auction a guide to buying at Commercial

Transcription

1 Commercial a guide to buyig at auctio Allsop is the market leader from commercial ad residetial auctios i the UK Aually sells aroud 700 millio of property at auctio Holds six commercial ad seve residetial UK property auctio sales each year Regular sales of properties i Dubli Buyig at auctio esures a immediate exchage of cotracts with o protracted egotiatios or delays. We sell properties throughout the UK givig the greatest opportuity of fidig the right property for you. If you are thikig of buyig a property at oe of our auctios, fidig out as much as possible about the property ad the auctio process before you bid is essetial.

2 A guide to buyig commercial property at auctio before the auctio 1 Fid out iformatio Iformatio o all properties, legal iformatio ad dates of future auctios ca be obtaied as follows: O-lie catalogue By goig to you will have access to the curret o-lie catalogue 3 weeks prior to a auctio sale. I additio, by registerig at We will you guide prices ad property updates. Prited catalogue You ca obtai a prited catalogue by: Callig the catalogue request lie: Requestig a copy o-lie at 2 Idetify lots Look through the catalogue ad idetify those lots that may be of iterest. A list of properties ca be foud at the frot of the catalogue or o our website. 3 Guide prices Guide Prices are ot ecessarily figures at which a property will sell; they are oly iteded to be a idicatio of the seller s miimum expectatio. They are subject to chage throughout the marketig period so please check up to the miute prices which ca be obtaied o this site uder guide prices. If you register as a Allsop subscriber you will automatically receive guide prices by . 4 Ispectio/Viewig property You should always go ad see the property before you purchase. To arrage to view a property you should either follow the istructios o the lot web page or if there are o istructios, cotact the Commercial Auctio Departmet (o ) who will arrage a appoitmet for you. Please ote that at least 48 hour s prior otice is ormally required. 5 Legal Documetatio If you wish to receive special coditios of sale or legal documetatio i respect of ay lot, please see the iformatio o the lot web page. Documets are usually available to dowload from the website for free, alteratively they will be available from the vedors solicitors, usually at a cost to cover the copyig. Solicitors details for each lot ca be foud o the web lot page or i the catalogue. We will ot make a charge for sedig out Special Coditios of sale which are available o the website. If you eed further legal iformatio please cotact the vedor s solicitor. Legal packs will usually be available for ispectio i the auctio room, although this caot be guarateed. Remember that you buy subject to all documetatio ad terms of cotract whether or ot you have read them. It is importat that you check with the vedor s solicitors prior to the sale to esure that you receive ay documets subsequetly available.

3 A guide to buyig commercial property at auctio before the auctio 6 Addedum/Chages to property iformatio Occasioally chages eed to be made to the lot iformatio or the Special Coditios of Sale. These ca be foud o the website uder Addedum. Before you bid it is essetial that you check for ay chages that may have occurred, eve up to the day of the auctio. A fial addedum will be made available at the auctio ad will form part of The Cotract. 7 Sales Prior to the Auctio I some istaces a vedor may cosider sellig his property prior to auctio. It is worth registerig your iterest i a particular lot with the Auctio Team as they will keep you up to date, wherever possible, of ay possibility of the lot beig sold prior to auctio. You ca make a offer at ay time up to the date of the auctio, but if your offer is accepted you will have to be i a positio to exchage cotracts ad pay your deposit immediately. 8 Arrage Fiace If you successfully bid for a property you will be required to provide a 10% deposit o the day of the auctio. You should make sure that you arrage ay fiace required to complete the sale well i advace of the auctio. 9 What if I ca t atted the auctio? Proxy/ Telephoe/ Iteret Biddig If you are uable to atted the sale, you ca bid by telephoe (where we will telephoe you whe the lot is beig auctioed), by proxy i writig (where you specify your maximum bid ad the auctioeer bids o your behalf) or o-lie. I each case we eed a completed registratio form, photocopy idetificatio documets ad a cheque to cover your deposit prior to the date of the auctio. A Remote Biddig registratio form is prited i the catalogue or ca be dowloaded from the website. 10 Fid out whether the property is still available We strogly advise bidders either to look o our website or call us the day before the auctio to make sure that the lots, i which they are iterested, are still available. 11 Uderstad all terms & coditios Buyig property at auctio is differet to buyig property privately ad we strogly advise potetial purchasers to check that they have read ad uderstood all the various legal documets ad terms & coditios. More iformatio ca be foud i the Auctioeer s Notices Part Oe Guidace for Prospective Buyers which are prited i the catalogue or available to dowload.

