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Auction Catalogue North East March 2020

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Auction Catalogue North East March 2020 Livestream Auction Wednesday 28th October Auction Catalogue North East March 2020 Axbridge Gardens, Newcastle NE4 8EB In this issue... Livestream Auction Success A Word From Our Director Why Auction? Success Stories How to... Bid in a Livestream Auction Starting Bid was £67,000 Sold at Auction for £100,750 33 VIEWINGS! 0191 737 1152 pattinson.co.uk/auction Livestream Auction Wednesday 28th October 2020 MNAVA Justin Beckwith Auction Director A word from our Auction Director... Justin Beckwith In the event of further local or even national lockdowns This means considerable savings for buy-to-let landlords – more likely again as cases increase rapidly and when purchasing a home, while second, third and fourth restrictions tighten across the UK – the auction market steppers will all pay no stamp duty on homes worth up will once again be in a strong position to thrive. to £500,000, compared to significant outlays before. That’s because people and auction houses have got However, buyers and sellers have been warned that used to online auctions – live streamed and interactive, but held remotely. they need to act fast – listing their homes by the end of September – to avoid missing out on the holiday. The main advantage of online auctions is the reach they As stamp duty is only paid out upon completion, if a can garner, with people bidding from all over the country. home is not completed before the March 31 deadline, The process is also transparent and immediate, which is it’s likely that normal rates of stamp duty will apply on particularly attractive to buyers, sellers and investors at said purchase. this time of continued great uncertainty. With the average house purchase taking at least a few An opportunity to take advantage of stamp duty changes months to complete, there is a chance buyers could The stamp duty holiday announced in July by the miss the deadline by going through conventional means. Chancellor Rishi Sunak, which means no stamp duty on homes worth up to £500,000, is benefiting everyone Purchasing through auction, though, takes this from second steppers and downsizers to investors and stress away, as the purchase happens within fixed landlords. timescales. Buyers could leave it much later, even into the early months of 2021, to take advantage of the While those buying a second home must still pay the stamp duty holiday by buying at auction. additional 3% stamp duty surcharge introduced in April 2016, they don’t have to pay the normal rates of stamp duty while the holiday is in play, and only have to pay For advice and assistance on buying a home at auction 3% up to £500,000 – rather than this rising to 5% and during these uncertain times, call us on 0191 737 1152. 8%, depending on the price of the home, as was the case before. Happy bidding and stay safe! To see how we can help you buy, sell and move call our auction specialistsspecialists onon 01910191 737737 11521152 oror visitvisit pattinsonauctions.co.ukpattinson.co.uk/auction 2 | Pattinson Auction Why Auction? Security Paid Entry You will have the comfort of a You have the option to pay non-refundable reservation fee £ the sales fee instead of having or deposit from any prospective the additional reservation fee purchaser. You also have the collected from the buyer. In this security of your reserve price case, a deposit will be collected which, your property won’t sell from the buyer to secure the below your agreed amount. sale. Speed Sell for Free With auction you can decide You also have the option to sell whether you would like the 0% through the Unconditional or sale to complete within 28 or Conditional routes without any 56 days. The buyer and their auction or estate agency fees. solicitor have to work within An additional reservation fee is these time-scales or the buyer collected from the buyer allowing could lose their deposit. us to give you the full auction advertising and marketing without any costs to you. SOLD FOR X OVER STARTING BID! Let’s talk auction... Pattinson Auction | 3 Auction success story Axbridge Gardens, Newcastle Upon Tyne, NE4 8EB Pair Of Flats Starting Bid was £67,000 Five Bedrooms Attention Buy To Let Investors Ideal Investment Opportunity SOLDSOLD WITH FOR 33X OVERVIEWINGS STARTING & 8 OFFERS! BID! Sold at Auction for £100,750 To see how we can help you buy, sell and move call our auction specialists on 0191 737 1152 or visit pattinsonauctions.co.uk 4 | Pattinson Auction Auction success story Axbridge Gardens, Newcastle Upon Tyne, NE4 8EB Acre Rigg Road, Peterlee, SR8 2DX Pair Of Flats Starting Bid was £67,000 Semi Detached Property