assist you in locating the Lot in

question. Similarly, any arrows on plans

or photographs are merely to assist you

in finding the Lot, not for the purpose of

indicating legal boundaries

2.2 The plans and photographs shown in the

catalogue do not form part of a contract of

sale relating to any of the Lots

2.3 Plans in the catalogue are reproduced

photographically and are not to scale so

the Auctioneers cannot guarantee that

they are accurate

2.4 The Auctioneers cannot guarantee:

That photographs show the current

occupier(s) of the Lot

That any occupiers are trading or are

actually in occupation of the relevant Lot

The state of repair and condition of the Lot

That any entities are shown in any street

trader plan are still trading or are still in

actual occupation of the Lot

2.5 Maps are Crown copyright; all rights

reserved; licence number 100020449; and

are for identification purposes only

3. Inspection and Vacant Possession

3.1 If you want to inspect the Lot before the

Auction, it may be possible to arrange

this with the Auctioneers on prior notice

and you should therefore contact them in

advance of the auction

3.2 Keys to Lots that are offered for sale

with vacant possession will normally be

made available to you on completion of

the sale. However, access to the Lot for

the purpose of inspection and/or carrying

out a survey might be available prior

to completion subject to obtaining the

Seller’s permission (you should approach

the Auctioneers about this)

3.3 You will be responsible for paying the cost

of any accompanied viewing of the Lot

prior to completion

4. Structure, Contamination and

Equipment

4.1 Neither the Auctioneers nor the Seller can

guarantee:

The structural condition of the Lot

The state or condition of any fixtures,

fittings or other items stated to be included

in the sale of the Lot

Whether or not the Lot or any fixtures,

fittings, or other equipment have been

properly or adequately constructed or are

suitable for their purpose

Whether or not there is any contamination

or pollution affecting the Lot or affecting

any other property in the neighbourhood

Whether or not the Lot complies with

any relevant legislation relating to the

environment, contamination, pollution or

dangerous substances

5. Conditions of Sale

5.1 If you are the successful Buyer of any

Lot, you will – from the moment the

Auctioneer’s gavel falls – become legally

bound by the Conditions of Sale in relation

to that Lot

5.2 It will be assumed that you have read and

considered the Conditions of sale and

any other relevant documents for the Lot

(s) you are interested in before the day of

the Auction, that you have shown them to

your professional advisors before bidding

5.3 The conditions of Sale consist of the

following:

These notices to prospective buyers

The Common Auction Conditions printed

towards the back of this catalogue or (in

the case of Scottish Lots) Articles of Roup

The Special Conditions of Sale for the

Lot (not printed in the catalogue but

obtainable from the Seller’s solicitors or

the Auctioneers)

Any addendum, or addenda relating to the

Lot

The Common Auction Conditions relate to

Lots situated in England and Wales and

contain the following sections:

Glossary – this gives special meaning to

certain words used in other parts of the

catalogue

Conduct of the Auction – these conditions

regulate the conduct of the Auction. If you

read the catalogue or attend the Auction,

you do so on the basis that you accept

them

General Conditions – these apply to

all Lots in England and Wales unless

otherwise stated

Extra Conditions – these are printed

towards the back of this catalogue and

also apply to all Lots in England and Wales

unless otherwise stated

5.4 An addendum will be available before

and will be distributed at the Auction.

This important document will detail any

corrections, amendments and/or additions

to the particulars and Conditions of Sale

for any of the Lots. It will be assumed that

you have read the Addendum before the

bidding.