4 A guide to buyig commercial property at auctio at the auctio 1 Thigs to brig with you: Your catalogue A acceptable meas of payig the deposit we will accept persoal or compay cheque, debit card, baker s draft or buyer s solicitor s cliet accout cheque. If you are payig by cheque, we will require oe cheque for each lot. Please ote that either cash deposits or credit card paymets are accepted. Idetificatio you will eed to brig two separate forms of idetificatio relatig to you as bidder, icludig photo ID such as your passport or drivig licece AND proof of your address such as a bak statemet or utility bill. Details of the solicitors you ited to use 2 Do I eed to register? Uless stated o the web lot page or stated i the catalogue for a particular lot you do ot eed to register. Simply pick up a order of sale (see below) ad the latest addedum (see below) ad take a seat. 3 Order of Sale This is a complete ad up to date list of all the lots that will be sold o the day ad i what order. Some lots will have bee withdraw or sold prior so you should check this list carefully to esure that the lot you have come to buy is still icluded i the sale. 4 Addedum Occasioally chages eed to be made to the lot iformatio or the Special Coditios of Sale. Before you bid it is essetial that you check the prited addedum ad liste for ay aoucemets made detailig ay chages that may have occurred as these will form part of the Memoradum of Sale. 5 Start of auctio The auctio will start promptly at the time prited i the catalogue. The auctioeer will make a umber of aoucemets about the auctio procedure. A summary of the auctioeer s presale aoucemets is prited i the catalogue ad appears o the website. 6 Biddig The auctioeer will aouce each lot ad refer to ay last miute chages. The curret lot umber is usually displayed o a scree ext to the auctioeer, which will also display the last bid take for the lot beig offered. The auctioeer will ivite bids at a particular level ad you ca make this bid by raisig your had or catalogue. The auctio room is likely to be full, so please make your bids clear ad esure you have the Auctioeer s attetio. All lots will be offered for sale subject to a udisclosed reserve price (uless stated otherwise). The auctioeer will regulate the biddig icremets ad the property will be kocked dow to the highest bidder, assumig that the reserve is met or exceeded. Please ote that questios will ot be take by the auctioeer from the floor oce the auctio is i progress. If you do have ay last miute queries, you should speak to a member of the Allsop team. Our advice, if you have ay doubts, is ot to bid. 7 O the fall of the gavel Whe the hammer falls, if you are the highest bidder (at or above the reserve price), you have bought the lot ad a legal ad bidig cotract has bee formed. What happes if I am the successful bidder? Whe a lot is kocked dow to you, you will be asked to, complete a Buyer s Slip, give a deposit cheque ad provide idetificatio. Buyer s Slip You will be asked to give your cotact details, the ame to appear o the memoradum of sale ad details of your solicitor. A copy of this form appears i the catalogue ad is available to dowload. Deposit You will be asked to provide a deposit, ormally 10% of the purchase price. Please ote that cash ad credit card deposits are ot accepted. Persoal cheque, compay cheque, debit card ad baker s draft are acceptable subject to the Coditios of Sale ad to the provisios of clause 4 of the Auctioeer s Notices Part Oe Guidace for Prospective Buyers. Idetificatio We will ask you for two forms of idetificatio relatig to you as bidder so please brig your drivig licece or passport ad proof of your address such as a bak statemet or recet utility bill. We will take copies o the day for retetio i accordace with our iteral bidder ID procedures ad RICS Best Practice guidelies. 8 Exchage of Cotract After completig the Buyer s slip ad hadig over your cheque, you will be give a lot card by way of receipt. After approximately miutes you should approach the cotract desk i the room ad had this card to the staff there who you will ask you to sig the Memoradum of Sale. You will take away the Vedor s part cotract ad give this to your solicitor. We will sed your siged cotract to the Vedor s solicitor ad completio will take place as specified o the special coditios of sale. Please do ot leave the auctio room without takig your siged cotract. 9 Usold lots I the ulikely evet that the property you wish to buy does ot sell, you should register your highest bid with us before you leave the auctio room. 10 Results Results ca be viewed o the website immediately after the auctio.

5 Commercial cotacts Useful umbers Catalogue requests (calls are charged at 1.50 per miute at all times) Liste to the auctio live (calls are charged at 60p per miute at all times) Service provided by Essetial Iformatio Group Tel Olie Full property details Legal documet dowloads Addeda Updated guide prices Results Live lik to auctio Past auctio results Usold lots Meet the team Patrick Kerr George Walker Neil Mackilligi Seior Gregor Campbell Duca Moir Mark Gower Philip Parsos Further iformatio If you require further iformatio about buyig or sellig at oe of our auctios, please cotact: Allsop Commercial Auctio Team +44 (0) Wigmore Street, Lodo W1U 1BZ