Register for Auction Information
In order to register for interest in any of our properties please email. email@example.com
Or call one of our team at head office on 01636 558200
The information contained in the documents below is intended to assist prospective buyers. Legal matters in the UK can be complex and, in addition to the Special Conditions and any addendum for the Lot, the Auctioneer Terms for Solely Online Auctions and the General Conditions from the Common Auction Conditions (or the Articles of Roup if the Lot is in Scotland) should be read and considered carefully. We strongly recommend that you instruct a solicitor to advise you.
In the meantime, we hope that the information below will help you…
Purchase agreement the written agreement, in the form set out in the Appendix to these auctioneer terms, which the auctioneers will populate, sign and date on behalf of both the seller and the buyer to confirm in writing on a legally binding basis the terms and conditions applicable to the sale and purchase of a particular lot for which a bid has been accepted via the auction.
For the avoidance of doubt, the purchase agreement may also be used to confirm on a legally binding basis the terms and conditions applicable to a sale and purchase of a particular lot that is agreed between the seller and the buyer either prior to or following the auction
Purchase price the price that the buyer agrees to pay, and the seller agrees to accept for the lot via the auction or, if the lot is not sold via the auction, the price agreed between the buyer and the seller for the lot
Registration to bid (and register to bid etc) The compulsory registration process comprising anti-money laundering checks and verification of identity, that all bidders and intended buyers must satisfactorily complete prior to being able to bid at any of our auctions.
Seller The person selling the lot. If two or more persons are jointly the seller their obligations can be enforced against them jointly or against each of them separately
User account the unique user account (consisting of user ID and password) that you will need in order to bid at the auction.
VAT Value Added Tax or other tax of a similar nature
We (and us and our) The auctioneers Website Our website at https://www.nalcauctions.co.uk / together with any other website (including any third party website embedded within or otherwise accessible via our website) which is used to allow prospective bidders to register and, subject to these auctioneer terms, participate in particular auctions
You (and your) Someone who participates in the auction, whether or not a buyer. As set out in the introduction to these auctioneer terms, if you participate in any auction on behalf of another person (as the intended buyer of a particular lot), the legal effect of you doing so is as follows: ·
You will be responsible, in your own name and not simply as agent for a third party buyer, for ensuring compliance with all obligations in these auctioneer terms relating to participation as a bidder in any auction; · You must ensure that you have all necessary authority to act on behalf of, and contractually bind and commit, the relevant buyer to all obligations set out or referred to in these auctioneer terms which expressly or by implication apply to buyers, including any conditions of sale applicable to the relevant lot. This includes authority to authorise us, the auctioneers, to enter into a written purchase agreement on behalf of the relevant buyer where you successfully bid for a lot on the buyer’s behalf.
If for any reason the person identified by you as being the intended buyer fails to comply with any obligations which expressly or by implication apply to buyers, including any circumstances in which the intended buyer disputes your authority to act and/or contract on its behalf for these purposes, you will be responsible to us for any loss we or any seller suffers as a result of that failure. This includes any failure to comply with those obligations which relate to the purchase of any lot for which you successfully bid via an auction.
Deposits taken – How they are treated.
Deposits Terms and Procedures
- What is the Deposit?
The deposit is the sum paid by the Buyer to the Seller on acceptance by the Auctioneer of the Buyer’s bid, as a guarantee that the Buyer will proceed to completion of their purchase.
If completion takes place without dispute, the sum becomes part payment of the purchase price.
At our online-only auctions, the deposit must be paid as follows: as to the bidder security, by pre authorised bank card payment or bank transfer and, as to any balance, by electronic bank transfer to our bank client account.
The deposit will be taken and held by us as stakeholder unless we expressly agree with the Seller that it is to be taken as agent for the Seller. If this is the case, it will be stated in the special conditions for the Lot.
- Stakeholder or Agent – what does it mean?
2.1 If the deposit is taken as stakeholder
The stakeholder: is effectively the agent of both Seller and Buyer in relation to the deposit. We (NALC) must not release the deposit until completion takes place.
If NALC take the deposit as stakeholder, we will keep any interest earned during the time that any part of it is held by us.
2.2 If the deposit is to be taken as agent for the Seller
The agent must: act in the best interests of the Seller in relation to the deposit
account to the Seller for interest on the deposit
release the deposit to the Seller (or, if we choose, to the Seller’s solicitors) after the auction without further reference to the Buyer, whether or not the Buyer completes their purchase.
A deposit taken as agent will, in effect, belong to the Seller as soon as it is paid to them although the Buyer may have a right to recover the deposit from the Seller if the Seller fails to complete.
Any dispute regarding whom the deposit belongs to must be resolved between the Seller and the Buyer.
- Stakeholder or Agent – which capacity applies?
At NALC Auctions, the deposit will normally be taken by us as stakeholder.
If VAT is applicable to the property, the deposit will be taken as stakeholder in any event in order to avoid creating a VAT tax point on the date of contract.
- Procedures where the deposit is taken as stakeholder
4.1. Where a deposit is paid to us as stakeholder we are at liberty, if we choose, to transfer all or part of it prior to completion to the Seller’s solicitors for them to hold as stakeholder in our place. Sometimes, the special conditions provide that we must do this. In all such cases, we will pass the deposit on after funds clearance, net of any fees and commission that will be due to us from the Seller on completion.
