For the avoidance of any doubt. These terms and conditions are in addition to those which are printed in the property auction Catalouge.
Please note: payments will only be accepted via Bank Transfer or (if you are in person/face to face transactions) Debit or credit card may be taken for for lots. For the foreseeable future (covid 19 regulations) payments are to be arranged over the phone to head office on 01636 558200 or the London office on 02070 789755.
1: The Buyer is deemed to have accepted these conditions of sale and Notices by the making of any bid.
2: The highest bidder shall be the buyer at the Hammer price and dispute shall be settled at the auctioneers absolute discretion. The auctioneer shall have the right to determine the advancement of the bids. The auctioneer reserves the right to refuse any bid and of altering, adding to dividing, consolidating or with drawing any Lot or Lots at the sale or bidding on behalf of the vendors.
OF THE SELLER.
The Auctioneer shall be the sole arbitrators to every matter connected to the sale and their decision on each and every point in question shall be final and binding on all parties.
3: London City Auctions will not be responsible for the correctness of the description or measurement's whilst believed to be correct descriptions are made as an expression of opinion only and all Lots are sold subject to all faults and errors in description Neither the Auctioneer nor the sellers make any warranty to buyer's in respect of the law.
4: Buyers shall give on request, their names and places of abode and /or business and to pay at the fall of the hammer the whole of the purchase money or such deposit as the auctioneer may require.
When your Lot comes up, the screen will allow you to enter bids in your selected manner. The current and upcoming lots are displayed at the bottom of the screen.
This is live auction and you will be bidding against others in the room, written bidders and others online. Submitted bids will be seen by the auctioneers, and you will be notified on screen if your bid is accepted.
The buyer understands that if I am the successful bidder I hereby undertake to immediately pay the Deposit and Buyer's premium. London City Auctions are duly authorised to sign the Memorandum of sale on my behalf. Thereafter I understand that in an unconditional auction I will have to complete the purchase within 28 days from the date mentioned on the memorandum of sale.
I confirm that I have read and understood the Legal pack and agree to any special conditions within the Legal pack. Certified copies of my passport and unity bill have been or will be provided to the auctio9n department.
Enter bids in your selected manner. If the auctioneer asks for a bid in a certain increment (amount). Try to go with him if you can.
The current and upcoming lots are displayed on the screen, normally to the right this is a live auction and you will be bidding against others in the room, written bidders and others online. Submitted bids will be seen by the Auctioneers, and you will be notified on screen if your bid is accepted.https://auctioneer.easyliveauction.com/auctioneer/grant.cfm?module=008
I understand that if I am the successful bidder I hereby undertake to immediately pay the Deposit and the Buyer’s premium to the auctioneers. London City Auctions are duly authorised to sign the Memorandum of Sale on my behalf. Thereafter I understand that in an unconditional auction I will have to complete the purchase within 28 days from the date upon the Memorandum of Sale.
I confirm that I have read and understood the Legal Pack and agree to any special conditions within the Legal Pack. Buyers should be happy to provide Certified Copies of passport and utility bill as and when required.
Terms and Conditions
The Bidder appoints London City Auctions as agent and authorises London City Auctions to bid for the relevant Lot on behalf of the Bidder in such manner as London City Auctions thinks fit in its absolute discretion. The Bidder may withdraw London City Auctions authority to bid if the withdrawal is in writing and is received by the Auctioneer before the Auction commences and the Auctioneer confirms to the Bidder in writing that the withdrawal instruction has been received.
1. These terms and conditions apply to you and you will be bound by them if you bid by telephone, via internet or absentee/proxy.
2. Definitions used in these terms & conditions:
Approved financial institution has the same meaning as in the RICS Common Auction Conditions Edition 4.0 November 2018.
Auction means the London City Auctions / Auctions to be held at the time and place and on the date advertised in any format by London City Auctions in which the Lot appears.
Auctioneer means the London City Auctions auctioneer having conduct of the Auction.
Bidder means the party bidding for the Lot and who acts as the buyer and guarantees the performance of the buyer under the Conditions of Sale.
Business Days has the same meaning as in the RICS Common Auction Conditions Edition 4.0 November 2018.
Buyer means the person, firm or company identified on the Registration Form who agrees to buy the Lot.
Conditions of Sale means the auction conduct conditions together with the general conditions of sale, any special conditions of sale and any addenda that are applicable and/or relevant to the Lot.
Lot means the property for which you bid remotely at the Auction.
Maximum Bid Price means the maximum price that you wish to bid for the Lot. This must be shown exclusive of any VAT that may be applicable.
Registration form means the registration form for remote bidding contained London City Auctions Auction Catalogue or sent to you by email.
Seller means the person selling the lot.
VAT means value added tax or any other tax of a similar nature.
3. Registration form
• If you wish to bid at the Auction by telephone, via internet or absentee/proxy you must complete the Registration form entering your full details as the Bidder and full details of the Buyer if different to the Bidder. You should sign the Registration form where indicated.
• The completed Registration form should be sent to London City Auctions so that it is received not less than two clear Business Days prior to the date of the Auction, together with: Two forms of identification for you consisting firstly of a form of photo identification such as your passport or current driving licence and secondly proof of your address such as a recent utility bill or bank statement. To comply with the Money Laundering Regulations, if you are not the Buyer we will require you to provide further documentation.
• If you wish to alter any of the details appearing on the Registration form, you must notify the Auctioneer of this in writing before the Auction commences. Alterations will only be effective if the Auctioneer confirms to you in writing that the request to alter has been received.
