Information for Bidders

  • 1.Conditions of Sale
    • 1.1If you are the successful Buyer of any lot, you will - from the moment the Auctioneer's gavel falls - become legally bound by the Conditions of Sale in relation to that Lot.
    • 1.2It will be assumed that you have read and considered the Conditions of Sale and any other relevant documents for the Lot(s) you are interested in before the day of the Auction, that you have shown them to your professional advisors and taken their professional advise before bidding.
    • 1.3The Conditions of Sale consist of the following:
      • •These Notices to Prospective Buyers
      • •The common Auction conditions printed towards the back of this catalogue (or any alternative general conditions adopted by the Seller) or (in the case of Scottish Lots) Articles of Roup
      • •The Special Conditions of Sale for the Lot (not printed in the catalogue but obtainable from the Seller's solicitors or the Auctioneers)
      • •Any addendum relating to the Lot
    • 1.4The Common Auction Conditions relate to Lots situated in England and Wales and contain the following sections:
      • •Glossary - this gives special meaning to certain words used in other parts of the catalogue.
      • •Conduct of the Auction - these conditions regulate the conduct of the Auction. If you read the catalogue or attend the Auction, you do so on the basis that you accept them.
      • •General Conditions - these apply to all Lots in England and Wales unless otherwise stated.
      • •Extra Conditions - these are printed towards the back of this catalogue and so apply to all Lots in England and Wales unless otherwise stated.
    • 1.5An addendum will be available before and will be distributed at the Auction. This important document will detail any corrections, amendments and/or additions to the particulars and Conditions of Sale for any of the Lots. It will be assumed that you have read the addendum before bidding.
    • 1.6Please note that some or all of the Conditions of Sale relating to certain Lots might be obtainable separately from the Seller's solicitors or the Auctioneers.
  • 2.Liability of Bidder
    • 2.1If you bid at the Auction, you will be personally liable in respect of any accepted bid. This will be the case even if you bid as agent or other representative for another party.
    • 2.2If you bid as an agent or representative then you and the person or organisation on whose behalf you have bid will be jointly and separately liable under the contract of sale or (in the case of Scottish lots) minutes of enactment of the Lot.
  • 3.Procedures on Sale of the Lot
    • 3.1If a lot is "knocked down" to buy by the Auctioneer, a legally binding contract is immediately created. The terms of the contract will be those set out on the Conditions of Sale referred to above.
    • 3.2If you do not complete the buyer's slip or pay the deposit, the Auctioneers have the right to re-offer the Lot for sale and to treat you (and your principal if you are bidding as an agent or representative) as being in breach of contract. Even if the Lot is re-offered for sale, the Seller might have a legal right of action against you for the breach of contract.
    • 3.3After the Lot is knocked to you, you will be given a buyers slip which you must complete with all required information. You will be asked to produce some form of identification such as a driver's licence or passport.
    • 3.4When completing the Buyer's slip, you must specifically name the person or organisation that is to be the Buyer of the Lot. Lots cannot be transferred to an unnamed Buyer. References in the Buyer's slip to the Buyer's "nominees", "associates" or similar terms are not acceptable. Unless you obtain the Seller's prior consent, the Lot can only be transferred to the Buyer named in the Buyer's slip and Sale Memorandum.
    • 3.5The Auctioneers will prepare the contract of sale in duplicate. Before leaving the Auction room, you must attend the contracts desk situated in the Auction room you must sign your part of the contract. You will then be given the duplicate copy of the contract, signed on behalf of the Seller, in exchange.
    • 3.6Usually, the Lot will be at your risk from the moment it is knocked down to you by the Auctioneer which means that you should immediately arrange for it to be insured. If this is not the case, it should be made clear in the Special Conditions of Sale for the Lot. If you are in any doubt, you should make enquiries with the Seller's solicitors.
  • 4.Identification
    • 4.1If you are the successful bidder you are required to provide identification in line with the Money Laundering Regulations 2007. (See separate page in the Catalogue).
  • 5.Deposit
    • 5.1The deposit is the sum you must pay to the Seller upon acceptance by the Auctioneer of your bid as a guarantee that you will proceed to completion of the purchase. If completion takes place without dispute, the sum becomes part payment of the purchase price.
