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  1. Buying
  2. Definition of Auction Terms

Definition of Auction Terms

Please take some time to familiarise yourself with the terms below so you are fully aware of what you are bidding on. For more information speak to one of our auction team at your local office or on the day.

Conditional

When the gavel falls the buyer must:

  • Exchange contracts within 28 days
  • Complete the purchase within an additional 28 days of the exchange
  • Pay a non-refundable £5,000 deposit
  • Pay an administration fee of £840 (inc VAT)

Unconditional

When the gavel falls the buyer must:

  • Exchange of contracts on the fall of the hammer. Special conditions may apply
  • The sale must complete within 28 days
  • A 5% deposit must be paid subject to a minimum of £5,000
  • Pay an administration fee of £840 (inc VAT)

*Conditional (Buyer’s Premium)

When the gavel falls the buyer must:

  • Pay a non-refundable 5% plus VAT Buyer’s Premium (to a minimum of £6,000 inc VAT)
  • Exchange contracts within 28 days
  • Complete the purchase within an additional 28 days of the exchange

*Unconditional (Buyer’s Premium)

When the gavel falls the buyer must:

  • Exchange contracts immediately
  • Pay a 5% Deposit and a 5% Buyer’s Premium (to a minimum of £6,000 inc VAT)
  • Be legally bound to buy the property / lot and the vendor is legally bound to sell
  • The sale must complete within 28 days

 

* Buyer’s Premium denotes a different set of charges to regular Auction Lots. Buyer’s Premium Lots will be either Unconditional or Conditional. The Buyer’s Premium does not contribute towards the purchase price. Purchasers are encouraged to check each individual Lot as Buyer’s Premium percentages may vary. However, the minimum fee of £5000 plus VAT will apply in all cases. Please read the differences between the Auction formats so you understand the associated costs and requirements of each Auction. If you have any questions please do not hesitate to ask a member of staff on the day or please call your local office.

* Excluding London Region. Please contact our London office on 02030 111499 for further information.
Also excluding Ireland Region. Please contact our Ireland office on +353 (1) 2452180 for further information.
* Please note Scotland Lots are all Unconditional Lots with a 2% plus VAT Buyer’s Premium (subject to a standard fee of £3,000 plus VAT). Please contact our Scotland office on 01413487590 for further information.