Legal & General Auction information

Opening Bid and Reserve Price

This Property is subject to an undisclosed Reserve Price which in general will not be 10% more than the Opening Bid. The Reserve Price and Opening Bid can be subject to change. The Online Auction terms and conditions apply.

Comments

If a property is offered for sale via Online Auction which is a flexible and buyer friendly method of purchase. The purchaser will not be exchanging contracts on the fall of the virtual hammer, but will be given as specified by the seller in the terms of arrangement which can allow up to a period of 56 working days in which to exchange and complete the transaction from the date the Draft Contract is issued by the sellers solicitor. However, this can vary and conventionally terms are completed within 20 days using our turnkey legal service.

By giving a buyer time to exchange contracts on the property, normal residential finance can be arranged. The Buyer’s Premium secures the transaction and takes the property off the market. Fees paid to the Auctioneer may be considered as part of the chargeable consideration for the property and be included in the calculation for stamp duty liability. Further clarification on this must be sought from your legal representative.

The buyer will be required to give the Auctioneer authority to sign the Reservation Form on their behalf and to confirm acceptance of the Terms and Conditions prior to solicitors being instructed. Copies of the Reservation Form and all Terms and Conditions can be found in the Information Pack which can be downloaded from our website or requested from your designated Auction Consultant.

Upon close of a successful auction, or if the vendor accepts an offer during the auction, the buyer will be required to make payment of a non-refundable 10% deposit, in some cases a Buyer's Premium may be included, if specified including VAT, plus a buyer's administration charge which varies according to which Auction House the purchase takes place. This secures the transaction and takes the property off the market. Any additional fees and charges over and above this will be confirmed within the terms and conditions available on the website.

The Buyer's Premium and buyer's administration charge are in addition to the final negotiated selling price.

All buyers will be required to verify their identity and provide proof of how the purchase will be funded.

Buyer's Administration Charge

If the Buyer Information Pack has been produced and provided by ACL any instigated purchaser will be required to pay £299 (including VAT) towards the cost of the verification of the legal pack prior to purchase to ensure the successful agreed property initiation to exchange. These can then be used by your solicitor to progress the sale to completion.

Buyer Fees

There are no other fees or charges payable to the Auctioneer however, there are other costs to consider such as:

You will need a Solicitor to act for you during the conveyancing and your Solicitor will advise you in relation to the associated costs. If you do not have a Solicitor, we can recommend our turnkey services of one of our Panel Solicitors who are all selected for their expertise in Auction Transactions. 

Stamp Duty Land Tax (SDLT) is applicable if you buy a property or land over a certain price in England, Wales or Northern Ireland. 

Pursue the lots
We will supply a list of upcoming auction events based on the current month's activities based on your underlining criteria. We will also provide a list of vendor partner links of properties to look through the catalogues and identify those lots that may be of interest. Note that some properties are offered with vacant possession, some are tenanted and some may be part-vacant.

Guide prices
Every property has a Guide price that is published in the auction catalogue. The guide price is an indication of what the seller expects to achieve and is therefore subject to change. The guide price is not the price at which the property will necessarily sell and it is not uncommon for properties to sell for a considerable amount above the guide price.

Addendum (Important Changes to the published information)
Occasionally there will be changes to the property information published using the links provided to view the list properties in the vendors catalogue. These changes are published in the Addendum and can obtained from our offices at any time before the auction.

View the property
Viewings are arranged directly with the auctioneers or their joint agents. Where properties are tenanted, viewings are normally not arranged so interested parties are advised to contact the tenants directly to arrange a convenient time for viewing.

Register your interest
If you find a property which is of interest please note the Auction vendor and the respective LOT No. And let us know so that we are able to contact you if the property is withdrawn or sold prior to the auction and advise next steps.

Obtain legal documentation
The vendor’s solicitors prepare legal packs containing (where applicable) special conditions of sale, title deeds, leases, office copy entries, searches, replies to pre-contract enquiries which are normally available to be sent by post for a small charge. 

To order a legal pack, simply call our offices on 020 3740 8886 or call your assign ACL Representative stated below. If you wish to peruse the legal packs in our offices then this can be arranged too. Legal packs will usually be available for inspection in the auction room or online. Remember that you buy subject to all documentation and terms of contract whether or not you have read them. 

Note: We will advise on the conventional method we use on obtaining the legal pack and to have it checked by one of our Conservancy Solicitors we recommend.

Obtain a survey
If you decide to have a survey done, please ask your surveyor to call us directly to make arrangements for access to the property.

Arrange your finance - We offer a range of funding, finance and mortgage options
If you need to arrange a mortgage or it is important that you obtain an offer from your lender in principle before the auction day. Most building societies and banks will wish to instruct a surveyor to prepare a valuation report before making a mortgage offer so you will need to make your mortgage application as early as possible. You will usually need to complete your purchase up to 20 working days after the day of the auction. You should discuss this with your lenders to make sure that this will not be a problem.

Find out whether the property is still available
We strongly advise potential purchasers either to look on our website or call us or liaise with your designated auction Consultant on the day before the auction to make sure that the lots in which they are interested are still available.

Understand all terms & conditions
Buying property at auction is different to buying property privately and we strongly advise potential purchasers to check that they have read and understood all the various legal documents and terms & conditions.

Making an offer prior to the auction
You can make an offer (which should be in writing, by fax or by email) for a property at any time up to the date of the auction, but if your offer is accepted you will have to be in a position to exchange contracts and pay your deposit immediately.

Telephone & Proxy Bidding
If you are unable to attend the auction sale, we can undertake this for you, you can of course bid by telephone (in real time while the auction is taking place) or by proxy (where you specify your maximum bid in writing and we as the auctioneer bids on your behalf). 

In each case we need a completed registration form and a cheque to cover your deposit which is typically 10% of the selling price and buyer’s fee prior to the date of the auction as mentioned.

Energy Performance Certificate (EPCs) information:

Many clients are unfamiliar with the term 'EPC' which may appear several times within the Legal Pack.

An EPC is broadly like the labels provided with domestic appliances such as refrigerators and washing machines. Its purpose is to record how energy efficient a property is as a building. 

The certificate will provide a rating of the energy efficiency and carbon emissions of a building from A to G, where A is very efficient, and G is inefficient. The data required to allow the calculation of an EPC includes the age and construction of the building, its insulation and heating method. EPCs are produced using standard methods with standard assumptions about energy usage so that the energy efficiency of one building can easily be compared with another building of the same type. The Energy Performance of Buildings Directive (EPBD) requires that all buildings have an EPC when they are marketed for sale or for let, or when houses are newly built. 

EPCs are valid for 10 years, or until a newer EPC is prepared. During this period the EPC may be made available to buyers or new tenants.

We would like to invite you to call one of our representatives to register your interest.

Please register to gain access to your representative at the earliest convenience to arrange a registration with our company, thereafter we can pursue your journey ACL to successfully achieved objectives. 

Join our family TODAY!...

We certainly look forward to welcoming you.

Mission Statement:

Sustainable property portfolio wealth development – exceeding client's expectations whilst delivering proven Strategy solutions using Tomorrows' Technologies today!