    • 5.2It is part of your legal obligations to pay the deposit on the day of the Auction if a Lot is knocked down to you. The amount of the deposit may be specified in the Special Conditions of Sale for the Lot so you should check these carefully before the Auction. If it is not specified in the Special Conditions, the deposit is the greater of:
      • (a)the minimum deposit of £2,000 (or the total sale price if this is less than that minimum), and
      • (b)10% of the sale price exclusive of VAT
    • 5.3You are at risk of losing the deposit paid on a Lot and at risk of the Seller taking legal action against you for breach of contract if you fail to complete your purchase of the Lot.
    • 5.4The deposit must be given to the Auctioneer's clerk together with the completed Buyer's slip.
    • 5.5If you buy more than one Lot, you will need to pay a separate deposit for each Lot.
    • 5.6Cheques for the deposit are acceptable unless otherwise stated. Cheques must be drawn on UK sterling accounts only and on a bank or branch of a bank in the UK, failing which cheques may be rejected. Banker's Drafts, Debit/Credit Cards are also acceptable.
    • 5.7Cash deposits are not accepted in any circumstances.
    • 5.8Deposit cheques are accepted on the basis that there are adequate cleared funds in the account upon which the cheque is drawn. All deposit cheques are specially cleared first thing on the morning after the Auction and the Seller may take action against you if your cheque is not honoured on first presentation. You are therefore strongly advised to ensure that there are adequate funds available in the account to meet any deposit cheque(s) that are drawn as a result of the Auction.
    • 5.9All deposit cheques should be made payable to "Pugh & Company" unless the Special Conditions of Sale state otherwise.
  • 6.Buyers Premium
    • 6.1Each successful buyer will be required to pay Pugh & Company a Buyer's Administration Fee on exchange of contracts for each lot purchased. The Buyer's Administration Fee will be charged as follows:
      • (a)£500 (Including VAT) if paying the Deposit and Buyer's Administration Fee by Debit/Credit Card or Banker's Draft.
      • (b)£600 (Including VAT) if paying the Deposit and Buyer's Administration Fee by Cheque.
  • 7.Purchasers Solicitors
    • 7.1Each successful buyer will be required to provide Pugh & Company with details of their solicitors on the day of the Auction.
  • 8.Particulars of Sale
    • 8.1It is your responsibility to check that the particulars of the sale and all other information about a Lot are accurate and complete before bidding.
    • 8.2Measurements and areas referred to in the catalogue particulars are approximate only. It is your responsibility to check the following matters in respect of each Lot you are interested in before the Auction:
      All measurements
      • •Areas
      • •Whether any fixtures, fittings and contents referred to in the catalogue particulars are owned by the seller
      • •The exact description of the location of the Lot
      • •Details of any leases affecting the Lot
      • •Any other matters that the Lot might be subject to or have the benefit of
      • •The current occupiers at and/or trading from the Lot
      • •The structural condition of the Lot and any possible contamination or pollution of the Lot
    • 8.3You are advised to check these matters by:
      • •Personally inspecting the Lot
      • •Arranging to have the Lot professionally surveyed
      • •Arranging for an environmental survey to be carried out in respect of the Lot
      • •Making enquiries with the Auctioneers, the Seller and the Seller's professional advisors
      • •Making relevant searches and enquiries with all appropriate authorities
  • 9.Guide Prices and Reserves
    • 9.1Guide prices are available on our website www.pugh-auctions.com and are subject to alteration. Guide prices or guide ranges are not necessarily figures at which the property will sell. They are only intended to be an indication. The price achieved at auction may be more or less. The guide price lists will be updated, so please contact us if you require updated lists. It is possible that the reserve price set for any lot may exceed the quoted guide price.
    • 9.2The Auctioneers have not carried out valuations for any of the Lots to be offered for sale at the Auction. Consequently, you must not treat the published guide price for a Lot as being a valuation of that Lot. Similarly, you must not treat any estimate or suggestion as to the price for which the Lot might be sold or as to the price you might consider bidding for any Lot as being a valuation of that Lot.