5.5 Please note that some or all of the

Conditions of Sale relating to certain

Lots might be contained in a separate

catalogue or might be obtainable

separately from the Seller’s solicitors or

the Auctioneers

6. Liability of Bidder

6.1 If you bid at the Auction, you will be

personally liable in respect of any

accepted bid. This will be the case even

if you bid as agent or representative for

another agent

6.2 If you bid as agent or representative then

you and the person or organisation on

whose behalf you have bid will be jointly

and severally liable under the contract

of sale or (in the case of Scottish Lots)

minutes of enactment for the Lot

6.3 You (and your principal if you are bidding

as agent or representative) and, where

applicable, the nominee appointed by

qualifying tenants under the provisions of

the Landlord & Tenant Act 1987 and/or

the Housing Act 1996 will be jointly and

severally liable to pay the buyer’s charge

mentioned in the Auctioneer’s Pre-Sale

Announcements printed towards the front

of this catalogue

7. Order of Sale, Sales Prior to Auction

and Withdrawn Lots

7.1 Lots will be offered for sale at the Auction

in accordance with the Order of Sale

which will be distributed at the Auction.

It will provide details of all Lots that have

been sold prior to or withdrawn from sale

7.2 The Auctioneers have the right to sell Lots

or to withdraw Lots without giving reason

at any time before the sale begins

7.3 You should contact the Auctioneers before

the Auction to check whether any Lots

have been sold prior or withdrawn

7.4 Neither the Auctioneers nor the Seller will

have any responsibility towards you in

relation to any loss or wasted costs that

you may incur in respect of Lots sold

prior or withdrawn

8. Guide Prices and Reserves

8.1 The Auctioneers will publish a guide

price list when the catalogue is issued.

The guide price is also listed on the

website and other marketing material.

The guide price indicates the level of the

sellers reserve and minimum expectation

of the sale price.

8.2 The Auctioneers have not carried

out valuations for any of the Lots to

be offered for sale at the Auction.

Consequently, you must not treat the

published guide price for a Lot as

being a valuation of that Lot. Similarly,

you must not treat any estimate or

suggestion as to the price for which the

Lot might be sold or as to the price that

you might consider bidding for any Lot

as being a valuation of that Lot

8.3 Neither the Auctioneers nor the Seller

can accept any responsibility for any

loss, damage or cost that you might

incur as a result of relying on any guide,

estimate or suggestion as to price given

in respect of any Lot

8.4 You are strongly advised to consult your

own professional advisors regarding the

accuracy of the guide price and/or any

estimate or suggestion as to price given

by the Auctioneers in respect of any Lot

8.5 The guide price list is updated regularly

by the Auctioneers leading up to

the Auction. You should contact the

Auctioneers to find out whether any

alterations have been made to the guide

price(s) for the Lot(s) you are interested

in

8.6 The reserve price will be set by the seller

for the lot at any time up to the time that

the auction begins and may be subject

to change

8.7 The reserve price may be lower than the

guide price.

8.8 The majority of Lots will be offered for

sale subject to a reserve price. Any

exceptions will be announced on the day

of the Auction

9. Rents and Information Relating to

Tenants

9.1 Financial and other information given

in the catalogue particulars for any Lot

relating to tenants or other occupiers of

the Lot is obtained from the Companies

Registry (whose files are open to public

inspection and verification) or from

published reports and accounts of the

tenant or tenant’s holding company,

unless otherwise stated

9.2 The Auctioneers obtain this information

during compilation of the catalogue.

