AUCTION THURSDAY 14th JULY 2016 11:00 AM
LOCATION ASTON VILLA FOOTBALL CLUB VILLA PARK BIRMINGHAM B6 6HE
0121 247 2233 [email protected] www.cottons.co.uk 14th JULY 2016 14th JULY Important notice to be read by all bidders 7. We the Auctioneers may refuse to accept a bid. We do not have to explain why. If there is a dispute over bidding we are entitled to resolve it and our decision is final. Unless Condition of Sale stated otherwise, each lot is subject to a reserve price. If no bid equals or exceeds that Each Property/Lot will, unless previously withdrawn, be sold subject to the special and reserve price the lot will be withdrawn from the auction. The seller may bid (or ask us general conditions of sale which have been prepared by the Vendors Solicitors. These or another agent to bid on the seller’s behalf) up to the reserve price but not make a bid conditions are available for inspection prior to the auction sale at the Vendors Solicitors equal to or exceeding the reserve price. You accept that it is possible that all bids up to and Auctioneers offices and online at www.cottons.co.uk and will also be available for the reserve price are bids made by or on behalf of the seller. inspection in the sale room on the day of the auction, but they will NOT then be read. 8. At the fall of the hammer the property is legally sold and the purchaser is liable for The purchaser shall be deemed to bid upon these terms whether they have inspected the insuring the property they have purchased under the terms of the auction contract. The conditions or not Auctioneers can arrange through their special ”Auction Block Policy” insurance cover for 28 days from the auction date. This insurance is subject to receipt of instructions from Auctioneers Advice the purchaser within 30 minutes of the sale, and subject to normal underwriting criteria. If your bid is successful, you will have entered into a binding contract to purchase that 9. At the fall of the hammer, the successful bidder must immediately present to the particular Lot. It is therefore important that you consider the following: Auctioneers staff their name, address and solicitors details, and if bidding on behalf of a 1. It is important for you to view the property and satisfy yourself as to the condition, third party, the name and address of the person or company, on whose behalf they have obtaining any Surveyors reports you may feel appropriate. Viewing arrangements for each been bidding. Proof of identity is required, so ensure that you bring with you a Driving Lot are shown in the catalogue. Inspection of investment properties, is by courtesy of the Licence, Passport or other acceptable form of identification. tenant(s) and full consideration should be given to their occupancy. 10. The successful bidder will be required to sign a contract and to deposit 10% of the 2. It is assumed that interested parties have carefully inspected the relevant properties purchase price or successful bid before leaving the auction room. If the purchaser fails to and made appropriate pre-contract searches and enquiries. You are advised to instruct comply with this condition, the money deposited, in part payment or the full purchase your legal adviser to make these enquiries on your behalf. It is strongly recommended price, if this has been paid by the purchaser, shall be forfeited and any or all of the Lots that prospective purchasers check the Auction particulars to satisfy themselves of the may, at the discretion of the Auctioneers, be re-sold by public or private sale and any accuracy of all measurements, descriptions, statements etc and to confirm for their deficiency, together with all costs, attending such a re-sale, shall be made good by the own purpose, any fixtures, fittings or contents present in the property, which are to defaulter at this sale. be included or excluded from the sale. All measurements and areas referred to in these particulars are approximate only. Neither the Auctioneers nor the Vendor(s) 11. If any question should arise, not provided for in any of the conditions, the are responsible for errors in description of any Lot or for any fault or defect, giving Auctioneers shall decide the same and their decision shall be final. no warranty whatsoever, the buyers being held to have satisfied themselves as to 12. The Auctioneers reserve the right to photograph successful bidders for security the condition and description of the Lots before bidding. All information relating to purposes. investment properties has been provided by the vendors or agents acting on their behalf and whilst deemed to be accurate the auctioneers can provide no guarantees to 13. The successful bidder will be required to pay an Administration Fee of £695 + VAT, this effect. All interested parties must satisfy themselves that the tenancy information in addition to the 10% deposit (subject to a minimum deposit of £2000), being payable contained within the auction catalogue is correct and bid on this basis. on each lot purchased whether purchasing prior, during or after auction, except for Lots 3. The Auctioneers and/or Vendor(s) reserves the right to sell or withdraw any lot prior with a purchase price of £10,000 or less, then the fee will be £195 + VAT. to the auction sale and cannot be held responsible for any abortive costs, losses or 14. Value Added Tax: It is the responsibility of all bidders to inspect the legal packs and damages of a prospective purchaser. We would strongly recommend that you telephone make their own enquires relating to whether or not VAT will be charged in addition to on the day prior to the auction sale to confirm that the property you are interested in, the purchase price for a particular Lot. is still for sale. 4. Some lots may be subject to last minute changes or corrections given on the day of 15. If you have never been to an auction or require more information about a particular the auction by way of addendum. Lot, you are welcome to contact our office with any enquiries which you may have. All bidders are reminded that it is their responsibility to inspect the legal packs to satisfy 5. The Auctioneers provide no guarantee nor have they tested any of the services, themselves that they are fully aware of all terms and conditions including any Auctioneers sanitary fitments, drains and any other pipework, appliances, heating systems and electrical or Solicitors fees/costs and Disbursements for which they are responsible, completion fitments. Prospective purchasers are advised to undertake their own investigations. dates and other relevant matters that they will be obliged to comply with once they 6. It is important that any finance arrangements are made well in advance of the auction have successfully purchased the property. The auctioneers assume that by bidding for a date, as you will normally be expected to complete the sale within 28 days thereafter. property you have made all appropriate enquiries. IMPORTANT NOTICE with required identification documents for both the successful bidder and for the third party, together with the third party’s written authority under All Bidders must arrive at the Auction with the required Identification which the bid has been made. Documents and an appropriate means of Deposit Payment. Full details are outlined below. If you fail to comply with these requirements, we will If bidding for a company evidence of the company’s incorporation, be unable to register you for Bidding. directorships and required identification documents for the authorised officer together with written authority to bid should be provided. Proceeds of Crime Act 2002/ The successful bidder will be required to sign a contract and to deposit Money Laundering Regulations 2003 10% of the purchase price or successful bid and pay the auctioneer’s administration fee before leaving the auction room. Money Laundering Regulations were introduced by the Government from 1st March 2004 governing the way in which auction deposits are taken. If you have questions regarding deposit payment or relating to the documentation required, then please do not hesitate to contact the To comply with this Act, we require all purchasers to pay their deposit by auction department prior to the sale day. any of the following methods: • Bank/Building Society Draft Misrepresentation Act • Personal/Company Cheque (All cheques must The Auctioneers for themselves and for the Vendors or Lessors of the be accompanied by a Bank/Building Society property, whose agents they are, give notice that: statement showing proof of funds) 1. The particulars are set out as a general outline only for the guidance • Debit/Credit Card Payments of intending purchasers or lessees, and do not constitute nor constitute part of any offer or contract. All purchasers are requested to ensure that cleared funds are available on 2. All descriptions, dimensions, references to conditions and necessary the day of the auction which may entail a transfer of funds to their bank permissions for use and occupation and any other details are given in account three days before the auction. good faith and are believed to be correct. Any intending purchasers or tenants should not rely on them as statements or representations of Credit card or Business card Payments fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. Payment by credit card or debit card is acceptable. For payments by credit 3. No person in the employment of the Auctioneers has authority to card or by a card linked to a business or corporate account a 2.00% make any or give any representation or warranty whatever in relation to surcharge is payable. these properties. Please note we only accept Visa and MasterCard. All cards must be Chip & Pin enabled. Definition Definition of Guide Prices ID The guide price is an indication of the seller’s current minimum price expectation at auction and the guide price, or range of guide prices, is given to All purchasers will be required to provide proof of both their Identity assist prospective purchasers. The guide price can be adjusted by the seller at and Current Address. We require that all parties intending to bid for any any time up to the day of the auction in light of the interest shown during the properties, must bring with them the following items: marketing period and bidders will be notified of this change on our website and by the auctioneer prior to the lot being offered. • Full UK Passport or Photo Driving Licence (for identification) Definition of Reserve Price • Either a Recent Utility Bill, Council Tax Bill or Bank The reserve price is the seller’s minimum acceptable price at auction and the Statement (as proof of your residential address) figure below which the auctioneer cannot sell. It is usual, but not always the case that a provisional reserve is agreed between the seller and the auctioneer at the start of marketing and the Final Reserve Price will be agreed between Third Party Bidding the auctioneer and the seller prior to the auction sale. Whilst the reserve If bidding on behalf of a third party, the bidder must provide the name price is confidential it will usually be set within the quoted guide range and in and address of that third party on whose behalf they are bidding, together any event will not exceed the highest quoted guide price. A Collective Auction Sale of 45 LOTS Order of Sale Comprising of a range of Residential and Commercial, Vacant and Investment properties and Land and Development Opportunities. By instruction of a variety of Vendors including LPA Receivers, Solicitors, Joint Property Agents, Companies and Private Clients.