    • 9.3The Auctioneers will publish a guide price list when the catalogue is issued. The guide price for a Lot is purely an estimate of the price the Auctioneers consider the Lot might be sold for. It is your responsibility to decide how much you should bid for any Lot.
    • 9.4Neither the auctioneer nor the seller can accept any responsibility for any loss, damage or cost that you may incur as a result of relying on any guide, estimate or suggestion as to price given in respect of ant Lot.
    • 9.5You are strongly advised to consult your own professional advisors regarding the accuracy of the guide price and/or of any estimate or suggestion as to price given by Auctioneers in respect of any Lot.
    • 9.6The guide price list is updated regularly by the Auctioneers leading up to the auction. You should contact the Auctioneers to find out whether any alterations have been made to the guide price(s) for the Lot(s) you are interested in.
    • 9.7The reserve price for any Lots may exceed or be lower than the guide price quoted at any time for that Lot.
    • 9.8The majority of Lots will be offered for sale subject to a reserve price. Any exceptions will be announced on the day of the Auction.
  • 10.Legal Documentation
    • 10.1A legal package consisting of all documentation currently held by the auctioneers is available to view online or a hard copy will be available subject to a charge. All documentation has been provided by the Vendor's legal representative. As Pugh & Company were not party to any original lettings we are unable to confirm the accuracy of the information within the tenancy agreements. Some of the lots may not have local search results available for inspection prior to the auction. In the case of these lots, the Buyer is deemed to have made their own enquiries of the relevant local authority and to purchase with full knowledge of any matters that would be revealed by a search of the Local Authority and shall raise no requisition or obligation in respect thereof. All documentation is also available for inspection on the day of the auction from 9.00am. For more information, or to order a pack, please call 08442 722444 or visit www.pugh-auctions.com.
  • 11.Structure, Condition, Contamination and Equipment
    • 11.1Whether or not you actually inspect the Lot, you will be assumed to buy with full knowledge of the physical condition of the Lot.
    • 11.2Neither the Auctioneer nor the Seller can Guarantee:
      • •The structural condition of the Lot.
      • •The state or condition of any fixtures, fittings or other items stated to be included on the sale of the Lot.
      • •Whether or not the Lot or any fixture, fittings or other equipment have been properly or adequately constructed or are suitable for their purpose.
      • •Whether or not there is any contamination or pollution affecting the Lot or affecting any other property in the neighbourhood.
      • •Whether or not the Lot complies with any relevant legislation relating to the environment, contamination, pollution or dangerous substances.
  • 12.The Auctioneers
    • 12.1The Auctioneers will not be under any financial liability in respect of any matters arising out of or connected with the Auction or the catalogue particulars or the Conditions of sale for any Lot (including but not limited to any mis-description or any inaccurate information relating to the Lot). Any recourse the Buyer will make in this respect will be against the Seller. The Buyer will not make any claim against the Auctioneers in respect of any loss, damage or claim either actually or allegedly suffered by or made against the Buyer as a result of the Buyer entering into any contract for the sale and purchase of the Lot.
    • 12.2In these Notices, the expression "the Auctioneers" means Pugh & Company and includes the individual Auctioneer or Auctioneers having conduct of the Auction.
  • 13.Order of Sale, Sales Prior to Auction and Withdrawn Lots
    • 13.1Lots will be offered for sale at the Auction in accordance with the Order of Sale which will be distributed at the Auction. It will provide details of all Lots that have been sold prior to or withdrawn from sales.
    • 13.2The Auctioneers have the right to sell Lots or to withdraw Lots without giving reasons at any time before the sale begins.
    • 13.3You should view the Auctioneers website www.pugh-auctions.com , before the Auction to check whether any Lots have been sold prior or withdrawn.
    • 13.4Neither the Auctioneers nor the Seller will have any responsibility towards you in relation to any loss or wasted costs that you may incur in respect of Lots sold prior or withdrawn.
  • 14.Proxy, Telephone and Internet Bidding
    • 14.1If you are unable to attend the Auction you may be able to bid by proxy or telephone.
    • 14.2If this is the case, you will need to complete the Registration Form for Remote Bidders printed towards the back of this catalogue and send it to the Auctioneers with your deposit and proof of identity before the Auction. If you contact the Auction department, they will explain the remote bidding procedures in detail to you.
