Terms of use

Notices to prospective buyers from the auctioneers, S.R.M Auctions Limited (SRM)

These notes and the conditions of sale applying to the property which are available for inspection from SRM and the seller’s solicitors are intended to assist prospective buyers. They should be read carefully by prospective buyers and their professional advisers.

You should consider taking legal and financial advice and obtaining a structural survey. Legal and other matters relating to property in the United Kingdom can be complex.

We cannot stress too strongly that professional advice should be taken to ensure you are aware of these complexities. The sellers of the properties in this catalogue have used every reasonable effort to ensure that the properties are properly described and that every opportunity is given to enable prospective buyers to make all necessary enquiries and investigations. Please have your professional advisers consider and advise you on all aspects of your purchase. All documents and other information relating to the property should be carefully considered.

1 Registration

1.1 Prospective buyers must register with SRM on arrival at an auction in order to be able to bid. No registration fee is payable.
1.2 Such registration shall be verified by the provision by the prospective buyer of the following identification documents:
1.2.1 A full UK passport or driving licence (for identification)
1.2.2 Either a recent utility bill or council tax bill (as proof of residential address)
(please note that the identification requirements for company buyers are more extensive and further details should be sought from SRM).
1.3 Providing that such identification is satisfactory to SRM a bidding card shall then be supplied.

2 Particulars of Sale

2.1 Prospective buyers are advised to check the particulars relating to the properties in this catalogue to ensure that they are satisfied as to the accuracy of all measurements areas details leases and other matters referred to in the particulars of the property concerned or the conditions of sale and all other matters subject to which the properties are sold or have the benefit of. Prospective buyers are also advised to check that any contents fixtures or fittings expressed to be included in the sale are the property of the seller concerned. The above should be done by making an inspection of the property and by making all necessary enquiries with the seller and the seller's professional advisers. The prospective buyers should also make all necessary searches and enquiries of appropriate authorities including local authorities. All measurements and areas referred to in the particulars are approximate only.
2.2 Prospective buyers will be considered to have inspected the relevant property and have made all necessary and appropriate enquiries and searches.

3 Plans and Photographs

3.1 All location plans in the particulars in this catalogue are to enable prospective buyers to locate the property. The plans are photographically reproduced and are therefore not to scale and are for identification purposes only. Such plans or photographs are not intended to be included in the contract of sale or other disposal of the property referred to in this contract.
3.2 Any arrow on photographs or plans in the particulars in this catalogue are to enable prospective buyers to locate the property and are not intended to depict the interest or extent thereof to be disposed of.
3.3 No guarantee is given as to the accuracy of the photographs indicating the property proposed to be sold.
3.4 No guarantee is given that a photograph of a property:
3.4.1 shows or refers to any of the occupiers of the property;
3.4.2 shows whether any of the occupiers are trading;
3.4.3 shows whether any tenant is in actual occupation; or
3.4.4 shows the state or condition of the property at the date of the sale or at any time after the date of the publication of this catalogue.
3.5 Prospective buyers must rely on inspection of the property concerned and the special conditions as to the full description and extent of the area of the relevant property to be sold.
3.6 Street trader plans in this catalogue are reproduced by consent of the copyright owners. No guarantee is given that any of the trading entities shown in any street trader plan is trading or is in actual occupation of the relevant property. Prospective buyers must satisfy themselves in this respect.
3.7 Location plans reproduced in this catalogue are based on Ordnance Survey Maps with the sanction of the Controller of HM Stationery Office. Crown Copyright reserved.

4 Inspection

  Inspection of the properties can only be made with the consent of SRM. They should be approached to make the appropriate arrangements. Inspection of investment properties is by courtesy of the tenant(s).

5 Structure, Contamination and Equipment

5.1 Prospective buyers are strongly advised to consult their professional advisers in respect of the structural condition and possible contamination or pollution of the property to be sold. If necessary a full structural and environmental survey should be carried out by a professionally qualified person.
5.2 Prospective buyers must satisfy themselves as to:
5.2.1 the state of the structure of any property or any fixtures and fittings or other items included in the sale of the property;
5.2.2 the type of structure or whether any such structure is adequate or properly constructed in relation to the state of repair or suitability of such structure or the fixtures, fittings or other equipment at the property;
5.2.3 any environmental pollution or contamination relating to the property;
5.2.4 whether the property complies with all relevant legislation.

6 Conditions of Sale

6.1 The attention of prospective buyers is drawn to the general and special conditions of sale relating to the properties to be sold. These contain the legal provisions that affect the property and will form part of the contract for sale. Buyers should note that the general and special conditions of sale relating to a particular property may be obtained separately from SRM or the seller’s legal advisers.
6.2 Prospective buyers should note that there may be additions or amendments to the particulars or conditions of sale. An addendum relating to these amendments will be available at the auction. The addendum will be attached to the memorandum of sale and form part of the contract for sale. The addendum may have to be signed on behalf of the buyer.
6.3 Buyers will be considered to have read the particulars, conditions and addenda and have full knowledge of these and all documents and other matters referred to in the particulars, conditions and addenda.

7 Liability of Bidder

7.1 Each bidder will be considered to be personally liable on making an accepted bid even though he acts as an agent for a principal buyer or signs the memorandum of sale or contract as agent in a representative capacity.
7.2 The bidder and the bidder's principal will be jointly and severally liable under the contract for sale.

8 Prior Sales

8.1 Prospective buyers should contact SRM during the three days before the auction to enquire whether a particular lot will be offered for sale or whether it has been withdrawn or sold.
8.2 Neither SRM nor the seller will be responsible for any losses or abortive costs incurred by prospective buyers as to lots which are either withdrawn or sold prior to auction.