1 11 COLMORE DRIVE, SUTTON COLDFIELD, WEST MIDLANDS B75 7RQ Freehold Vacant Residential 37 80 NEWBURY LANE, OLDBURY, WEST MIDLANDS B69 1HF Freehold Vacant Residential
2 129 WHARFDALE ROAD, TYSELEY, BIRMINGHAM B11 2DB Freehold Vacant Residential 38 71 REGENCY HOUSE, NASH SQUARE, BIRMINGHAM, B42 2EX Leasehold Vacant Residential
3 296 NEWBURY LANE, OLDBURY, WEST MIDLANDS B69 1JJ Freehold Vacant Residential 39 46 PARK STREET SOUTH, WOLVERHAMPTON, WV2 3JG Freehold Commercial Investment
4 127 WRIGHTS LANE, CRADLEY HEATH, WEST MIDLANDS B64 6RH Freehold Vacant Residential 40 FORMER SWAN HOTEL, BRIDGE STREET, KNIGHTON, POWYS LD7 1BG Freehold Commercial Investment
5 9 LAND LANE, MARSTON GREEN, BIRMINGHAM, B37 7DE Freehold Commercial Investment 41 84 SANDWELL ROAD, HANDSWORTH, BIRMINGHAM, B21 8PS Freehold Vacant Residential
6 37 FARNDALE AVENUE, WOLVERHAMPTON, WV6 0TG Freehold Vacant Residential 42 53 HARROWBY PLACE, WILLENHALL, WEST MIDLANDS WV13 2RA Freehold Vacant Residential
7 3 LLOYD STREET, DUDLEY,WEST MIDLANDS DY2 8NG Freehold Vacant Residential 43 70 NURSERY ROAD, HOCKLEY, BIRMINGHAM, B19 2YA Freehold Vacant Commercial
8 92 TALBOT STREET,HOCKLEY, BIRMINGHAM, B18 5DG Freehold Vacant Residential 44 11 SHIPWAY ROAD, HAY MILLS, BIRMINGHAM, B25 8DS Freehold Residential Investment
9 22 PROVIDENCE LANE, WALSALL, WS3 2AQ Freehold Vacant Residential 45 25 EASTERN ROAD, SUTTON COLDFIELD, WEST MIDLANDS B73 5PA Freehold Vacant Residential
10 73 JUNCTION ROAD, LYE, STOURBRIDGE, WEST MIDLANDS DY9 7NN Freehold Pt Vacant Commercial Auctioneers 11 32 & 33 BRADFORD STREET & 2 BRADFORD LANE , WALSALL, WS1 3QA Freehold Commercial Pt Investment Andrew J. Barden MRICS, FNAVA, John Day FRICS, FNAVA, 12 11 ADAMS CLOSE, SMETHWICK, WEST MIDLANDS B66 1HD Leasehold Residential Investment Kenneth F. Davis FRICS
13 4 WHEELER STREET, NEWTOWN, BIRMINGHAM, B19 2ER Leasehold Commercial Investment Valuers: Ian M. Axon, Stephen, D. Sutton B.Sc. (Est.Man.) FRICS Dan O’Malley B.Sc. (Hons.) HND 14 70 WYCKHAM ROAD, CASTLE BROMWICH, BIRMINGHAM, B36 0HS Freehold Vacant Residential Auction Manager: Sue Worrall 15 2 RIAN COURT, SURFEIT HILL ROAD, CRADLEY HEATH, B64 7DN Freehold Vacant Residential Auction Team: Richard Longden B.Sc.(Hons.) MRICS, Nada 16 27 BRADFORD STREET, WALSALL, WS1 1PN Freehold Vacant Commercial Turton B.A, Julie Murphy, Sharron Sheldon, John Askam B.A, 17 565 COVENTRY ROAD, SMALL HEATH, BIRMINGHAM, B10 0LP Freehold Commercial Investment Joanne Palmer, Laura Steventon B.A, Jason Coombes B.A, Andrew Smith, Nick Burton, Richard Gaines, Kevin Hogan, Trish Doyle. 18 33 MARKET PLACE, WILLENHALL, WEST MIDLANDS WV13 2AA Freehold Development Opportunity
19 LAND R/O 16-22 SOUTHWICK ROAD, SHELL CORNER, HALESOWEN, B62 9ET Freehold Garage Yard Investment
20 GARAGES 1 - 11 AULTON ROAD/SLADE ROAD, SUTTON COLDFIELD B75 5PB Leasehold Garage Yard Investment IMPORTANT NOTICE
21 25 THORNE ROAD, WILLENHALL, WEST MIDLANDS WV13 1AT Freehold Vacant Residential FOR PURCHASERS AT AUCTION
22 1004 STRATFORD ROAD, HALL GREEN, BIRMINGHAM, B28 8BJ Freehold Residential Investment All Bidders must arrive at the Auction with the required Identification Documents and appropriate means of Deposit 23 143 OSBORN ROAD, SPARKHILL, BIRMINGHAM, B11 1TT Freehold Vacant Residential Payment. If you fail to comply with these requirements, you will be unable to bid. 24 17 LYSWAYS STREET, WALSALL, WS1 3AG Freehold Vacant Residential ID REQUIREMENTS 25 8 CREMORNE WALK, CREMORNE ROAD, SUTTON COLDFIELD, B75 5AL Leasehold Vacant Residential • Full UK Passport or Photo Driving Licence 26 MEADOW COTTAGE, MEASHAM ROAD, PACKINGTON, LE65 1WQ Freehold Vacant Residential • Recent Utility Bill, Council Tax Bill, or Bank Statement (not a mobile phone bill) 27 8 THE DRIVE, COUNTESTHORPE, LEICESTER, LE8 5PB Freehold Vacant Residential DEPOSIT/PAYMENT METHODS 28 169 BROOKSIDE LANE, STONE, STAFFORDSHIRE ST15 0HZ Leasehold Vacant Residential • Bank/Building Society Draft 29 43 SMESTOW STREET, WOLVERHAMPTON, WEST MIDLANDS WV10 9AB Freehold Residential Investment • Personal/Company Cheque • Debit/Credit Card 30 151 DUDLEY ROAD, WINSON GREEN, BIRMINGHAM, B18 7QY Freehold Commercial Investment A surcharge of 2.00% is payable for all credit cards and any card associated 31 LAND REAR OF 58 OSMASTON ROAD, DERBY, DE1 2HZ Freehold Land/ Car Park with a business account
32 8 WESTBOURNE ROAD, WALSALL, WEST MIDLANDS WS4 2JA Freehold Vacant Residential Please note we only accept Visa and MasterCard
33 6 ORCHARD GROVE, DUDLEY, WEST MIDLANDS DY3 2UU Freehold Residential Investment All cards must be Chip & Pin enabled
34 6 OSBOURNE CLOSE, ASTON, BIRMINGHAM, B6 5UL Leasehold Residential Investment AUCTIONEER’S ADMINISTRATION FEE Immediately following your successful auction bid you are 35 11 SPRIG CROFT, BROMFORD, BIRMINGHAM, B36 8UT Freehold Residential Investment required to pay the auctioneer’s administration charge as detailed in the auction catalogue 1 36 179 WOLVERHAMPTON STREET, DUDLEY, WEST MIDLANDS DY1 3AD Freehold Vacant Restaurant 1(;7 $8&7,21 7+ 6(37(0%(5
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DEPOSITS AND ADMINISTRATION FEE
On the fall of the hammer the successful bidder will be deemed to have legally purchased the lot and will be required to pay a deposit representing 10% of the purchase price (subject to a minimum of £2000) and in addition an Administration fee of £695 + VAT being payable on each lot purchased whether purchasing prior, during or after auction, except for lots with a purchase price of £10,000 or less then the fee will be £195 + VAT. All bidders must ensure that when arriving in the sale room that they have sufficient means to pay the required monies should their bid be successful.