    • 14.3If you bid by proxy or telephone or over the internet, you will, in addition to the Conditions of Sale, be legally bound by the Terms and conditions for Telephone and Proxy Remote Bidders printed towards the back of this catalogue.
  • 15.Plans and Photographs
    • 15.1Street trader plans are reproduced with the consent of Experian Goad Limited. Experian Goad Digital Plans include mapping data licensed from Ordnance Survey with the permission of the Controller of Her Majesty's Stationery Office. © Crown Copyright and Experian Copyright. All rights reserved. License number PU100017316. Location plans are reproduced from the Ordnance Survey mapping with the permission of Ordnance Survey on behalf of the Controller of Her Majesty's Stationery Office, © Crown Copyright 100005390.
    • 15.2The plans and photographs shown in the catalogue are included in order to assist you in locating the Lot in question. Similarly, any arrows on plans or photographs are merely to assist you in finding the Lot, not for the purpose of indicating legal boundaries.
    • 15.3The plans and photographs shown in the catalogue do not form part of any contract of sale relating to any of the Lots.
    • 15.4Plans in the catalogue are reproduced photographically and are not to scale so the Auctioneers cannot guarantee that they are accurate.
    • 15.5The Auctioneers cannot guarantee:
      • •The photographs show the current occupier(s) of the Lot.
      • •That any occupiers are trading or are actually in occupation of the relevant Lot.
      • •The state of repair and condition of the Lot.
      • •That any entities shown in any street trader plan are still trading or are still in actual occupation of the Lot.
  • 16.Inspection and Vacant Possession
    • 16.1If you want to inspect the Lot before the Auction, it may be possible to arrange this with the Auctioneers on prior notice and you should therefore contact them in advance of the Auction.
    • 16.2Keys to Lots that are offered for sale with vacant possession will normally be made available to you on completion of the sale. However, access to the Lot for the purpose of inspection and/or carrying out a survey might be available to prior to completion subject to obtaining the Seller's permission (you should approach the Auctioneers about this).
    • 16.3Purchasers may request a viewing of a lot following exchange of contracts and prior to completion. Where possible Pugh & Company will accommodate this request and a charge of £100 per viewing will be levied.
  • 17.Rents and Information relating to Tenants
    • 17.1Financial and other information given in the catalogue particulars for any Lot relating to tenants or the occupiers of the Lot is obtained from the Companies House (whose files are open to public inspection and verification) or from published reports and accounts of the tenant or tenant's holding company, unless otherwise stated.
    • 17.2The Auctioneers obtain this information during completion of the catalogue. Some of the information shown in the catalogue may be at least 2 years out of date depending on when returns were last filed at the Companies Registry or when the tenant's corporate accounts and report were last published. In addition, the circumstances of any tenants or occupiers of the Lot might have changed since completion of the catalogue, for example as to ownership. There is no guarantee therefore that the information shown in the catalogue is accurate or up to date as at the end of the Auction.
    • 17.3It is your responsibility to check whether or not the catalogue particulars are accurate in relation to such matters.
    • 17.4Estimates or suggestions given by the Auctioneers as to current or future rental values affecting any Lot or as to the current or future open market rental value of the whole or ant part of the Lot must not be treated as valuations but as estimates. You must consult your own professional advisors to establish whether such estimates or suggestions are accurate.
  • 18.VAT
    • 18.1This note applies where VAT is payable on the sale of the Lot or the deposit is payable to the Auctioneers as agent for the seller. If you wish to treat the transaction as the transfer of a going concern as referred to in General Condition 15 of the Common Auctions Conditions (clauses 4.5.3 - 4.5.9 inclusive of the articles of Roup), you must notify the VAT authorities before the date of an Auction.
    • 18.2For the avoidance of doubt, the above note does not apply where the Lot is sold subject to VAT but the deposit is payable to the Auctioneers as stakeholder.
    • 18.3In certain circumstances, the provisions in General Condition 15 of the Common Auction Conditions, clauses 4.5.3-4.5.9 inclusive of Articles of Roup) do not apply in any event, including where the transaction is the grant of a new lease of the Lot to the buyer. You are strongly advised to consult your own professional advisors about this before the Auction.