Auction terms all Property and online auctions - World of Auctions World of Auctions | Your Gateway to Exciting Auction Opportunities

Terms and understanding that apply to all parties at Our Auctions

The Background

The terms set out in this document govern the basis on which you may participate in, our Auctions at “The world of auctions” auctions that we may conduct from time to time.

The terms apply to all of our auction formats whether the auction is (i) an In Room auction run by an auctioneer (where bids are submitted in person in the auction room, or remotely via

The internet, via telephone or by proxy); or (ii) an Online Sales auction which is solely run by our auction software.

These auctioneer terms are supplemented by the Remote Terms which apply in addition to these terms if you are bidding remotely via the internet, via telephone or by proxy at an In Room auction. To the extent there is any conflict between these auctioneer terms and the Remote Terms, the Remote Terms shall have priority where you are bidding remotely via the internet, via telephone or by proxy at an In Room auction.

The contractual terms in this document are separate to the auction pack each of which detail terms relevant to each particular auction lot.

You and any prospective buyers should read all relevant terms before auction participation.

Contents of this document

This document is split into the following parts:-

1 Part 1 – Glossary

This is a glossary explaining how this document should be read and interpreted, including an explanation of the meaning given to particular expressions used in this document. The words and expressions defined in the Glossary appear in bold throughout these auctioneer terms.

2 Part 2 – Register to Bid Process

Part 2 sets out terms which describe the register to bid process which you will need to

successfully complete online using My Account before participating in any auction, whether you are acting on behalf of yourself or another, including requirements relating to: (i) verification of identity and source of funds; and (ii) payment of a bidder security payment.

For all auctions you will need to allow time to complete the register to bid process. (Please note you can see the auction format (whether Online Sales or In Room and which will also specify if the auction will be live streamed) by referring to the relevant page of our website.

You are strongly advised to complete the register to bid process no later than 2 business days before the relevant auction. We accept no responsibility for failure to administer late Registrations.

It may or may not be possible to complete the register to bid process at the venue of an In Room. Depending upon each auction and its venue, and set procedure.

Part 3 – Notices for prospective buyers

Part 3 sets out various terms relating to the sale of properties included in our auctions.

4 Part 4 – Auction conduct conditions

THE WORLD OF AUCTIONS– AUCTIONEER TERMS FOR ALL AUCTIONS

INTRODUCTION

Part 4 sets out terms which govern further aspects of the relationship between us and any bidders who participate in our auctions. As further explained in Part 3, these conditions have been adapted from the RICS Common Auction Conditions (edition 4.0).

5 Part 5 – Website terms & use of data

Part 5 sets out terms which will apply in relation to your use of our website and the processing by of us of data relating to you or your representatives.

6 Appendix

This document also includes an appendix comprising a form of purchase agreement to be signed by us on behalf of a seller and buyer (see section A5 of Part 4 – auction conduct conditions).

Changes to this document

The contents of this document may be changed by us from time to time in advance of the relevant auction. Should the contents of this document be changed by us at any time prior to the auction an addendum will be issued detailing the amendments and will apply to all lots offered in the auction.

In any event, by participating in the auction you will be treated as having accepted the latest version of this document in force as at the date of the auction, as published on our website and/or referred to by our representatives prior to the start of the auction.

IMPORTANT NOTICE: – if you are not the intended buyer:

You will be responsible, in your own name and not simply as agent for a third party buyer, for ensuring compliance with all obligations in these auctioneer terms relating to participation as a bidder in the auction.

It falls to the bidder that You must ensure that you have all necessary authority to act on behalf of, and to contractually bind and commit, the relevant buyer to all obligations set out or referred to in these auctioneer terms which expressly or by implication apply to buyers.

This includes authority to authorise us, the auctioneers, to enter into a written purchase agreement on behalf of the relevant buyer where you successfully bid for a property, on the buyer’s behalf – see Part 4 of this document for more details on this.

If for any reason the person identified by you as being the intended buyer fails to comply with any obligations which expressly or by implication apply to buyers (including any situation in which the intended buyer disputes your authority to act and/or contract on its behalf for these purposes), you will be responsible to us for any loss we or any seller suffers as a result of that failure. This includes any failure to comply with obligations relating to the purchase of any property for which you successfully bid via an auction.