Auction deposits may be paid by the following methods
Debit/Credit Card Payment by credit card or debit card is acceptable. For payments by credit card or by a card linked to a business or corporate account a 2.00% surcharge is payable.
Personal/Company Cheque/Bank or Building Society Draft (cheques payments must be accompanied by a Bank/Building Society Statement showing proof of funds)s)
All purchasers are requested to ensure that cleared funds are available on the day of the auction which may entail a transfer of funds to their bank account three days before the auction.
If you need any help please contact the Auction Team Tel 0121 247 2233
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It is therefore your responsibility to consult your legal advisor and to have inspected the legal documentation which has been prepared for each lot by the vendor’s solicitors prior to the Auction. 8LI0IKEP4EGOMWEZEMPEFPIEXXLI%YGXMSRIIVWSJ½GIWERH[IFWMXIHYVMRKXLIQEVOIXMRKTIVMSHERHMR XLIEYGXMSRVSSQSRXLIWEPIHE]&]FMHHMRK]SYEVIHIIQIHF]XLI%YGXMSRIIVWXSLEZIWEXMW½IH yourself in respect of all matters relating to that property. 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Scott Hendry Call us on 0161 933 7155. togethermoney.com For professional use only. Together is a trading style of Auction Finance Limited. Auction Finance Limited is registered in England and Wales - Company Registration Number 04949929. Registered offi ce address: Lake View, Lakeside, Cheadle, Cheshire SK8 3GW. 1(;7 $8&7,21 7+ 6(37(0%(5 )UHHKROG 9DFDQW 3RVVHVVLRQ /27 *XLGH 3ULFH 7DOERW 6WUHHW +RFNOH\ %LUPLQJKDP :HVW¬0LGODQGV %¬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nce you have successfully bid for a property you will be required to present the Auctioneers with the following ID: *YPP9/4EWWTSVXSV4LSXS(VMZMRK0MGIRGI *SVMHIRXM½GEXMSR Plus a Recent Utility Bill, Council Tax Bill or Bank Statement EWTVSSJSJ]SYVVIWMHIRXMEPEHHVIWW All bidders are required to register with ourselves prior to the commencement of the auction and would request [LIVITSWWMFPIXLEXTSXIRXMEPTYVGLEWIVWZMWMXSYVSJ½GIW along with the necessary ID and pre-register. 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IXUWKHU EHQHILWV IURP KDYLQJ D VHPL GHWDFKHG JDUDUJH DOORZLQJ IRU VHFXUH RII URDG SDUNLQJ 5LDQ &RXUW LV D JDWHG SULYDWH FXOGH VDF FRQVLVWLQJ RI IRXU GHWDFKHG EXQJDORZV ORFDWHG RII 6XUIHLW +LOO 5RDG ZKLFK LQ WXUQ LV IRXQG RII &RUQJUHDYHV 5RDG $FFRPPRGDWLRQ *URXQG )ORRU (QWUDQFH +DOOZD\ /RXQJH .LWFKHQ'LQHU 7ZR %HGURRPV DQG %DWKURRP KDYLQJ SDQHOOHG EDWK ZDVK EDVLQ DQG :& 2XWVLGH )URQW /DZQHG IRUHJDUGHQ DQG JDUDJH ORFDWHG LQ D VHSDUDWH EORFN 5HDU *DUGHQ /HJDO 'RFXPHQWV ² $YDLODEOH DW ZZZFRWWRQVFRXN 9LHZLQJV 9LD &RWWRQV ² RESIDENTIAL SSALESALES As well as assisting clients selling via auction, Cottons have a specialist Estate Agency team dedicated to marketing properties for sale on the open market via private treaty. 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Where you see the icon on the website you will be able to download the documents. Service Provided By The Essential Information Group Ltd www.eigroup.co.uk 0870 112 30 40 Please note all Legal Packs are available on our website and all parties wishing to inspect a Legal Pack must register their correct details and password with the site. The Legal Packs are updated regularly during our marketing but documents may be added or changed during this period prior to the auction. Whilst we will endeavour to inform all persons registered for Legal Packs of any changes it is the responsibility of all bidders to re-check the Legal Packs for any changes prior to bidding and the Auctioneers/ Vendors accept no liability whatsoever for a bidder not adhering to this advise. 5HIHU WR *XLGH DQG 5HVHUYH 3ULFH 'HILQLWLRQV RQ ,QVLGH &RYHU 1(;7 $8&7,21 7+ 6(37(0%(5 )UHHKROG 9DFDQW 3RVVHVVLRQ /27 *XLGH 3ULFH (DVWHUQ 5RDG 6XWWRQ¬&ROGILHOG :HVW¬0LGODQGV %¬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² /HJDO 'RFXPHQWV $YDLODEOH DW ZZZFRWWRQVFRXN 7KLVSODQLVIRULGHQWLILFDWLRQSXUSRVHVRQO\3OHDVHUHIHUWRWKH/HJDO3DFNIRUFRQILUPDWLRQRIWKHH[DFWERXQGDULHV 5HIHU WR *XLGH DQG 5HVHUYH 3ULFH 'HILQLWLRQV RQ ,QVLGH &RYHU CLOSING DATE 10TH AUGUST 2016 Lot 5 Lot 10 Lot 13 Lot 16 Lot 17 Energy Performance Certi½ cate The EPC for this property was commissioned on 28th June 2016 This will be added to the Legal Pack and available on our website. Lot 18 Lot 30 Lot 36 Lot 39 Lot 40 Lot 43 MAILING LIST We are currently updating our mailing list so, if you require a catalogue for our next auction on TUESDAY 6 th SEPTEMBER 2016 at Aston Villa Football Club, Aston Villa, Birmingham. Please complete the slip found at the back of this Viewing Schedule, and hand it to us at the auction or post it to us at the address provided. NEXT AUCTION 6TH SEPTEMBER 2016 PROXY BID FORM / TELEPHONE BID FORM Bidders unable to attend the auction may appoint Cottons to act as agent payment details and also for information relating to the contract and legal and bid on their behalf. Please read all Conditions Of Sale (inside front cover packs for your required lots, as you will be required to sign a copy of the of catalogue) and Terms and Conditions of Proxy/Telephone Bids below. contract 24 hours prior to the auction. Complete, sign and return the attached form along with the deposit payment Upon receipt of your instruction to set up either a Telephone or a Proxy for 10% of your highest proxy bid or 10% of the higher guide price for Bid you will be sent a copy of the relevant contract and the Auctioneers a telephone bid, (minimum of £2,000). We require deposits to be held in administration fee documentation to be signed. cleared funds 24 hours before the auction. Please contact us to arrange for TYPE OF BID BIDDER INFORMATION TELEPHONE PROXY LOT (please one tick) (please one tick) Address BIDDER INFORMATION Name Address Maximum Bid (proxy bid) Maximum Bid Contact Number (words) Contact Number for DEPOSIT telephone bid on Auction Day Deposit SOLICITOR INFORMATION Name (10% of max bid for proxy bid or 10% of top guide price for telephone bid) Address Deposit (words) I confi rm that I have read all Terms & Conditions. Signed Telephone Number Date Contact TERMS & CONDITIONS The form is to be completed in full, signed and returned to Cottons Chartered The Maximum bid price on proxy bids must be an exact fi gure. Surveyors, Cavendish House, 359 - 361 Hagley Road, Edgbaston, Birmingham, B17 8DL. Tel: 0121 247 2233, no later than 24 hours prior to the Auction date. Telephone bids - Cottons will attempt to contact the bidder approximately 5-10 minutes prior to the Lot being auctioned. In the event of non-connection The bidder shall be deemed to have read all Conditions Of Sale (inside cover of or break down of the telephone link, Cottons accept no liability whatsoever catalogue) and Terms & Conditions of Proxy/Telephone Bids and undertaken and will not be held responsible for any loss, costs or damages incurred by an necessary professional and legal advice relating to the relevant lot. the bidder. It is the bidders responsibility to ensure Cottons have received the signed Cottons make no charge for the Proxy/Telephone bid service and reserve bidding form and deposit, by ringing the telephone No, above. the right not to bid on behalf of any telephone/proxy bid for any reason whatsoever, and give no warranty, or guarantee and accept no liability for The bidder shall be deemed to have made any enquiries and have knowledge any bid not being made. of any amendments of the lot prior to and from the Rostrum on the day of the auction. Deposit for lots, which do not have a guide price should be negotiated with the auctioneer. Please contact 0121 247 2233. The Proxy/Telephone bidder appoints the auctioneer as agent and authorises the auctioneer to bid with his absolute discretion. If bid is successful, deposit cheque and details will be given to the relevant solicitor and you will be contacted as soon as possible after the lot has been The auctioneer will not bid on proxy bids beyond the maximum authorised auctioned. bid. Any amendment to the bid must be made in writing prior to the auction, or placed into the hands of the auctioneer on the day of the auction. lf bid is unsuccessful your deposit will be returned to you as soon as possible after the auction. The seller agrees to sell and the buyer agrees to Sale Memorandum buy the lot for the price. This