Frequently asked questions
The auction fees are payable on all property and land lots. This will be payable upon the fall of the gavel as contracts are exchanged. This will be paid at the same time as the deposit if you are the highest bidder on a lot, before leaving the auction venue. The amount payable will be specified in the lot description.
Usually the Purchaser shall pay a deposit of 5% and auction fees of 2% +VAT inclusive (or a minimum of £5,000 +VAT) as contracts are exchanged. The purchaser is legally bound to buy and the vendor is legally bound to sell the Property/Lot.
This means that you have done everything you can, in terms of research, before committing to a land purchase. This may include viewing the land, or asking a solicitor to review the legal pack etc.
If you don’t exchange on the date set you will be given what’s called ‘Notice to Complete’ – This will last for 10 days and will incur a daily charge, of which the amount can be found in your contract. Failure to complete at all with result in a forfeit of your deposit as well as your auction fees plus any shortfall once the land is re-auctioned and sold.