a guide tobuying at auction - Property Auctions UK

1 Commercial a guide to buying at auction n Allsop is the market leader from commercial and residential Auctions in the UK. n Annually sells around 700 million of Property at auction n Holds six commercial and seven residential UK Property auction sales each year n Regular sales of properties in Dublin n Buying at auction ensures an immediate exchange of contracts with no protracted negotiations or delays. We sell properties throughout the UK giving the greatest opportunity of finding the right Property for you. n If you are thinking of buying a Property at one of our Auctions , finding out as much as possible about the Property and the auction process before you bid is essential. A guide to buying commercial Property at auction before the auction 1 Find out information 3 guide prices 5 Legal Documentation Information on all properties , legal guide Prices are not necessarily figures If you wish to receive special conditions information and dates at which a Property will sell; they are only of sale or legal documentation in respect of future Auctions can be obtained as intended to be an indication of the seller's of any lot, please see the information on follows: minimum expectation.

2 They are subject to the lot web page. Documents are usually change throughout the marketing period available to download from the website On-line catalogue so please check up to the minute prices for free, alternatively they will be available By going to you which can be obtained on this site under from the vendors solicitors, usually at will have access to the current on-line guide prices . If you register as an Allsop a cost to cover the copying. Solicitors catalogue 3 weeks prior to an auction subscriber you will automatically receive details for each lot can be found on the sale. In addition, by registering at guide prices by email. web lot page or in the catalogue. We We will email you will not make a charge for sending out guide prices and Property updates. Special Conditions of sale which are 4 Inspection/Viewing Property Printed catalogue available on the website.

3 You should always go and see the You can obtain a printed catalogue by: Property before you purchase. To If you need further legal information n Calling the catalogue request line: arrange to view a Property you should please contact the vendor's solicitor. 0115 938 6770 either follow the instructions on the lot Legal packs will usually be available for web page or if there are no instructions, inspection in the auction room, although n Requesting a copy on-line at contact the Commercial auction this cannot be guaranteed. Remember Department (on 0207 543 6876) who will that you buy subject to all documentation arrange an appointment for you. Please and terms of contract whether or not you 2 Identify lots note that at least 48 hour's prior notice is have read them. Look through the catalogue and identify normally required.

4 It is important that you check with the those lots that may be of interest. A list vendor's solicitors prior to the sale to of properties can be found at the front of ensure that you receive any documents the catalogue or on our website. subsequently available. A guide to buying commercial Property at auction before the auction 6 Addendum/Changes to advance of the auction . 11 Understand all terms &. Property information conditions Occasionally changes need to be made 9 What if I can't attend the Buying Property at auction is different to to the lot information or the Special auction ? buying Property privately and we strongly Conditions of Sale. These can be found Proxy/ Telephone/ Internet Bidding advise potential purchasers to check that on the website under Addendum . If you are unable to attend the sale, they have read and understood all the Before you bid it is essential that you you can bid by telephone (where we various legal documents and terms &.)

5 Check for any changes that may have will telephone you when the lot is being conditions. occurred, even up to the day of the auctioned), by proxy in writing (where More information can be found in auction . A final addendum will be made you specify your maximum bid and the the Auctioneer's Notices Part One . available at the auction and will form part auctioneer bids on your behalf) or on-line. Guidance for Prospective Buyers which of The Contract. In each case we need a completed are printed in the catalogue or available registration form, photocopy identification to download. 7 Sales Prior to the auction documents and a cheque to cover your deposit prior to the date of the auction . In some instances a vendor may consider A Remote Bidding registration form selling his Property prior to auction .

6 It is printed in the catalogue or can be is worth registering your interest in a downloaded from the website. particular lot with the auction Team as they will keep you up to date, wherever possible, of any possibility of the lot being 10 Find out whether the Property sold prior to auction . You can make an is still available offer at any time up to the date of the We strongly advise bidders either to look auction , but if your offer is accepted on our website or call us the day before you will have to be in a position to the auction to make sure that the exchange contracts and pay your deposit lots, in which they are interested, are immediately. still available. 8 Arrange Finance If you successfully bid for a Property you will be required to provide a 10% deposit on the day of the auction .

7 You should make sure that you arrange any finance required to complete the sale well in A guide to buying commercial Property at auction at the auction 1 Things to bring with you: 6 Bidding Deposit You will be asked to provide a deposit, n Your catalogue The auctioneer will announce each lot normally 10% of the purchase price. and refer to any last minute changes. The n An acceptable means of paying the Please note that cash and credit card current lot number is usually displayed on deposit we will accept personal deposits are not accepted. Personal a screen next to the auctioneer, which or company cheque, debit card, cheque, company cheque, debit card will also display the last bid taken for banker's draft or buyer's solicitor's and banker's draft are acceptable subject the lot being offered.

8 The auctioneer will client account cheque. If you are to the Conditions of Sale and to the invite bids at a particular level and you paying by cheque, we will require one provisions of clause 4 of the Auctioneer's can make this bid by raising your hand cheque for each lot. Please note that Notices Part One Guidance for or catalogue. The auction room is likely neither cash deposits nor credit card Prospective Buyers. to be full, so please make your bids clear payments are accepted. Identification and ensure you have the Auctioneer's n Identification you will need to bring two attention. We will ask you for two forms of separate forms of identification relating to identification relating to you as bidder you as bidder, including photo ID such All lots will be offered for sale subject so please bring your driving licence or as your passport or driving licence to an undisclosed reserve price (unless passport and proof of your address such AND proof of your address such as stated otherwise).

9 The auctioneer will as a bank statement or recent utility a bank statement or utility bill. regulate the bidding increments and bill. We will take copies on the day for the Property will be knocked down' retention in accordance with our internal n Details of the solicitors you intend to use to the highest bidder, assuming that bidder ID procedures and RICS Best the reserve is met or exceeded. Please Practice guidelines. 2 Do I need to register? note that questions will not be taken by the auctioneer from the floor once the Unless stated on the web lot page or auction is in progress. If you do have any 8 Exchange of Contract stated in the catalogue for a particular lot last minute queries, you should speak to After completing the Buyer's slip and you do not need to register. Simply pick up a member of the Allsop team.

10 Our advice, handing over your cheque, you will an order of sale (see below) and the latest if you have any doubts, is not to bid. be given a lot card by way of receipt. addendum (see below) and take a seat. After approximately 10-15 minutes you should approach the contract desk in 3 Order of Sale 7 On the fall of the gavel the room and hand this card to the staff This is a complete and up to date list of When the hammer falls, if you are the there who you will ask you to sign the all the lots that will be sold on the day highest bidder (at or above the reserve Memorandum of Sale. You will take away and in what order. Some lots will have price), you have bought the lot and a legal the Vendor's part contract and give this been withdrawn or sold prior so you and binding contract has been formed.