agreement is subject to the conditions so far as they apply to the lot. Date We acknowledge receipt of the deposit Name and address of seller Signed by the buyer Signed by us as agent for the seller Name and address of buyer The buyer’s conveyancer is The lot Name Address The price (excluding any VAT) Contact Deposit paid Common Auction Conditions for Auction of (a) matters registered or capable of registration as local land charges; (b) matters registered or capable of registration by any competent authority or under the provisions of any statute; Real Estate in England & Wales (c) notices, orders, demands, proposals and requirements of any competent authority; (d) charges, notices, orders, restrictions, agreements and other matters relating to town and country planning, highways (Edition 3 August 2009) Reproduced with the consent of the RICS No responsibility or public health; for loss occasioned to any person acting or refraining. From auction as a result of (e) rights, easements, quasi-easements, and wayleaves; the material included in this publication can be accepted by the author or publisher. (f) outgoings and other liabilities; © Royal Institution of Chartered Surveyors August 2009 (g) any interest which overrides, within the meaning of the Land Registration Act 2002; (h) matters that ought to be disclosed by the searches and enquiries a prudent buyer would make, whether or not the A1 Introduction buyer has made them; and A1.1 Words in bold blue type have special meanings, which are defi ned in the Glossary. (i) anything the seller does not and could not reasonably know about. A1.2 The catalogue is issued only on the basis that you accept these auction conduct conditions. They govern our G1.5 Where anything subject to which the lot is sold would expose the seller to liability the buyer is to comply with it relationship with you and cannot be disapplied or varied by the sale conditions (even by a condition purporting to and indemnify the seller against that liability. replace the whole of the Common Auction Conditions). They can be varied only if we agree. G1.6 The seller must notify the buyer of any notices, orders, demands, proposals and requirements of any competent A2 Our role authority of which it learns after the contract date but the buyer must comply with them and keep the seller A2.1 As agents for each seller we have authority to: indemnifi ed. (a) prepare the catalogue from information supplied by or on behalf of each seller; G1.7 The lot does not include any tenant’s or trade fi xtures or fi ttings. (b) offer each lot for sale; G1.8 Where chattels are included in the lot the buyer takes them as they are at completion and the seller is not (c) sell each lot; liable if they are not fi t for use. (d) receive and hold deposits; G1.9 The buyer buys with full knowledge of: (e) sign each sale memorandum; and (a) the documents, whether or not the buyer has read them; and (f) treat a contract as repudiated if the buyer fails to sign a sale memorandum or pay a deposit as required by these (b) the physical condition of the lot and what could reasonably be discovered on inspection of it, whether or not the auction conduct conditions. buyer has inspected it. A2.2 Our decision on the conduct of the auction is fi nal. G1.10 The buyer is not to rely on the information contained in the particulars but may rely on the sellers A2.3 We may cancel the auction, or alter the order in which lots are offered for sale. We may also combine or divide conveyancer’s written replies to preliminary enquiries to the extent stated in those replies. lots. A lot may be sold or withdrawn from sale prior to the auction. G2. Deposit A2.4 You acknowledge that to the extent permitted by law we owe you no duty of care and you have no claim against G2.1 The amount of the deposit is the greater of: us for any loss. (a) any minimum deposit stated in the auction conduct conditions (or the total price, if this is less than that A3 Bidding and reserve prices minimum); and A3.1 All bids are to be made in pounds sterling exclusive (b) 10% of the price (exclusive of any VAT on the price). of any applicable VAT. G2.2 The deposit A3.2 We may refuse to accept a bid. We do not have to explain why. (a) must be paid in pounds sterling by cheque or banker’s draft drawn on an approved Ú nancial institution (or by A3.3 If there is a dispute over bidding we are entitled to resolve it, and our decision is fi nal. any other means of payment that the auctioneers may accept); and A3.4 Unless stated otherwise each lot is subject to a reserve price (which may be fi xed just before the lot is offered for (b) is to be held as stakeholder unless the auction conduct conditions provide that it is to be held as agent for the sale). If no bid equals or exceeds that reserve price the lot will be withdrawn from the auction. seller. A3.5 Where there is a reserve price the seller may bid (or ask us or another agent to bid on the sellers behalf) up to G2.3 Where the auctioneers hold the deposit as stakeholder they are authorised to release it (and interest on it if the reserve price but may not make a bid equal to or exceeding the reserve price. You accept that it is possible that all applicable) to the seller on completion or, if completion does not take place, to the person entitled to it under the bids up to the reserve price are bids made by or on behalf of the seller. sale conditions. A3.6 Where a guide price (or range of prices) is given that guide is the minimum price at which, or range of prices G2.4 If a cheque for all or part of the deposit is not cleared on fi rst presentation the seller may treat the contract as at within which, the seller might be prepared to sell at the date of the guide price. But guide prices may change. The last an end and bring a claim against the buyer for breach of contract. published guide price will normally be at or above any reserve price, but not always – as the seller may fi x the fi nal G2.5 Interest earned on the deposit belongs to the seller unless the sale conditions provide otherwise. reserve price just before bidding commences. G3. Between contract and completion A4 The particulars and other information G3.1 Unless the special conditions state otherwise, the seller is to insure the lot from and including the contract A4.1 We have taken reasonable care to prepare particulars that correctly describe each lot. The particulars are based date to completion and: on information supplied by or on behalf of the seller. You need to check that the information in the particulars is (a) produce to the buyer on request all relevant insurance details; correct. (b) pay the premiums when due; A4.2 If the special conditions do not contain a description of the lot, or simply refer to the relevant lot number, you (c) if the buyer so requests, and pays any additional premium, use reasonable endeavours to increase the sum insured take the risk that the description contained in the particulars is incomplete or inaccurate, as the particulars have not or make other changes to the policy; been prepared by a conveyancer and are not intended to form part of a legal contract. (d) at the request of the buyer use reasonable endeavours to have the buyers interest noted on the policy if it does A4.3 The particulars and the sale conditions may change prior to the auction and it is your responsibility to check not cover a contracting purchaser; that you have the correct versions. (e) unless otherwise agreed, cancel the insurance at completion, apply for a refund of premium and (subject to the A4.4 If we provide information, or a copy of a document, provided by others we do so only on the basis that we are not rights of any tenant or other third party) pay that refund to the buyer; and responsible for the accuracy of that information or document. (f) (subject to the rights of any tenant or other third party) hold on trust for the buyer any insurance payments that the A5 The contract seller receives in respect of loss or damage arising after the contract date or assign to the buyer the benefi t of any A5.1 A successful bid is one we accept as such (normally on the fall of the hammer). This condition A5 applies to you claim; and the buyer must on completion reimburse to the seller the cost of that insurance (to the extent not already if you make the successful bid for a lot. paid by the buyer or a tenant or other