Starting Bid was £60,000 Five Bedrooms Three Bedrooms Attention Buy To Let Investors Two Reception Rooms & Utility Ideal Investment Opportunity Recently Refurbished SOLD INFOR 28 DAYSX OVER WITH STARTING 11 VIEWINGS! BID! Sold at Auction for £70,250 Let’s talk auction... Pattinson Auction | 5 Livestream Auction Wednesday 28th October 2020 Definition of Auction Terms We’ve outlined the key terms of each auction lot so you know exactly what you’re bidding on. For more information speak to one of our auction specialists on 0191 737 1152 or email [email protected]. Option 1 1 Upon the fall of the gavel the buyer shall... • Exchange contracts within 28 days. • Complete the purchase within an additional 28 days of the exchange. • A non-refundable £3,600 deposit. • Pay an administration fee of £780 inc VAT. Option 2 * 2 Upon the fall of the gavel the buyer shall... • Pay a non-refundable 6% inc VAT Reservation Fee (subject to a minimum of £6,000 inc VAT). • Exchange contracts within 28 days. • Complete the purchase within an additional 28 days of the exchange. Option 3 * 3 Upon the fall of the gavel the buyer shall... • Pay a non-refundable 2.4% (inc VAT) Reservation Fee (subject to a minimum of £2,400 inc VAT). • Exchange contracts within 28 days. • Complete the purchase within an additional 28 days of the exchange. * RESERVATION FEE DENOTES A DIFFERENT SET OF CHARGES TO THE REGULAR AUCTION LOTS. RESERVATION FEE LOTS WILL BE EITHER UNCONDITIONAL OR CONDITIONAL. THE RESERVATION FEE DOES NOT CONTRIBUTE TOWARD THE PURCHASE PRICE. PLEASE READ THE DIFFERENCES BETWEEN THESE AUCTION FORMATS CAREFULLY ABOVE SO YOU UNDERSTAND THE ASSOCIATED COSTS OF EACH ONE AND THE REQUIREMENTS OF EACH AUCTION. IF YOU HAVE ANY QUESTIONS PLEASE DON’T HESITATE TO ASK A MEMBER OF STAFF. To see how we can help you buy, sell and move call our auction specialists on 0191 737 1152 or visit pattinsonauctions.co.uk 6 | Pattinson Auction Definition of Auction Terms We’ve outlined the key terms of each auction lot so you know exactly what you’re bidding on. For more information speak to one of our auction specialists on 0191 737 1152 or email [email protected]. Option 1 1 Upon the fall of the gavel the buyer shall... • Exchange contracts. Special conditions may apply. • The sale must complete within 28 days. • A 10% deposit must be paid, subject to a minimum of £3,600. • Pay an administration fee of £780 inc VAT. Option 2 * 2 Upon the fall of the gavel the buyer shall... • Pay a 5% Deposit and a 6% inc VAT Reservation Fee (subject to a minimum of £6,000 inc VAT). • Be legally bound to buy the property / lot and the vendor is legally bound to sell. • The sale must complete within 28 days (subject to any special conditions). Option 3 * 3 Upon the fall of the gavel the buyer shall... • Pay a 5% Deposit and a 2.4% inc VAT Reservation Fee (subject to a minimum of £2,400 inc VAT). • Be legally bound to buy the property / lot and the vendor is legally bound to sell. • The sale must complete within 28 days (subject to any special conditions). * RESERVATION FEE DENOTES A DIFFERENT SET OF CHARGES TO THE REGULAR AUCTION LOTS. RESERVATION FEE LOTS WILL BE EITHER UNCONDITIONAL OR CONDITIONAL. THE RESERVATION FEE DOES NOT CONTRIBUTE TOWARD THE PURCHASE PRICE. PLEASE READ THE DIFFERENCES BETWEEN THESE AUCTION FORMATS CAREFULLY ABOVE SO YOU UNDERSTAND THE ASSOCIATED COSTS OF EACH ONE AND THE REQUIREMENTS OF EACH AUCTION. IF YOU HAVE ANY QUESTIONS PLEASE DON’T HESITATE TO ASK A MEMBER OF STAFF. Let’s talk auction... Pattinson Auction | 7 Livestream Auction Wednesday 28th October 2020 How to Bid in a Livestream Auction Unsure of Auctions? How to bid... What is the difference between a start bid and a reserve price? A starting bid is simply the price the bidding begins at. The reserve price is the undisclosed amount the seller would accept for the property. The reserve ensures the property cannot be sold for less than the seller is Online prepared to accept. The reserve and starting bid are subject to change. The starting bid may be a price that the property cannot be sold for. Bid on a property on our website. What is the difference between a conditional and unconditional auction? An unconditional auction is what most people understand an auction Step to be i.e. the property is sold on the fall of a hammer. A Pattinson Auction innovation is the conditional auction which gives both parties 28 days Phone 1 (unless otherwise agreed) to exchange contracts on the property following We can telephone you to the fall of the hammer, providing sellers and buyers with a fixed time scale place a bid on your behalf. for the sale. What payment methods do you accept? Our preferred methods of payment are via debit card or BACS transfer.
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