Buying at Auction

Registration 

Under the Money Laundering Regulations 2017 we are now required to take identification for all persons intending to bid on a lot and each additional person to be named on the sale contract.  If the buyer’s details are different from the successful bidder’s then proof of identity for both the buyer and the bidder will be required.  Please try to arrive thirty minutes prior to the start of the auction and go to the reception area where a member of TW Gaze will take a copy of your identification.  Identification should be in the form of the photo page of your passport or photo driving licence.  In addition, a recent utility bill or bank statement (within the last three months) with your name and address on it is required.  For those bidding remotely, please email your identification when submitting your completed proxy bidding form. 

Printed and online catalogue 

This catalogue contains details about properties being sold at auction.  Those details are subject to change up to and including the day of the auction.  Please check our website regularly at www.twgaze.co.uk and look out for any additional materials available on the day of the auction, in order to stay fully informed with the up to date information. 

Sales particulars 

Any plans, photographs, areas or schedules within the catalogue, whilst prepared as carefully as possible are for guidance only, are not necessarily to scale, and do not form part of any contract. Although they are believed to be correct, their accuracy cannot be guaranteed. Neither the vendors nor the agents nor any person in their employ, give, or are entitled to give any representation or warranty in relation to the properties or any part thereof. 

Wayleaves, easements and rights of way 

The land is sold subject to and with the benefit of all existing rights, including rights of way, whether public or private, light, support, drainage, electricity supply and other rights, easements, quasi-easements and all
wayleaves whether referred to or not in these particulars.  Timber, sporting and minerals all are included within the sale of the freehold. 

Guide price 

An indication of the seller’s current minimum acceptable price at auction.  The guide price or range of guide prices is given to assist  consumers in deciding whether or not to pursue a purchase. It is unusual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at anytime up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction. 

Reserve price 

The seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell.  The reserve price is not disclosed and remains confidential between the seller and the auctioneer.  Both the guide price and the reserve price can be subject to change up to and including the day of the auction. 

Liability of the bidder 

The successful bidder will have entered a legally binding contract upon the fall of the auctioneer’s hammer.  Before bidding at auction it is advisable to obtain the legal documents and consult a solicitor.  The legal pack will set out any clauses, covenants and any liability for additional costs. 

Deposit 

Each purchaser will be required to pay a deposit of 10% of the hammer price, subject to a minimum deposit of £2,000.  This deposit will only be accepted by Banker’s Draft, Building Society cheque, personal cheque or BACS payment.  For payment by BACS please use:

TW Gaze Clients Account

Sort Code:            20-26-34

Account Number:   60460249

Cash or card payments will not be accepted. 

Administration charge 

An administration charge of £500 + VAT per lot will be payable by the purchasers to the agents upon exchange of contracts.  A VAT receipt will be issued the day following the auction.  These arrangements will include pre-auction and post-auction purchases. 

Insurance 

The successful purchaser of each lot will be responsible for insuring the property from the fall of the hammer. 

Bidding 

Each property will be offered individually by the auctioneer. It is the responsibility of the prospective purchaser to ensure that their bid is clearly seen.  The auctioneer will end each sale by offering the property three times at the highest bid and upon the fall of the hammer no further bids will be accepted.  The vendor reserves the right for TW Gaze to bid on their behalf up to the reserve. 

Sales prior to auction 

The vendor reserves the right to accept an offer on a property made prior to auction.  If you are intending to bid at auction for a specific lot we recommend that you speak to the agents’ office to ensure that the
property is still available.  Neither TW Gaze nor its client will be responsible for any losses or abortive costs incurred by prospective purchasers in respect of lots which are either withdrawn or sold prior to auction. 

Legal documents 

All legal documents are available for inspection at the appropriate solicitors’ offices and the agents’ offices.  Legal packs are also available online at twgaze.co.uk.  If purchasers require a pack to be sent out there will be a charge of £20 per pack to cover postage and printing, or alternatively they can be sent free of charge by email. 

VAT 

Should any sale of the property, or any rights attached to it, become a chargeable supply for the purposes of VAT, such tax will be payable by the purchaser(s) in addition to the contract price. 

Attending the auction 

It is advised that all interested parties or their appointed agents should attend the auction in order to bid.  If this is not possible then you may bid by telephone or by authorising the auctioneer to bid on your behalf but in either case this must be done by prior arrangement and written instructions received.  Proxy bidding forms are available upon request. 

Viewings 

For blocks of land, viewing is during daylight hours with details in hand unless stated otherwise under the lot.  For all other property, viewing is strictly by appointment with TW Gaze - telephone Diss 01379 641 341 or Wymondham 01953 423 188.  All viewings are undertaken at the viewer’s own risk.  Special care should be taken when viewing properties such as barns for conversion and those in need of renovation. 

Services

The services/appliances/central heating and heating system/plumbing and electrical installations have not been tested by the selling agents and the purchaser(s) must satisfy themselves as to the condition and  warranty of these items.