third party) for the period from and including the contract date to completion. A5.2 You are obliged to buy the lot on the terms of the sale memorandum at the price you bid plus VAT (if G3.2 No damage to or destruction of the lot nor any deterioration in its condition, however caused, entitles the buyer applicable). to any reduction in price, or to delay completion, or to refuse to complete. A5.3 You must before leaving the auction: G3.3 Section 47 of the Law of Property Act 1925 does not apply. (a) provide all information we reasonably need from you to enable us to complete the sale memorandum (including G3.4 Unless the buyer is already lawfully in occupation of the lot the buyer has no right to enter into occupation proof of your identity if required by us); prior to completion. (b) sign the completed sale memorandum; and G4. Title and identity (c) pay the deposit. G4.1 Unless condition G4.2 applies, the buyer accepts the title of the seller to the lot as at the contract date and may A5.4 If you do not we may either: raise no requisition or objection except in relation to any matter that occurs after the contract date. (a) as agent for the seller treat that failure as your repudiation of the contract and offer the lot for sale again: the G4.2 If any of the documents is not made available before the auction the following provisions apply: seller may then have a claim against you for breach of contract; or (a) The buyer may raise no requisition on or objection to any of the documents that is made available before the (b) sign the sale memorandum on your behalf. auction. A5.5 The deposit: (b) If the lot is registered land the seller is to give to the buyer within fi ve business days of the contract date an (a) is to be held as stakeholder where VAT would be chargeable on the deposit were it to be held as agent for the seller, offi cial copy of the entries on the register and title plan and, where noted on the register, of all documents subject to but otherwise is to be held as stated in the sale conditions; and which the lot is being sold. (b) must be paid in pounds sterling by cheque or by bankers’ draft made payable to us on an approved Ú nancial (c) If the lot is not registered land the seller is to give to the buyer within fi ve business days an abstract or epitome institution. The extra auction conduct conditions may state if we accept any other form of payment. of title starting from the root of title mentioned in the special conditions (or, if none is mentioned, a good root of A5.6 We may retain the sale memorandum signed by or on behalf of the seller until the deposit has been received title more than fi fteen years old) and must produce to the buyer the original or an examined copy of every relevant in cleared funds. document. A5.7 If the buyer does not comply with its obligations under the contract then: (d) If title is in the course of registration, title is to consist of certifi ed copies of: (a) you are personally liable to buy the lot even if you are acting as an agent; and (i) the application for registration of title made to the land registry; (b) you must indemnify the seller in respect of any loss the seller incurs as a result of the buyers default. (ii) the documents accompanying that application; A5.8 Where the buyer is a company you warrant that the buyer is properly constituted and able to buy the lot. (iii) evidence that all applicable stamp duty land tax relating to that application has been paid; and Words in bold blue type have special meanings, which are deÚ ned in the Glossary. The general conditions (iv) a letter under which the seller or its conveyancer agrees to use all reasonable endeavours to answer any requisitions (including any extra general conditions) apply to the contract except to the extent that they are varied by special raised by the land registry and to instruct the land registry to send the completed registration documents to the buyer. conditions or by an addendum. (e) The buyer has no right to object to or make requisitions on any title information more than seven business days G1. The lot after that information has been given to the buyer. G1.1 The lot (including any rights to be granted or reserved, and any exclusions from it) is described in the special G4.3 Unless otherwise stated in the special conditions the seller sells with full title guarantee except that (and the conditions, or if not so described the lot is that referred to in the sale memorandum. transfer shall so provide): G1.2 The lot is sold subject to any tenancies disclosed by the special conditions, but otherwise with vacant possession (a) the covenant set out in section 3 of the Law of Property (Miscellaneous Provisions) Act 1994 shall not extend to on completion. matters recorded in registers open to public inspection; these are to be treated as within the actual knowledge of the G1.3 The lot is sold subject to all matters contained or referred to in the documents, but excluding any Ú nancial buyer; and charges: these the seller must discharge on or before completion. (b) the covenant set out in section 4 of the Law of Property (Miscellaneous Provisions) Act 1994 shall not extend to any G1.4 The lot is also sold subject to such of the following as may affect it, whether they arise before or after the condition or tenant’s obligation relating to the state or condition of the lot where the lot is leasehold property. contract date and whether or not they are disclosed by the seller or are apparent from inspection of the lot or from G4.4 The transfer is to have effect as if expressly subject to all matters subject to which the lot is sold under the the documents: contract. G4.5 The seller does not have to produce, nor may the buyer object to or make a requisition in relation to, any prior or rent and other sums payable by the tenant in advance on the most recent rent payment date on or within four months superior title even if it is referred to in the documents. preceding completion. G4.6 The seller (and, if relevant, the buyer) must produce to each other such confi rmation of, or evidence of, their G11.2 If on completion there are any arrears of current rent the buyer must pay them, whether or not details of those identity and that of their mortgagees and attorneys (if any) as is necessary for the other to be able to comply with arrears are given in the special conditions. applicable Land Registry Rules when making application for registration of the transaction to which the conditions G11.3 Parts 2 and 3 of this condition G11 do not apply to arrears of current rent. apply. Part 2 Buyer to pay for arrears G5. Transfer G11.4 Part 2 of this condition G11 applies where the special conditions give details of arrears. G5.1 Unless a form of transfer is prescribed by the special conditions: G11.5 The buyer is on completion to pay, in addition to any other money then due, an amount equal to all arrears (a) the buyer must supply a draft transfer to the seller at least ten business days before the agreed completion of which details are set out in the special conditions. date and the engrossment (signed as a deed by the buyer if condition G5.2 applies) fi ve business days before that G11.6 If those arrears are not old arrears the seller is to assign to the buyer all rights that the seller has to recover date or (if later) two business days after the draft has been approved by the seller; and those arrears. (b) the seller must approve or revise the draft transfer within fi ve business days of receiving it from the buyer. Part 3 Buyer not to pay for arrears G5.2 If the seller remains liable in any respect in relation to the lot (or a tenancy) following completion the buyer G11.7 Part 3 of this condition G11 applies where the special conditions: is specifi cally to covenant in the transfer to indemnify the seller against that liability. (a) so state; or G5.3 The seller cannot be required to transfer the lot to anyone other than the buyer, or by more than one transfer. (b) give no details of any arrears. G6. Completion G11.8 While any arrears due to the seller remain unpaid the buyer must: G6.1 Completion is to take place at the offi ces of the sellers conveyancer, or where the seller may reasonably require, (a) try to collect them in the ordinary course of management but need not take legal proceedings or forfeit the tenancy; on the agreed completion date. The seller can only