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31
A6
Extra Auction Conduct Conditions
a6.1
despite any special condition to the contrary the
minimum deposit we accept is £2,000 (or the total price,
if less). a special condition may, however, require a
higher minimum deposit.
Words in bold 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 by
special conditions or by an addendum.
G1. 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.
G2.
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 on 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.
G3.
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
to 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
on 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 to 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
to completion.
G4.
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.
· (c) if the 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 is
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.
G5.
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 if 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 to
anyone other than the buyer, or by more than one
transfer.
G6.
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.
G7.
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.
g7.4
if the seller fails to comply with a notice to complete the
buyer may, without affecting any other remedy the buyer
has:
· (a) terminate the contract; and
· (b) recover the deposit and any interest on it from the
seller or, if applicable, a stakeholder.
G8.
If the contract is brought to an end
if the contract is lawfully brought to an end:
· (a) the buyer must return all papers to the seller and
appoints the seller its agent to cancel any registration
of the contract; and
· (b) the seller must return the deposit and any interest
on it to the buyer (and the buyer may claim it from the
stakeholder, if applicable) unless the seller is entitled to
forfeit the deposit under condition g7.3.
G9.
Landlord's licence
g9.1
where the lot is or includes leasehold land and licence
to assign is required this condition g9 applies.
g9.2
The contract is conditional on that licence being
obtained, by way of formal licence if that is what the
landlord lawfully requires.
g9.3
The agreed completion date is not to be earlier than the
date five business days after the seller has given notice
to the buyer that licence has been obtained.
g9.4
The seller must:
· (a) use all reasonable endeavours to obtain the licence
at the seller's expense; and
· (b) enter into any authorised guarantee agreement
properly required.
g9.5
The buyer must:
· (a) promptly provide references and other relevant
information; and
· (b) comply with the landlord's lawful requirements.
g9.6
if within three months of the contract date (or such
longer period as the seller and buyer agree) the licence
has not been obtained the seller or the buyer may (if not
then in breach of any obligation under this condition g9)
by notice to the other terminate the contract at any time
before licence is obtained. That termination is without
Common auction Conditions