Butters John Bee April Property Auction Catalogue Page 67

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A5.8

Where the

buyer

is a company

you

warrant that the

buyer

is properly constituted and able to buy the

lot

Extra Auction Conduct Conditions

A6.1

Despite any

condition

to the contrary:

(a) The minimum deposit

accept is £1,000 (or the

total

price

, if less). A

special condition

may, however,

require a higher minimum deposit
(b) Sub-clause (a) of

Auction Conduct Condition

A5.5 shall be deemed to be deleted and shall be
replaced with the following: "(a) is to be held as agent
for the

seller

unless expressly stated otherwise in the

special conditions

provided that where VAT would be

chargeable on the deposit were it to be held as agent
for the

seller

, the deposit will be held as stakeholder

despite any contrary provision in any

condition

; and"

to be held as

stakeholder,

may if

choose transfer all or part

of it to the

seller's

conveyancer for them to hold as

stakeholder in

our

place. Any part of the deposit not so

transferred will be held by

as stakeholder.

A6.2

The

buyer

will pay an administration fee of £395

inclusive of VAT to

for each

lot

purchased at the

auction

, prior to

auction

or post

auction

in addition to

the deposit.

A6.3

The

buyer

will provide proof of identity and residency

to us.

A6.4

may accept payment by debit or credit card. Credit

card payments carry a 2.5% surcharge.

A6.5

may refuse admittance to any person attending the

auction

do not have to explain why.

General Conditions

Words in bold blue type have special meanings, which
are defined in the Glossary.
The

general conditions

(including any extra general conditions)

apply to the

contract

except to the extent that they are varied

special conditions

or by an

addendum

The

lot

G1.1 The

lot

(including any rights to be granted or reserved,

and any exclusions from it) is described in the

special

conditions

, or if not so described the

lot

is that

referred to in the

sale memorandum

G1.2 The

lot

is sold subject to any

tenancies

disclosed by

the

special conditions

, but otherwise with vacant

possession on

completion

G1.3 The

lot

is sold subject to all matters contained or

referred to in the

documents

, but excluding any

financial charges

: these the seller must discharge on

or before

completion

G1.4 The

lot

is also sold subject to such of the following

as may affect it, whether they arise before or after the

contract date

and whether or not they are disclosed

by the

seller

or are apparent from inspection of the lot

or from the

documents

(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;
(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 or public health;
(e) rights, easements, quasi-easements, and
wayleaves;
(f) outgoings and other liabilities;
(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

buyer

has made them; and

(i) anything the

seller

does not and could not

reasonably know about.

G1.5 Where anything subject to which the

lot

is sold would

expose the

seller

to liability the

buyer

is to comply with

it and indemnify the

seller

against that liability.

G1.6 The

seller

must notify the

buyer

of any notices,

orders, demands, proposals and requirements of
any competent authority of which it learns after the

contract date

but the

buyer

must comply with them

and keep the

seller

indemnified.

G1.7 The

lot

does not include any tenant's or trade fixtures

or fittings.

G1.8 Where chattels are included in the

lot

the

buyer

takes

them as they are at

completion

and the

seller

is not

liable if they are not fit for use.

G1.9 The

buyer

buys with full knowledge of:

(a) the

documents

, whether or not the

buyer

has read

them; and
(b) the physical condition of the

lot

and what could

reasonably be discovered on inspection of it, whether
or not the

buyer

has inspected it.

G1.10 The

buyer

is not to rely on the information contained

in the

particulars

but may rely on the

seller's

conveyancer's written replies to preliminary enquiries to
the extent stated in those replies.

Deposit

G2.1 The amount of the deposit is the greater of:

(a) any minimum deposit stated in the

auction

conduct conditions

(or the total

price

, if this is less

than that minimum); and
(b) 10% of the

price

(exclusive of any

VAT

on the

price

G2.2 The deposit

(a) must be paid in pounds sterling by cheque or
banker's draft drawn on an

approved financial

institution

(or by any other means of payment that the

auctioneers

may accept); and

(b) is to be held as stakeholder unless the

auction

conduct conditions

provide that it is to be held as

agent for the

seller

G2.3 Where the

auctioneers

hold the deposit as

stakeholder they are authorised to release it (and
interest on it if applicable) to the

seller

completion

or, if

completion

does not take place, to the person

entitled to it under the

sale conditions

G2.4 If a cheque for all or part of the deposit is not cleared

on first presentation the

seller

may treat the

contract

as at an end and bring a claim against the

buyer

for

breach of contract.

G2.5 Interest earned on the deposit belongs to the

seller

unless the

sale conditions

provide otherwise.

Between contract and

completion

G3.1 Unless the

special conditions

state otherwise,

the

seller

is to insure the

lot

from and including the

contract date

completion

and:

(a) produce to the

buyer

on request all relevant

insurance details;
(b) pay the premiums when due;
(c) if the

buyer

so requests, and pays any additional

premium, use reasonable endeavours to increase the
sum insured or make other changes to the policy;
(d) at the request of the

buyer

use reasonable

endeavours to have the

buyer's

interest noted on the

policy if it does not cover a contracting purchaser;
(e) unless otherwise agreed, cancel the insurance
at

completion

, apply for a refund of premium and

(subject to the rights of any tenant or other third party)
pay that refund to the

buyer

; and

(f) (subject to the rights of any tenant or other third
party) hold on trust for the

buyer

any insurance

payments that the

seller

receives in respect of loss or

damage arising after the

contract date

or assign to

the

buyer

the benefit of any claim; and the

buyer

must

completion

reimburse to the

seller

the cost of that

insurance (to the extent not already paid by the

buyer

or a tenant or other third party) for the period from and
including the

contract date

completion

G3.2 No damage to or destruction of the

lot

nor any

deterioration in its condition, however caused, entitles
the

buyer

to any reduction in

price

, or to delay

completion

, or to refuse to complete.