be required to complete on a business day and between the (b) pay them to the seller within fi ve business days of receipt in cleared funds (plus interest at the calculated on a hours of 0930 and 1700. daily basis for each subsequent day’s delay in payment); G6.2 The amount payable on completion is the balance of the price adjusted to take account of apportionments plus (c) on request, at the cost of the seller, assign to the seller or as the seller may direct the right to demand and sue for (if applicable) VAT and interest. old arrears, such assignment to be in such form as the sellers conveyancer may reasonably require; G6.3 Payment is to be made in pounds sterling and only by: (d) if reasonably required, allow the sellers conveyancer to have on loan the counterpart of any tenancy against an (a) direct transfer to the sellers conveyancer’s client account; and undertaking to hold it to the buyers order; (b) the release of any deposit held by a stakeholder. (e) not without the consent of the seller release any tenant or surety from liability to pay arrears or accept a surrender G6.4 Unless the seller and the buyer otherwise agree, completion cannot take place until both have complied of or forfeit any tenancy under which arrears are due; and with their obligations under the contract and the balance of the price is unconditionally received in the sellers (f) if the buyer disposes of the lot prior to recovery of all arrears obtain from the buyers successor in title a covenant conveyancer’s client account. in favour of the seller in similar form to part 3 of this condition G11. G6.5 If completion takes place after 1400 hours for a reason other than the sellers default it is to be treated, for the G11.9 Where the seller has the right to recover arrears it must not without the buyers written consent bring insolvency purposes of apportionment and calculating interest, as if it had taken place on the next business day. proceedings against a tenant or seek the removal of goods from the lot. G6.6 Where applicable the contract remains in force following completion. G12. Management G7. Notice to complete G12.1 This condition G12 applies where the lot is sold subject to tenancies. G7.1 The seller or the buyer may on or after the agreed completion date but before completion give the other G12.2 The seller is to manage the lot in accordance with its standard management policies pending completion. notice to complete within ten business days (excluding the date on which the notice is given) making time of the G12.3 The seller must consult the buyer on all management issues that would affect the buyer after completion essence. (such as, but not limited to, an application for licence; a rent review; a variation, surrender, agreement to surrender or G7.2 The person giving the notice must be ready to complete. proposed forfeiture of a tenancy; or a new tenancy or agreement to grant a new tenancy) and: G7.3 If the buyer fails to comply with a notice to complete the seller may, without affecting any other remedy the (a) the seller must comply with the buyers reasonable requirements unless to do so would (but for the indemnity in seller has: paragraph (c)) expose the seller to a liability that the seller would not otherwise have, in which case the seller may (a) terminate the contract; act reasonably in such a way as to avoid that liability; (b) claim the deposit and any interest on it if held by a stakeholder; (b) if the seller gives the buyer notice of the sellers intended act and the buyer does not object within fi ve business (c) forfeit the deposit and any interest on it; days giving reasons for the objection the seller may act as the seller intends; and (d) resell the lot; and (c) the buyer is to indemnify the seller against all loss or liability the seller incurs through acting as the buyer (e) claim damages from the buyer. requires, or by reason of delay caused by the buyer. G7.4 If the seller fails to comply with a notice to complete the buyer may, without affecting any other remedy the G13. Rent deposits buyer has: G13.1 This condition G13 applies where the seller is holding or otherwise entitled to money by way of rent deposit (a) terminate the contract; and in respect of a tenancy. In this condition G13 “rent deposit deed” means the deed or other document under which (b) recover the deposit and any interest on it from the seller or, if applicable, a stakeholder. the rent deposit is held. G8. If the contract is brought to an end G13.2 If the rent deposit is not assignable the seller must on completion hold the rent deposit on trust for the buyer If the contract is lawfully brought to an end: and, subject to the terms of the rent deposit deed, comply at the cost of the buyer with the buyers lawful instructions. (a) the buyer must return all papers to the seller and appoints the seller its agent to cancel any registration of the G13.3 Otherwise the seller must on completion pay and assign its interest in the rent deposit to the buyer under an contract; and assignment in which the buyer covenants with the seller to: (b) the seller must return the deposit and any interest on it to the buyer (and the buyer may claim it from the (a) observe and perform the sellers covenants and conditions in the rent deposit deed and indemnify the seller in stakeholder, if applicable) unless the seller is entitled to forfeit the deposit under condition G7.3. respect of any breach; G9. Landlords licence (b) give notice of assignment to the tenant; and G9.1 Where the lot is or includes leasehold land and licence to assign is required this condition G9 applies. (c) give such direct covenant to the tenant as may be required by the rent deposit deed. G9.2 The contract is conditional on that licence being obtained, by way of formal licence if that is what the landlord G14. VAT lawfully requires. G14.1 Where a sale condition requires money to be paid or other consideration to be given, the payer must also pay G9.3 The agreed completion date is not to be earlier than the date fi ve business days after the seller has given any VAT that is chargeable on that money or consideration, but only if given a valid VAT invoice. notice to the buyer that licence has been obtained. G14.2 Where the special conditions state that no VAT option has been made the seller confi rms that none has been G9.4 The seller must: made by it or by any company in the same VAT group nor will be prior to completion. (a) use all reasonable endeavours to obtain the licence at the sellers expense; and G15. Transfer as a going concern (b) enter into any authorised guarantee agreement properly required. G15.1 Where the special conditions so state: G9.5 The buyer must: (a) the seller and the buyer intend, and will take all practicable steps (short of an appeal) to procure, that the sale is (a) promptly provide references and other relevant information; and treated as a transfer of a going concern; and (b) comply with the landlord’s lawful requirements. (b) this condition G15 applies. G9.6 If within three months of the contract date (or such longer period as the seller and buyer agree) the licence has G15.2 The seller confi rms that the seller not been obtained the seller or the buyer may (if not then in breach of any obligation under this condition G9) by (a) is registered for VAT, either in the sellers name or as a member of the same VAT group; and notice to the other terminate the contract at any time before licence is obtained. That termination is without prejudice (b) has (unless the sale is a standard-rated supply) made in relation to the lot a VAT option that remains valid and to the claims of either seller or buyer for breach of this condition G9. will not be revoked before completion. G10. Interest and apportionments G15.3 The buyer confi rms that: G10.1 If the actual completion date is after the agreed completion date for any reason other than the sellers (a) it is registered for VAT, either in the buyers name or as a member of a VAT group; default the buyer must pay interest at the interest rate on the price (less any deposit paid) from the agreed (b) it has made, or will make before completion, a VAT option in relation to the lot and will not revoke it before or completion date up to and including the actual completion date. within three months after completion; G10.2 Subject to condition G11 the seller is not obliged to apportion or account