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Under The Hammer Article September 2016

AUTUMN SALE AND LEGAL MATTERS

Following some preliminary coverage, we now commence our main autumn advertising campaign today for the sale at the beginning of October.

 Activity has been high in recent weeks and we expect to be busy and are delighted that once again we have put together a catalogue with a wide range of opportunities.  Variety makes for a good auction and we certainly have that, with four country cottages in need of renovation included, together with three city houses in the golden triangle (again in need of updating), plus flats, land, a grain store in a delightful rural spot, a former electricity sub-station plus a holiday chalet on the East Norfolk coast.  So lots of different types of property to whet the appetite!

 

 A quick update on some of the legal matters could be relevant that relate to auctions and will in particular help readers who want to know more about this method of sale.

 

 The Auction Catalogue

 

The General or Common Auction Conditions of Sale set out information relating to the lots and these should be read in detail.  Information will relate to all the lots and include items such as deposit required, insurance obligations, title and completion.  Where commercial property is being sold, matters such as VAT, Landlord and Tenant Act, service charge, rent review and tenancy renewals will also be important. 

 Special Conditions of Sale

 

These are drawn up by the solicitors and form part of the legal pack for each lot.  A good agent will always work alongside a solicitor and those people interested in buying will want to know all about the detail, including boundaries, covenants and any specific factors that relate to an individual lot.  Special conditions of sale form part of the legal pack which will be available on our website shortly in respect of this sale.

 Finance

 

We always remind people that it is their responsibility to arrange their own finance and ensure that prior to bidding at auction they are in a position to complete on any purchase on the specified completion date.

Money Laundering

 

The regulations have been with us since 1st March 2004 and it is a requirement for buyers attending an auction to produce documentation confirming identity.  Usually a passport or driving licence together with confirmation of address in the form of a recent utility bill or similar will be required.

 It is hard work putting the auction lots together but we enjoy doing the best we can for our clients whilst continuing to remind buyers and sellers alike why we think the auction process works for everyone.

 

 Please contact the auction team here for further information on any of the lots or how we can help in any way.