Any part of the deposit not so transferred will continue to be held by us in our stakeholder account pending confirmation of completion of the sale and purchase. Where we hold as stakeholder up to the completion date for the sale and purchase of the Lot,
We will release the deposit to the Seller’s solicitors on or very shortly after completion upon receipt from the Seller’s solicitors of a letter in our standard form, confirming that completion has taken place.
If completion is delayed for any reason, we will retain the deposit as stakeholder pending resolution of the delay. See below, under paragraph 4.3, for what happens to the deposit in the event of delayed
4.3. Where NALC hold a stakeholder deposit and completion is delayed:
It is not the auctioneer’s responsibility to decide which party is in breach of contract, or which party has caused delay. Consequently, in any of these circumstances, we cannot decide which party is entitled to have the deposit released to them.
In such cases, we will only release the deposit with the express consent and authority of both the Seller and the Buyer.
In circumstances were mutual consent is not forthcoming, or if there is a protracted delay in the matter being resolved, we may take legal proceedings which will involve asking the Court to hold the deposit pending a Court decision as to whom is entitled to have it.
If NALC are minded issuing proceedings and they are issued, we would usually seek costs against the party found to be in default.
Procedures where the deposit is taken as agent
After the auction, we will release the deposit, less all fees due to us, after 7 working days from the date on which the deposit was received in our client account. Release of the deposit will be without further reference to the Buyer, regardless of whether or not the
Buyer completes the purchase of the Lot.
- What happens if too much deposit has been paid?
Occasionally, an amount in respect of deposit monies that is greater than the contractually-required deposit is paid.
Please note that, in the interests of maintaining clarity in the auction buying and selling process and for administrative ease, standard policy will be followed in all cases where an amount in excess of the contractually-required deposit is received.
The policy is that any such deposit excess amount received is held in cleared funds and placed against the buyers account for their purchase.
Important notices pre-registration
Please note that charges and fees additional to the sale price might be payable by the successful buyer in respect of the lot please read the information contained below and check the special conditions of sale plus the particulars of sale and any addendum for the lot before deciding whether or not to bid.
Pre-registration approval to bid
All bidders who wish to bid need to register beforehand all checks required by current money laundering regulations must be satisfactorily completed as part of the process prior to NALC Auctions approving you to bid at our Auctions please use the links upon our website in order to fill in your pre-registration forms (hyperlink).
- Where a guide price or range of prices is given that guide price is the minimum price at which or range of prices within which the seller might be prepared to sell at on the date on which the guide price is published upon this website. The guide price will normally be at or above the reserve price. The guide price may be subject to change at any time up to and including the day of the auction the latest publish guide price or range of prices is displayed on our website and you are advised to check the website regularly for any updates alternatively you can of course call the office and speak to a member of our team on 01636 558200 for an update on the status of any particular property which you may be interested in.
- All guide prices are always quoted subject to the auction contract.
- Please note the guide price in the lot does not include any buyers fee charged by the auctioneers and the VAT on the sale price, any stamp duty land tax or any other taxes or additional fees which may be payable
- Additional costs and fees charged by the seller or third parties that might apply to some lots and also some buyers’ fees are not included within the guide price.
- if a guide price is listed to be advised that’s TBA it means no guide price has yet been set, should you be interested in this particular property please do not hesitate to call the office on 01636 558200 and the members of staff in the office will endeavour to give you the most up-to-date information.
6.The reserve price is the minimum price at which the vendor is prepared to sell the lot. Whilst every effort is made to ensure 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 our sellers do not fix their final reserve until just before the lot is offered for sale at the auction itself.
Buyers and sellers’ fees and additional charges
- For each lot a buyer’s fee is payable on the fall of the Hammer.
- NALC Auctions Ltd charge the following amounts for a residential auction. A buyers premium is chargeable in all cases subject to a minimum of £3600 plus vat in addition All lots £650 plus the VAT
- For our chattels and machinery and equipment auctions a minimum of 10% buyer’s premium on the hammer price will be charged.
- Sellers fees and additional charges might be charged by the seller and all other parties. You are strongly advised to read the special conditions of sale for the lot prior to bidding and check any additional charges and fees and to check the addendum. The addendum may but does not always contain details of any such amounts.
- Some lots (commercial property) VAT may be chargeable in addition to the sale price of the lot. The lot particulars and all the special conditions will explain whether VAT is chargeable or not.
- Other matters. Please note that lots may be sold or withdrawn at any time prior to the auction.
- Please note that the amount of security (deposit payable) per lot is variable and must be agreed with the auction department prior to bidding please refer to the addendum and the particulars and conditions of sale which will normally state the guide price and required deposit or bigger security deposit. The required deposit will normally be 10% plus any buyer’s premium
- Plans are reproduced with the consent of promap and ordnance Survey and are licensed by HM stationery office
- Plans and photographs shown in the catalogue and on this website are included in order to assist you in locating the lot in question. They are not necessarily drawn to scale and any arrows on plans or photographs are merely there to assist you in finding the lot itself and not for the purposes of indicating the legal boundary; especially when referring to Land Registry plans.
In this regard the auctioneers cannot guarantee that any plans or photographs showing up-to-date position with regard to boundaries or occupiers either of the lot or for the property shown in such plans or photographs.
Registered with HMRC for supervision under the Money Laundering Regulations. Reg No:XQML00000159968