for any sum at completion unless the (c) article 5(2B) of the Value Added Tax (Special Provisions) Order 1995 does not apply to it; and seller has received that sum in cleared funds. The seller must pay to the buyer after completion any sum to which (d) it is not buying the lot as a nominee for another person. the buyer is entitled that the seller subsequently receives in cleared funds. G15.4 The buyer is to give to the seller as early as possible before the agreed completion date evidence: G10.3 Income and outgoings are to be apportioned at actual completion date unless: (a) of the buyers VAT registration; (a) the buyer is liable to pay interest; and (b) that the buyer has made a VAT option; and (b) the seller has given notice to the buyer at any time up to completion requiring apportionment on the date from (c) that the VAT option has been notifi ed in writing to HM Revenue and Customs; and if it does not produce the relevant which interest becomes payable by the buyer; evidence at least two business days before the agreed completion date, condition G14.1 applies at completion. in which event income and outgoings are to be apportioned on the date from which interest becomes payable by the G15.5 The buyer confi rms that after completion the buyer intends to: buyer. (a) retain and manage the lot for the buyers own benefi t as a continuing business as a going concern subject to and G10.4 Apportionments are to be calculated on the basis that: with the benefi t of the tenancies; and (a) the seller receives income and is liable for outgoings for the whole of the day on which apportionment is to be made; (b) collect the rents payable under the tenancies and charge VAT on them (b) annual income and expenditure accrues at an equal daily rate assuming 365 days in a year, and income and G15.6 If, after completion, it is found that the sale of the lot is not a transfer of a going concern then: expenditure relating to some other period accrues at an equal daily rate during the period to which it relates; and (a) the sellers conveyancer is to notify the buyers conveyancer of that fi nding and provide a VAT invoice in respect (c) where the amount to be apportioned is not known at completion apportionment is to be made by reference to a of the sale of the lot; reasonable estimate and further payment is to be made by seller or buyer as appropriate within fi ve business days (b) the buyer must within fi ve business days of receipt of the VAT invoice pay to the seller the VAT due; and of the date when the amount is known. (c) if VAT is payable because the buyer has not complied with this condition G15, the buyer must pay and indemnify G11 Arrears the seller against all costs, interest, penalties or surcharges that the seller incurs as a result. Part 1 Current rent G16. Capital allowances G11.1 “Current rent” means, in respect of each of the tenancies subject to which the lot is sold, the instalment of G16.1 This condition G16 applies where the special conditions state that there are capital allowances available in respect of the lot. be unreasonably withheld or delayed. G16.2 The seller is promptly to supply to the buyer all information reasonably required by the buyer in connection G23.4 The seller must promptly: with the buyers claim for capital allowances. (a) give to the buyer full details of all rent review negotiations and proceedings, including copies of all correspondence G16.3 The value to be attributed to those items on which capital allowances may be claimed is set out in the special and other papers; and conditions. (b) use all reasonable endeavours to substitute the buyer for the seller in any rent review proceedings. G16.4 The seller and buyer agree: G23.5 The seller and the buyer are to keep each other informed of the progress of the rent review and have regard to (a) to make an election on completion under Section any proposals the other makes in relation to it. 198 of the Capital Allowances Act 2001 to give effect to this condition G16; and G23.6 When the rent review has been agreed or determined the buyer must account to the seller for any increased (b) to submit the value specifi ed in the special conditions to HM Revenue and Customs for the purposes of their rent and interest recovered from the tenant that relates to the sellers period of ownership within fi ve business days respective capital allowance computations. of receipt of cleared funds. G17. Maintenance agreements G23.7 If a rent review is agreed or determined before completion but the increased rent and any interest recoverable G17.1 The seller agrees to use reasonable endeavours to transfer to the buyer, at the buyers cost, the benefi t of the from the tenant has not been received by completion the increased rent and any interest recoverable is to be treated maintenance agreements specifi ed in the special conditions. as arrears. G17.2 The buyer must assume, and indemnify the seller in respect of, all liability under such contracts from the actual G23.8 The seller and the buyer are to bear their own costs in relation to rent review negotiations and proceedings. completion date. G24. Tenancy renewals G18. Landlord and Tenant Act 1987 G24.1 This condition G24 applies where the tenant under a tenancy has the right to remain in occupation under part G18.1 This condition G18 applies where the sale is a relevant disposal for the purposes of part I of the Landlord and II of the Landlord and Tenant Act 1954 (as amended) and references to notices and proceedings are to notices and Tenant Act 1987. proceedings under that Act. G18.2 The seller warrants that the seller has complied with sections 5B and 7 of that Act and that the requisite majority G24.2 Where practicable, without exposing the seller to liability or penalty, the seller must not without the written of qualifying tenants has not accepted the offer. consent of the buyer (which the buyer must not unreasonably withhold or delay) serve or respond to any notice or G19. Sale by practitioner begin or continue any proceedings. G19.1 This condition G19 applies where the sale is by a practitioner either as seller or as agent of the seller. G24.3 If the seller receives a notice the seller must send a copy to the buyer within fi ve business days and act as G19.2 The practitioner has been duly appointed and is empowered to sell the lot. the buyer reasonably directs in relation to it. G19.3 Neither the practitioner nor the fi rm or any member of the fi rm to which the practitioner belongs has any G24.4 Following completion the buyer must: personal liability in connection with the sale or the performance of the sellers obligations. The transfer is to include a (a) with the co-operation of the seller take immediate steps to substitute itself as a party to any proceedings; declaration excluding that personal liability. (b) use all reasonable endeavours to conclude any proceedings or negotiations for the renewal of the tenancy and the G19.4 The lot is sold: determination of any interim rent as soon as reasonably practicable at the best rent or rents reasonably obtainable; and (a) in its condition at completion; (c) if any increased rent is recovered from the tenant (whether as interim rent or under the renewed tenancy) account (b) for such title as the seller may have; and to the seller for the part of that increase that relates to the sellers period of ownership of the lot within fi ve business (c) with no title guarantee; and the buyer has no right to terminate the contract or any other remedy if information days of receipt of cleared funds. provided about the lot is inaccurate, incomplete or missing. G24.5 The seller and the buyer are to bear their own costs in relation to the renewal of the tenancy and any G19.5 Where relevant: proceedings relating to this. (a) the documents must include certifi ed copies of those under which the practitioner is appointed, the document of G25. Warranties appointment and the practitioners acceptance of appointment; and G25.1 Available warranties are listed in the special conditions. (b) the seller may require the transfer to be by the lender exercising its power of sale under the Law of Property Act G25.2 Where a warranty is assignable the seller must: 1925. (a) on completion assign it to the buyer and give notice of assignment to the person who gave the warranty; and G19.6 The buyer understands this condition G19 and agrees that it is