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Buying at Auction

    The main advantages in purchasing from a Besley Hill Auction Sale are:

    •  Professional, experienced staff able to answer any queries and offer full advice on all lots.
    •  Regular viewings leading up to the sale with time to arrange a valuation and survey.
    •  Full legal packs are available for inspection before the auction date.
    •  Transparent transaction.
    •  Exchange of contracts on the fall of the hammer.
    •  28 day completion (unless stated otherwise in the contract).

    You will need to bring the following items if you are planning to bid at Auction:

    • Cheque or bankers draft for 10% deposit (made payable to the acting solicitor). CASH IS NOT ACCEPTABLE.
    • Your legal representative’s details.
    • Two forms of identification i.e. passport, drivers licence together with evidence of address to comply with current Government Anti Money Laundering Legislation.

    Administration Charge

    Please note all lots are subject to a Administration Charge in the sum of £400.00 (plus VAT @ 20%) payable to Besley Hill at the same time as the 10% deposit.

    Auction Procedure – an overview

    • Announcements regarding individual lots are made at the beginning of the auction so an early arrival is advised.
    • Each property is offered for sale subject to a reserve price.
    • All parties are entitled to bid, any disputes may result in the property being re-offered for sale or withdrawn.
    • Bidding must be clear and made in good time.
    • On a successful bid the fall of the auctioneer's hammer denotes a binding contract to buy the property.
    • After the auction a Memorandum of Sale and any Addendum must be signed.
    • Deposit for any property purchased is 10% (bankers draft or guaranteed cheque, made payable to the vendor's solicitor). Cash is NOT acceptable.
    • All buyers are required by law to provide proof of identity and address.
    • Responsibility for insurance of any property bought begins on completion.
    • Completion usually takes place 28 days from the date of the auction, unless otherwise stated by the vendor's solicitor.

    Guide Price and Reserve Clarification

    This catalogue contains details about properties being sold at auction. Those details are subject to change up to and including the day of the auction. Please check our website regularly at: [www.besleyhillsurveyit.co.uk], and look out for any additional materials available on the day of the auction, in order to stay fully informed with the up to date information.

    GUIDE PRICE

    An indication of the seller's current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

    RESERVE PRICE

    The seller's minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.