Important notice – Pre-registration approval to bid, guide prices, reserves, additional charges, and other matters.
Pre-registration approval to bid
NALC Auctions require all bidders who wish to bid at our Auctions to register beforehand. All checks required by current anti-money laundering legislation must be satisfactorily completed as part of this process before prior approval to bid will be given. Please use the links on our website to pre-register.
Following approval to bid, the buyer named in your registration cannot be changed without consent.
- During our live auction. Whichever your method of bidding, the fall of the hammer, by the auctioneer constitutes a legally binding contract upon both the buyers – both the Buyer and the seller.
- In accepting your bid, in whatever form it is made. The Auctioneers act to faithfully execute your bidding, and assume at all times, that the buyers are satisfied as to the rules of the sale, the costs of the lot upon which the buying is bidding, and any special conditions associated with the sale of each lot.
- The Auction is subject to The RICS Common Auction Conditions, The General and special conditions of sale and Important Notice-Guide to buying at auctions. All of which are viewable within our auction Catalogues and upon this website.
- A guide price (to include a range of prices) is not an indication of the anticipated eventual selling price or a valuation; it is an indication of the minimum price (“the Reserve”) at which (or range of prices within which) the seller might be prepared to sell.
- The eventual sale price can and frequently does, exceed the guide price.
- Where a range is given, the Reserve will sit within that range and will not exceed the top end of the range. Where a single figure Guide Price is given, the Reserve will be within 10%, upwards or downwards, of that figure.
- The guide price may be subject to change up to and including the day of the auction. The latest published guide price (or range of prices) is displayed on our website, and you should check the website regularly for updates and on the day of the auction.
- All guide prices are quoted “subject to contract”.
- Please note the guide price for the Lot does not include:
– any Buyers’ Fee, sellers’ fees or Buyer’s premium charged by the auctioneers.
– VAT on the sale price.
– SDLT or any other Government taxes.
– additional costs and fees charged by the seller or third parties that might apply to some Lots and/or some buyers.
- If a guide price is listed as “TBA”, it means no guide price has been set at present.
You may call our offices to make up date enquiries about this – the guide price, or range of prices, will be published online immediately it becomes available and you should check the auction website regularly for updates and on the day of the auction.
- The reserve price is the minimum price at which the Lot can be sold.
- Whilst every effort is made to ensure that the advertised guide prices are up to date. it is possible that the reserve price set for any Lot may exceed the previously quoted guide price. This is because the seller may fix the final reserve price just before the Lot is offered for sale and you should check the websites and the auction addendum regularly for updates and on the day of the auction.
Buyers’ fees, Seller’s fees and additional charges
- For each Lot, a Buyers’ Fee is payable on the fall of the hammer to London City Auctions as follows:
– Lots sold for £10,000 or more: Buyers’ Fee of £800 inclusive of VAT
– Lots sold for less than £10,000: Buyers’ Fee of £500 inclusive of VAT
Commercial real estate lots
– All Lots: Buyers Fee £1,000 inclusive of VAT
- Additional charges and fees might be charged by the seller and/or other third parties. You are strongly advised to read the Special Conditions of Sale for each of the Lots prior to bidding to check for any additional charges and fees and to check the addendum which might also (but does not always) contain details of such amounts.
- VAT may be chargeable in addition to the sale price for the Lot. The Lot Particulars and/or the Special Conditions of Sale will indicate whether VAT applies.
- Please note that Lots may be sold or withdrawn at any time prior to the auction.
- Please note that the amount of Bidder Security (payable on application to bid at the auction may vary for each buyer) and the Buyer’s premium fees may each be varied from the standard amounts quoted by the auctioneer at the time of the auction. Please refer to the addendum, the Particulars and/or the conditions of sale and the live auction feed.
- Street plans are reproduced with the consent of Promap and include mapping data licensed from Ordnance Survey with the permission of the Controller of Her Majesty’s Stationery Office. © Crown Copyright All rights reserved. Licence number 100022432. And InfoTrack InfoTrack Limited is authorised and regulated by the Financial Conduct Authority under registration number 914586.
- The plans and photographs shown in the catalogue are included in order to assist you in locating the Lot in question. They are not to be taken as drawn to scale and any arrows on plans or photographs are merely to assist you in finding the Lot, not for the purpose of indicating legal boundaries or which direction the lot is facing.
The Auctioneers do not warrant or represent that any plans or photographs show the up-to-date position with regard to occupiers either for the Lot or for any other properties shown in such plans or photographs.