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Residential & Commercial Property Auction Residential & Commercial Property Auction Monday 9th December 2013 The Hilton Paddington Hotel, London W2 1EE Starting 12 noon CONTENTS Contents and Auctioneer’s Note .................................................................................................................................................................. 1 Guide to Auction ........................................................................................................................................................................................................... 2 Location ................................................................................................................................................................................................................................ 3 Lot Order and Guide Prices .............................................................................................................................................................................. 4 Lot Details and Advertising ................................................................................................................................................................................ 6 Auction Conditions ................................................................................................................................................................................................. 54 Index of Seller’s Solicitors ................................................................................................................................................................................ 60 Registration Form for Proxy, Telephone or Internet Bidding .......................................................................................... 62 Memorandum of Sale ............................................................................................................................................................................................ 63 Auction Bidder’s Registration Form ........................................................................................................................................................ 64 AUCTIONEER’S NOTE Dear all, We would like to welcome all to our end of year December Auction Catalogue. We achieved an outstanding fi nal result for October creeping towards £6 million in total for a catalogue almost made up entirely of private vendors with a success rate of over 70% As the housing market continues to strengthen on a nationwide basis we are pleased to see a growing activity in the auction room. Both buyers and vendors alike are clearly making the decision that now is the right time for them to act upon their assets. Buyers are strengthened by continued low rates available and the steady fl ow of new lenders re-entering the market making liquidity more readily available. Vendors have been encouraged by this new demand and supply effect in the market which is clearly fi ltering from the Right to Buy Scheme. The new levels of confi dence has meant we have been favoured with plenty of work to do, with volumes increasing almost daily both from corporate and private vendors alike. Many regional joint agents are working with us to offer their clients the ability to go to Auction in London. May I take this opportunity to thank all those joint agents and insolvency practitioners that have been working with us over the past couple of months. Our asset managers have also been busy and as you will see we are able to bring you this catalogue with a great diversity of lots. I specially am pleased to see such a wide range of commercial and residential investments including some great covenants like Barclays Bank, McDonalds and Dominos Pizza. In addition to add further excitement to the sale room we are also lucky to have a good deal of vacant properties both surrounding London and on a regional level. As always, if we can be of any further help please do not hesitate to speak to any member of the team and we will do everything within our power to help you. I am certain after October Auction results and following on from today you will want to join our success so do not forget MS Auctions fi rst sale of 2014 is in early February and the sooner we market your lots the better results can be achieved under the hammer. Please do give us a call and we will visit your property or assets and provide you with a full auction valuation. I look forward to seeing you at Hilton Paddington on 9th December 2013 and wish you all the best with your purchasing. We bid you well! Edward Swindells BSc (DipSurv) Auctioneer and Valuer 1 YOUR GUIDE TO BUYING AT AUCTION Regular auction buyers know it is a simple process. But before We provide a proxy and telephone bidding service, details of coming to our sale we recommend prospective buyers: which, together with the terms and conditions, can be found on the website or at the end of this catalogue. • Browse upcoming sales or search for a specifi c property online. For those of you who cannot attend but want to follow the auction online please go to our website. This service will be • View the property details in the online catalogue available from the start of the auction. • Tell us about your interest. We may be able to help and tell Keep in touch with us: you about any updates We are here to help you. If you register your interest with us via Read: our website or by contacting us directly this will help us keep in The common auction conditions of sale (CAC) have been touch with you if there are changes.The time from ‘start to fall of published by the Royal Institution of Chartered Surveyors and the gavel’ can be fast. We want you though to be comfortable are reproduced on our website and towards the end of this once you join us, so here is an outline of the process. catalogue. As surveyors and auctioneers we have adopted • Auctioneer’s announcements: Our auctioneers open the CAC and the sale of properties in England and Wales are proceedings with preliminary remarks and announcements. subject to them. They set out the duties and obligations of the They may affect the property you aim to buy so we suggest buyers and sellers and of the auctioneer. This is an important you arrive promptly even though the lot you may be document. As far as possible it has been written in plain English interested in may be towards the end of the auction. but it does form part of your contract of purchase and some terms will inevitably use legal phraseology. • Auction day amendments: Sellers/solicitors may amend details up to the time of auction. Do check with us prior You should consult with your legal adviser before bidding and whether your property has sold prior/been withdrawn/ also your accountant regarding the impact of VAT, if applicable, subject to change. Don’t forget to get a copy of the fi nal on the sale price. The CAC are divided into three parts. If you version of the addendum which is available in the auction are intending to bid for yourself or another please read the room and ensure that you have seen and understand any Conduct of the Auction section carefully before arrival. If you addenda relating to the property for which you are bidding. need help in understanding them please contact us, preferably Guide prices may also change during the marketing period. by e-mail or consult your legal adviser. An up to date list is available in the auction room. Each property will have its own legal documents including the • Auction day assistance: We do want your time with us to Special Conditions of Sale which are supplied by the seller’s be rewarding and as pleasant as possible. If you have any solicitor. If you receive copies they should be checked against questions we usually have the sellers’ solicitors standing the originals before the auction to make sure they have been by or any of the MS Auction team are there to help you. If scanned correctly. Seller’s solicitors usually hold title deeds, you have any special needs regarding access or seating or leases and other documents relevant to the sale. They are disabilities where you require our assistance please let us usually available to download free from our website. Please let know. We will do our utmost to be of service. us know if getting a legal pack is problematic. Auction Procedure: Check: 1. Please bid in time and clearly. You are important to us and The information on each property in this catalogue has been we don’t want to miss your bid. provided and checked by the seller and their solicitor. We can only give a short overview of what is being sold and 2. If you are the highest accepted bidder when the gavel falls the photographs and plans are for identifi cation only. As a you are under a binding contract to purchase a property. potential purchaser you will know there is no substitute for An MS Auction team member will give you a purchaser’s your own research. Where we are aware of any changes before card. the auction these will be listed on the website under The 3. Write your name and address as the bidder; details of the Addendum. buyer if this is different and the name and address of the Inspect: solicitor who is acting for the buyer. This information is The property: You must inspect the building inside and outside. used to complete the memorandum of sale, printed in the You may need professional advice to survey the condition of the back of the catalogue. building and the boundaries. Talk to the tenant of the property 4. At this point we ask for a deposit cheque for 10% of the if there is one and
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