fair in the circumstances of a sale by a (b) apply for (and the seller and the buyer must use allreasonable endeavours to obtain) any consent to assign that practitioner. is required. If consent has not been obtained by completion the warranty must be assigned within fi ve business days G20. TUPE after the consent has been obtained. G20.1 If the special conditions state “There are no employees to which TUPE applies”, this is a warranty by the G25.3 If a warranty is not assignable the seller must after completion: seller to this effect. (a) hold the warranty on trust for the buyer; and G20.2 If the special conditions do not state “There are no employees to which TUPE applies” the following paragraphs (b) at the buyers cost comply with such of the lawful instructions of the buyer in relation to the warranty as do not apply: place the seller in breach of its terms or expose the seller to any liability or penalty. (a) The seller must notify the buyer of those employees whose contracts of employment will transfer to the buyer G26. No assignment on completion (the “Transferring Employees”). This notifi cation must be given to the buyer not less than 14 days The buyer must not assign, mortgage or otherwise transfer or part with the whole or any part of the buyers interest before completion. under this contract. (b) The buyer confi rms that it will comply with its obligations under TUPE and any special conditions in respect of G27. Registration at the Land Registry the Transferring Employees. G27.1 This condition G27.1 applies where the lot is leasehold and its sale either triggers fi rst registration or is a (c) The buyer and the seller acknowledge that pursuant and subject to TUPE, the contracts of employment between the registrable disposition. The buyer must at its own expense and as soon as practicable: Transferring Employees and the seller will transfer to the buyer on completion. (a) procure that it becomes registered at Land Registry as proprietor of the lot; (d) The buyer is to keep the seller indemnifi ed against all liability for the Transferring Employees after completion. (b) procure that all rights granted and reserved by the lease under which the lot is held are properly noted against the G21. Environmental affected titles; and G21.1 This condition G21 only applies where the special conditions so provide. (c) provide the seller with an offi cial copy of the register relating to such lease showing itself registered as proprietor. G21.2 The seller has made available such reports as the seller has as to the environmental condition of the lot and has G27.2 This condition G27.2 applies where the lot comprises part of a registered title. The buyer must at its own expense given the buyer the opportunity to carry out investigations (whether or not the buyer has read those reports or carried and as soon as practicable: out any investigation) and the buyer admits that the price takes into account the environmental condition of the lot. (a) apply for registration of the transfer; G21.3 The buyer agrees to indemnify the seller in respect of all liability for or resulting from the environmental (b) provide the seller with an offi cial copy and title plan for the buyers new title; and condition of the lot. (c) join in any representations the seller may properly make to Land Registry relating to the application. G22. Service Charge G28. Notices and other communications G22.1 This condition G22 applies where the lot is sold subject to tenancies that include service charge provisions. G28.1 All communications, including notices, must be in writing. Communication to or by the seller or the buyer may G22.2 No apportionment is to be made at completion in respect of service charges. be given to or by their conveyancers. G22.3 Within two months after completion the seller must provide to the buyer a detailed service charge account for G28.2 A communication may be relied on if: the service charge year current on completion showing: (a) delivered by hand; or (a) service charge expenditure attributable to each tenancy; (b) made electronically and personally acknowledged (automatic acknowledgement does not count); or (b) payments on account of service charge received from each tenant; (c) there is proof that it was sent to the address of the person to whom it is to be given (as specifi ed in the sale (c) any amounts due from a tenant that have not been received; memorandum) by a postal service that offers normally to deliver mail the next following business day. (d) any service charge expenditure that is not attributable to any tenancy and is for that reason irrecoverable. G28.3 A communication is to be treated as received: G22.4 In respect of each tenancy, if the service charge account shows that: (a) when delivered, if delivered by hand; or (a) payments on account (whether received or still then due from a tenant) exceed attributable service charge expenditure, (b) when personally acknowledged, if made electronically; but if delivered or made after 1700 hours on a business day the seller must pay to the buyer an amount equal to the excess when it provides the service charge account; a communication is to be treated as received on the next business day. (b) attributable service charge expenditure exceeds payments on account (whether those payments have been received G28.4 A communication sent by a postal service that offers normally to deliver mail the next following business day or are still then due), the buyer must use all reasonable endeavours to recover the shortfall from the tenant at the next will be treated as received on the second business day after it has been posted. service charge reconciliation date and pay the amount so recovered to the seller within fi ve business days of receipt in G29. Contracts (Rights of Third Parties) Act 1999 cleared funds; but in respect of payments on account that are still due from a tenant condition G11 (arrears) applies. No one is intended to have any benefi t under the contract pursuant to the Contract (Rights of Third Parties) Act 1999. G22.5 In respect of service charge expenditure that is not attributable to any tenancy the seller must pay the expenditure incurred in respect of the period before actual completion date and the buyer must pay the expenditure incurred in respect of the period after actual completion date. Any necessary monetary adjustment is to be made within fi ve business days of the seller providing the service charge account to the buyer. G22.6 If the seller holds any reserve or sinking fund on account of future service charge expenditure or a depreciation fund: (a) the seller must pay it (including any interest earned on it) to the buyer on completion; and (b) the buyer must covenant with the seller to hold it in accordance with the terms of the tenancies and to indemnify the seller if it does not do so. G23. Rent reviews G23.1 This condition G23 applies where the lot is sold subject to a tenancy under which a rent review due on or before the actual completion date has not been agreed or determined. G23.2 The seller may continue negotiations or rent review proceedings up to the actual completion date but may not agree the level of the revised rent or commence rent review proceedings without the written consent of the buyer, such A full copy of the Common Auction Conditions consent not to be unreasonably withheld or delayed. G23.3 Following completion the buyer must complete rent review negotiations or proceedings as soon as reasonably including the Glossary can be found at: practicable but may not agree the level of the revised rent without the written consent of the seller, such consent not to www.rics.org/commonauctionconditions SOLD AUCTIONS 0121 247 2233 www.cottons.co.uk SOLD LET RESIDENTIAL SALES RESIDENTIAL LETTINGS 0121 247 4747 0121 247 2299 www.cottons.co.uk www.cottons.co.uk OurOur extextensiveens knowledge and expertise developed over many years enables us to provide our clients with a comprehensive range SOLD of quality services LET COMMERCIAL LETTINGS COMMERCIAL SALES 0121 247 2233 0121 247 2233 www.cottons.co.uk www.cottons.co.uk MANAGED BY PROPERTY & ESTATE MANAGEMENT 0121 247 2030 www.cottons.co.uk Cottons - the property specialists est 1924 Auction Department Cavendish House 359 - 361 Hagley Road Edgbaston Birmingham B17 8DL t 0121 247 2233 f 0121 247 1233 [email protected] www.cottons.co.uk Regulated by RICS