4. In the event that the Auctioneer considers that there is any error or confusion about the Registration form or the deposit, the Auctioneer reserves the right not to accept your bid. Please note that the Auctioneer’s decision as to what constitutes error or confusion is final.
By completing this Registration form you warrant that there are adequate funds in the account to meet the full amount of the deposit
1. The deposit is to be paid immediately after the auction and no later than 15:30 on the day following the auction by bank transfer to London City Auctions client’s account in sterling on an Approved financial institution for a sum representing the greater of:
a. The minimum deposit of £5,000 plus VAT (or the total of your maximum bid price if this is less than that minimum)
b. 10% of the Maximum Bid Price exclusive of VAT.
2. If you are the successful bidder London City Auctions requires a separate payment of £850 PLUS of VAT as a buyer's administration fee payable to London City Auctions Limited to be electronically transferred immediately after the auction and no later than 15:30 on the day following the auction. On exchange of contract for each lot purchased.
A VAT receipt will be provided upon payment.
6. Absentee/Proxy Bids
• If you bid at the Auction by Absentee/proxy you should enter your Maximum Bid Price on the Registration form.
• The Maximum Bid Price must be an exact figure. Failure to clearly indicate your Maximum Bid Price will invalidate your bid.
• If you bid by absentee/proxy you appoint the Auctioneer as your agent and you authorise the Auctioneer to bid for the Lot on your behalf up to (but not in excess of) your Maximum Bid Price in whatever manner the Auctioneer in his absolute discretion thinks fit.
• As soon as reasonably practicable after the Auction you will be notified as to whether or not your absentee/proxy bid for the Lot was successful.
• The amount of your Maximum Bid Price for the Lot will not be disclosed by the Auctioneer to the Seller
7. Terms of Sale/Conduct of Auction
• you shall be deemed to have read the “Important Information for Bidders” on the Auctioneer’s website/ catalogue and the ‘Common Auction Conditions, the special conditions of sale and any addendum’ relating to the Lot. You shall be deemed to have taken all necessary professional and legal advice and to have made all your enquiries and to have knowledge of any Auctioneer’s announcements which are relevant to the Lot.
• It is possible that at any time up to the commencement of bidding at the Auction amendments and/or additions may be made to the Conditions of Sale for the Lot or any other matters relating to it. Such amendments are published by means of written addenda and by verbal addenda announced from the rostrum. You will be deemed to have knowledge of such matters (including for the avoidance of doubt any late addenda that are announced verbally from the rostrum) and if your bid is successful you will buy subject to them.
• If your bid is successful the Auctioneer or any person authorised by the Auctioneer will sign the memorandum of sale and any other relevant document relating to the Lot on your behalf and as soon as the deposit is cleared send this to you by post.
• In accordance with the Common Auction Conditions and in particular clauses A5.5 and A6.5, if you are the successful bidder, you will be required to complete the (‘London City Auctions Customer Due Diligence Form’) and provide the information stated. You will be deemed to have read the ‘Requirements for bidders and buyers under the Money Laundering Regulations’ and will fully comply with them. Both documents are on the London City Auctions catalogue.
London City Auctions or any employee or agent of London City Auctions or the Auctioneer will have no liability or responsibility whatsoever towards you or the Buyer in the event of your bid not being made as a result of:
• Unclear instructions.
• Error, lack of clarity or confusion whether during the Auction or regarding the Registration form or the deposit.
• Any change in the date, time and/or venue of the Auction.
• Any interruption or suspension of telephone or internet bidding services.
• You being unobtainable by telephone or becoming disconnected during the course of bidding by telephone or via the internet.
• Any other factor beyond London City Auctions control.
Please complete the on-line registration form and submit it to NALC no later than 2 working days prior to the date of the auction. You WILL NEED TO RECEIVE WRITTEN CONFIRMATION FROM LCA THAT YOUR REGISTRATION TO BID HAS BEEN COMPLETED SUCCESSFULLY
Payment in respect of the Deposit (10% of the maximum bid) and the Buyer’s Premium plus VAT must be paid to in advance of the auction. Or at the latest within 48 hours of your successful online bid. Please contact with London City Auctions, auction department head office on 01636558200 or the London office on 02070 789755 for the Client Account details
Pre-Payment to unsuccessful bidders will be electronically refunded after the auction. Bidders must contact London City Auctions the day following the auction to arrange repayment.
Applies under the fall of the hammer. The purchaser shall pay 10% deposit. Plus, in addition, a buyer’s premium of 2% of the sale price, or a minimum of £5000 + VAT upon exchange of the contract.
(After the online Auction)
If Successful, the auctioneer will complete the memorandum of sale on the buyers behalf immediately post auction.
The auctioneer will provide a hard and soft copy of the exchanged contract to both parties within 24 hours post auction
The auctioneer shall account out to all parties the balance of their deposit and /or outstanding balance with 5 days post auction.
All buyers shall be obliged to pay London City Auctions Buyers administration fee of £850+VAT on exchange of contacts for each lot purchased.
Commission Rates & Charges.
2% + VAT
Subject to a minimum charge of £5000 + VAT per lot when sold..
15: If the lot has been sold, We recommend it should be insured at the fall of the hammer prices against loss as a result of theft, fire, flood or negligence. Responsibility to insure is that of the buyer at the fall of the hammer.
15A: Under RICS Regulations . LCA operate a complaints handling procedure for clients, copy available on request.