G3.3 Section 47 of the Law of Property Act 1925 does not

apply.

G3.4 Unless the

buyer

is already lawfully in occupation of the

lot

the

buyer

has no right to enter into occupation prior

completion

Title and identity

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 raise no requisition or objection except in relation
to any matter that occurs after the

contract date

G4.2 If any of the

documents

is not made available before

the

auction

the following provisions apply:

(a) The buyer may raise no requisition on or objection
to any of the documents that is made available before
the auction.
(b) If the

lot

is registered land the

seller

is to give to the

buyer

within five

business days

of the

contract date

an official copy of the entries on the register and title
plan and, where noted on the register, of all documents
subject to which the

lot

is being sold.

lot

is not registered land the

seller

is to give

to the

buyer

within five

business days

an abstract or

epitome of title starting from the root of title mentioned
in the

special conditions

(or, if none is mentioned, a

good root of title more than fifteen years old) and must
produce to the

buyer

the original or an examined copy

of every relevant

document

(d) If title is in the course of registration, title is to consist
of certified copies of:
(i) the application for registration of title made to the
land registry;
(ii) the

documents

accompanying that application;

(iii) evidence that all applicable stamp duty land tax
relating to that application has been paid; and
(iv) a letter under which the

seller

or its conveyancer

agrees to use all reasonable endeavours to answer any
requisitions raised by the land registry and to instruct
the land registry to send the completed registration

documents to the

buyer

(e) The

buyer

has no right to object to or make

requisitions on any title information more than seven

business days

after that information has been given

to the

buyer

G4.3 Unless otherwise stated in the

special conditions

the

seller

sells with full title guarantee except that (and the

transfer

shall so provide):

(a) the covenant set out in section 3 of the Law of
Property (Miscellaneous Provisions) Act 1994 shall not
extend to matters recorded in registers open to public
inspection; these are to be treated as within the actual
knowledge of the

buyer

; and

(b) the covenant set out in section 4 of the Law of
Property (Miscellaneous Provisions) Act 1994 shall not
extend to any condition or tenant's obligation relating
to the state or condition of the

lot

where the

lot

leasehold property.

G4.4 The

transfer

is to have effect as if expressly subject to

all matters subject to which the

lot

is sold under the

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 superior title even if it is referred to in the

documents

G4.6 The

seller

(and, if relevant, the

buyer

) must produce to

each other such confirmation of, or evidence of, their
identity and that of their mortgagees and attorneys (if
any) as is necessary for the other to be able to comply
with applicable Land Registry Rules when making
application for registration of the transaction to which
the

conditions

apply.

Transfer

G5.1 Unless a form of

transfer

is prescribed by the

special

conditions

(a) the

buyer

must supply a draft

transfer

to the

seller

at least ten

business days

before the

agreed

completion date

and the engrossment (signed

as a deed by the

buyer

condition

G5.2 applies)

five

business days

before that date or (if later) two

business days

after the draft has been approved by

the

seller

; and

(b) the

seller

must approve or revise the draft

transfer

within five

business days

of receiving it from the

buyer

G5.2 If the

seller

remains liable in any respect in relation to

the

lot

(or a tenancy) following completion the buyer is

specifically to covenant in the transfer to indemnify the
seller against that liability.

G5.3 The

seller

cannot be required to

transfer

the

lot

anyone other than the

buyer

, or by more than one

transfer

Completion

G6.1

Completion

is to take place at the offices of the

seller's

conveyancer, or where the

seller

may

reasonably require, on the

agreed completion date

The

seller

can only be required to complete on a

business day

and between the hours of 0930 and

1700.

G6.2 The amount payable on

completion

is the balance of

the

price

adjusted to take account of apportionments

plus (if applicable)

VAT

and interest.

G6.3 Payment is to be made in pounds sterling and only by:

(a) direct transfer to the

seller's

conveyancer's client

account; and
(b) the release of any deposit held by a stakeholder.

G6.4 Unless the

seller

and the

buyer

otherwise agree,

completion

cannot take place until both have

complied with their obligations under the

contract

and

the balance of the

price

is unconditionally received in

the

seller's

conveyancer's client account.

G6.5 If

completion

takes place after 1400 hours for a

reason other than the

seller's

default it is to be treated,

for the purposes of apportionment and calculating
interest, as if it had taken place on the next

business

day.

G6.6 Where applicable the

contract

remains in force

following

completion

Notice to complete

G7.1 The

seller

or the

buyer

may on or after the

agreed

completion date

but before

completion

give the

other notice to complete within ten

business days

(excluding the date on which the notice is given)
making time of the essence.

G7.2 The person giving the notice must be

ready to

complete

G7.3 If the

buyer

fails to comply with a notice to complete

the

seller

may, without affecting any other remedy the

seller

has:

(a) terminate the

contract

;

(b) claim the deposit and any interest on it if held by a
stakeholder;
(c) forfeit the deposit and any interest on it;
(d) resell the

lot

; and

(e) claim damages from the

buyer