9 Estimated Prices and Rents. Information relating to Tenants

9.1 Any estimates or suggestions given by SRM to prospective buyers relating to the price at which a property will or may be sold or which a prospective buyer should bid for such property cannot be accepted by the buyer as a valuation. Any sum may only be accepted as an estimate of the price that SRM consider the property may be sold for. Also, any estimates or suggestions given by SRM to prospective buyers relating to the current or future open market rental for the whole or part of the property must not be accepted as valuations but only estimates.
9.2 In no case have SRM carried out full valuations of the properties to be sold.
9.3 Prospective buyers should satisfy themselves by referring to their own professional advisers to establish that any estimates or suggestions given by SRM as to the expected purchase price or current or future or rental value of properties are accurate.
9.4 SRM and the respective sellers accept no responsibility for any loss, damage, costs or expenses incurred or suffered by a buyer as a result of acting on such estimates or suggestions.
9.5 Any financial or other information contained in the particulars in this catalogue relating to tenants or other occupiers of properties to be sold or as to the ownership of any tenants or occupiers is, unless otherwise stated, obtained from the Companies Registry files open to inspection by the general public or from the tenants or the tenants' holding company's published report and accounts. This information is obtained during the compilation of the catalogue.
9.6 In respect of financial information and information as to ownership of a tenant circumstances may have changed since the relevant returns were filed at the Companies Registry or since the publication of the tenants or tenants' holding company's last report and accounts. Certain information could be at least two years out of date. Accordingly, no warranty representation or undertaking whatsoever is given that such information is accurate in all respects as at the date of the sale of the relevant property. Prospective buyers should make their own enquiries.

10 Bidding

10.1 SRM reserve the right to regulate the bidding and to refuse in their sole absolute discretion to accept any bid or bids without giving any reason for such refusal.
10.2 In the case of any dispute as to any bid, SRM may forthwith determine the dispute or put up the property again at the last undisputed bid or withdraw the property.
10.3 No person may advance less at a bid than a sum to be named from time to time by SRM.
10.4 The highest bidder for each property shall be the buyer of that property.
10.5 SRM reserve the right to sell in separate lots if the whole is unsold or sell in one lot where individual lots are offered.
10.6 Unless otherwise stated, the sale of a property is subject to a reserve price. If no bid equals or succeeds the reserve price the lot will be withdrawn from the auction.
10.7 The seller or a person on his behalf may bid up to the reserve price.

11 Sale of Property

11.1 Buyers should note that a legally enforceable contract of sale of the relevant property on the terms referred to in these notices and the general and special conditions arises as soon as it has been 'knocked down' to the buyer by the auctioneer.
11.2 On a property being sold the successful bidder will be given a buyer’s slip by SRM. A copy of this slip appears at the end of the catalogue. SRM reserve the right to photograph successful bidders for security purposes. The buyer's slip must be completed with the required information. In default of such information being provided at once along with the identification documents referred to at note 1.2 (if the buyer’s details are different from the successful bidder’s, then the buyer will also be required to submit their details and this will be requested from the buyer’s solicitor following the auction), payment of the deposit and buyer’s premium being made in accordance with note 14 or, once prepared, signature of the memoranda or other contract on behalf of the buyer as referred to at note 11.4, SRM will be entitled to re-submit the property for sale and may treat the bidder and buyer as being in breach of contract or alternatively SRM may sign the sale memorandum or other contract (and any addenda) on behalf of the successful bidder or the person on whose behalf they have bid (as appropriate). Re-submission of the property for sale will be taken without prejudice to any claim there may be against the bidder and buyer for breach of contract.
11.3 A card showing the lot number and the price at which the property was sold will be given to the successful bidder.
11.4 SRM will prepare memoranda and other details of the contract in the relevant form. Before the end of the auction the successful bidder should arrange for a part of the memorandum or other contract to be signed on behalf of the buyer. This will normally be exchanged for a part signed on behalf of the seller but SRM reserve the right to retain this part until the deposit has been received in clear funds.
11.5 On exchange of memoranda or other contract the card showing the lot number and purchase price should be handed to SRM.
11.6 Unless otherwise stated in the special conditions the property will be at the buyer's risk on being sold at the auction. The buyer should make his own arrangement for insurance immediately.
11.7 Unless the seller agrees otherwise the property will only be transferred to the buyer named in the buyer's slip and memorandum of sale completed by the successful bidder. Specific buyers must be named. Properties cannot be transferred to an unnamed or to-be-named 'nominee'.
11.8 It is important that finance arrangements are made well in advance of the auction date, as the buyer will normally be expected to complete the sale within 28 days.

12 Telephone Bids

No bids may be made by telephone.

13 Buyer’s Premium

13.1 The highest bidder for each lot shall be the buyer of that lot. The buyer shall pay commission to the auctioneers at the rate of 5% of the purchase price plus VAT at the appropriate rate on such commission.
13.2 For the avoidance of doubt the buyer’s premium does not form part of the deposit and shall not be refundable in any circumstances.

14 Deposit

14.1 A deposit of 10% of the total price payable under the contract (including the buyer’s premium) of the minimum of £2,500 along with the buyer’s premium will be payable on the relevant property being knocked down. This provision may be amended by the special conditions of sale which the buyer should check.
14.2 The deposit must be paid in pounds sterling and should be handed to a representative of SRM when the buyer's slip has been completed.
14.3 A separate deposit will be requested in respect of each lot purchased.
14.4 Unless otherwise specified cheques will be accepted. Cheques must be drawn on a bank or branch of a bank in the United Kingdom and be made payable to ‘SRM Auctions Limited’. Any other cheques may be rejected. Payment may also be made by bankers or building society draft made payable to SRM on a financial institution that has signed up to the banking code or is otherwise acceptable to SRM or by debit card.