Some of the information shown in the

catalogue may be at least 2 years out of

date depending on when returns were

last filed at the

Companies Registry or on when the

tenant’s corporate accounts and report

were last published. In addition, the

circumstances of any tenants or other

occupiers of the Lot might have changed

since compilation of the catalogue, for

example as to ownership. There is no

guarantee therefore that the information

shown in the catalogue is accurate or up

to date as at the date of the Auction

9.3 It is your responsibility to check whether

or not the catalogue particulars are

accurate in relation to such matters

9.4 Estimates or suggestions given by the

Auctioneers as to current or future

rental values affecting any Lot or as to

the current or future open market rental

value of the whole or any part of the Lot

must not be treated as valuations buy

only as estimates. You must consult your

own professional advisors to establish

whether such estimates or suggestions

are accurate

10. Procedures on Sale of the Lot

10.1 If a Lot is ‘knocked down’ to you by the

Auctioneer, a legally binding contract

is immediately created. The terms of

the contract will be those set out in the

Conditions of Sale referred to above

10.2 After the Lot is knocked down to you,

you will be given a buyer’s slip which

you must complete with all required

information. You will be asked to

produce some form of identification such

as a driver’s license or passport

10.3 When completing the buyer’s slip, you

must specifically name the person or

organisation that is to be the Buyer of

the Lot. Lots cannot be transferred to

an unnamed buyer. References in the

Buyer’s slip to the Buyer’s ‘nominees’,

‘associates’ or similar terms are not

acceptable. Unless you obtain the

Seller’s prior consent, the Lot can only

be transferred to the Buyer named in the

Buyer’s slip and Sale Memorandum

10.4 If you do not complete the Buyer’s slip

or pay the deposit, the Auctioneers have

the right to re-offer the Lot for sale and

to treat you (and your principal if you are

bidding as agent or representative) as

being in breach of contract. Even if the

Lot is re-offered for sale, the Seller might

have a legal right of action against you

for the breach of contract

10.5 When you have completed the Buyer’s

slip and paid the deposit, you will be

given a card showing the number of the

Lot you have bought and the sale price.

It is imperative that you do not lose this

card

10.6 The Auctioneers will prepare the contract

of sale in duplicate. Before leaving the

Auction room, you must attend the

contracts desk situated in the Auction

room where you must produce the Lot

card referred to above and sign your

part of the contract. You will then be

given the duplicate copy of the contract,

signed on behalf of the Seller, in

exchange

10.7 Usually, the Lot will be at your risk from

the moment it is knocked down to you

by the Auctioneer which means that you

should immediately arrange for it to be

insured. If this is not the case, it should

be made clear in the Special Conditions

of Sale for the Lot. If you are in any

doubt, you should make enquires with

the Seller’s solicitor

11. Deposit

11.1 If a Lot is knocked down to you, you

must pay the deposit which is 10% of

the sale price subject to a minimum

of £4,000 (if the sale price is less

than £40,000). The amount of the

deposit might be altered by the Special

Conditions of Sale for the Lot so you

should check them carefully before the

Auction

11.2 The deposit must be given to the

Auctioneer’s clerk together with the

completed buyer’s slip and the buyers

charge

11.3 If you buy more than one Lot, you will need

to pay a separate deposit for each Lot

11.4 Banker’s drafts must be drawn on UK

sterling accounts only and on a bank or

branch of a bank in the UK, failing which,

cheques may be rejected

11.5 Cash deposits, credit/debit cards and

bank transfers are not accepted in any

circumstances

11.6 Deposit cheques are accepted on the

basis that there are adequate cleared

funds in the account upon which the

cheque is drawn. The Seller may take

action against you if your cheque is not

honoured on first presentation. You are

therefore strongly advised to ensure that

there are adequate funds available in the

account to meet any deposit cheque(s)

that are drawn as a result of the Auction

11.7 All deposit cheques should be made

payable to Romans unless the Special

Conditions state otherwise

12. VAT

12.1 This note applies where VAT is payable

on the sale of the Lot and the deposit

is payable to the Auctioneers as agent

for the Seller. If you wish to treat the

transaction as the transfer of a going

concern as referred to in General

Condition 15 of the Common Auction

Conditions, you must notify the VAT

authorities before the date of the auction

12.2 For the avoidance of doubt, the above

note does not apply where the Lot is

sold subject to VAT but the deposit

is payable to the Auctioneers as

stakeholder

12.3 In certain circumstances, the provisions

of General Condition 15 of the Common

Auction Conditions do not apply in any

event, including where the transaction

is the grant of a new lease of the Lot to

the Buyer. You are strongly advised to

consult your own professional advisors

about this before the Auction

13. Buyer’s Charge

13.1 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 fee is payable on

exchange of contracts.

Notices to prospective buyers

27

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