In this document, unless the context otherwise requires, the following definitions and rules of interpretation will apply:-

Singular words can be read as plurals, and plurals as singular words.

A “person” includes a corporate body.

Words of one gender include the other genders.

References to legislation are to that legislation as it may have been modified or re-enacted by the date of the auction or the date of the contract for sale (as applicable); and References to the expressions “include”, “including” and “in particular” are to be read is if they were followed with the words “but without limitation”.

Addendum (and addenda)

An amendment or addition to the auction pack or to the particulars, set out in a supplementary document, described as an “Addendum”, which is made available on the relevant lot page and/or otherwise brought to the attention of bidders prior to commencement of bidding on the relevant lot.

Approved financial institution

Any bank or building society that is regulated by a competent UK regulatory authority or is otherwise acceptable to us

Auction

The auction shall be conducted by us in the format of (i) an In Room auction run by an auctioneer (where bids are submitted in person in the auction room, or remotely via the internet, via telephone or by proxy) including any In Room auction which is run as a live streamed auction or (ii) an Online Sales auction which is run by our auction software (where all bids are submitted online). We will confirm the format applicable to the auction in advance of the auction and this will be displayed on the relevant lot page Whether an auction is a commercial auction or a residential auction shall be specified on our website.

Reference in these auctioneer terms or in any purchase agreement to you participating in an auction or bidding for a lot will be treated as including circumstances in which you (or any intending buyer on whose behalf you are acting) make an offer to buy, or otherwise seek to buy, a lot which is made available for sale either prior to or following an auction; and

References in these auctioneer terms or in any purchase agreement to any successful bid will be treated as including any offer which is made on the basis described above and then accepted by us.

Auction conduct conditions

The terms and conditions set out in Part 4 of these auctioneer terms

THE WORLD OF AUCTIONS– AUCTIONEER TERMS FOR ALL AUCTIONS

Auctioneer terms

The terms and conditions set out in this document, the contents of which include those described in the “Introduction” page above.

Auction pack

The documents (including the conditions of sale) and information prepared by or on behalf of the seller in relation to a particular lot, and made available on the relevant lot page on the website.

Bidder security

The sum specified below that you must pre-authorise us to take from a debit card you register with us prior to any auction or which you may alternatively pay by bank transfer and which we will retain and use as payment towards our buyer’s fee and the deposit if you successfully bid for any lot (as more particularly set out in Part 2 of these auctioneer terms).

At our Residential auctions, a sum (per lot) calculated by reference to the published guide price for the lot as follows:-

Guide price bidder security payable

£1 – £49,999 – security payable £2,000

£50,000 – £149,999 £5,000

£150,000 and above £10,000

Where a guide price range for a lot overlaps any of the bands set out above, the bidder security shall be fixed by reference to the band within which the lower end of that guide price range falls We reserve the right to vary the amount of the bidder security for any lot at any time prior to the auction. We will let you know of any changes in advance of the auction the bidder security may only be paid in Sterling (GBP) and we will refuse to accept any funds that are not drawn in Sterling.

Business day

Any day except (a) a Saturday or a Sunday; (b) a bank holiday in England and Wales; or (c) Good Friday or Christmas Day

Buyer

The person who agrees to buy the lot or, if applicable, that person’s personal representatives: if two or more persons are jointly the buyer all obligations can be enforced against them jointly or against each of them separately.

Buyer’s fee

The sum that you will be required to pay to us (and which we may settle using your bidder security), as a fee in respect of each lot for which you successfully bid in an auction, in the following amount*:-

A buyer’s fee of £1,000 per lot (exclusive of VAT currently at 20%) *On occasions a higher buyers fee may be charged. If so this will be articulated on the particulars page of the website and/or in the Addendum for the lot.

Buyer’s premium (if and were it may apply to a purchase)

Normally a minimum of £4000 unless otherwise stated and varied on our website or within the conditions of contract. As stipulated upon page one of the memorandum of sale.

Completion

Unless otherwise agreed between the seller and buyer (or their solicitors) the occasion when both the seller and buyer have complied with their obligations under the contract for sale and the balance of the purchase price is unconditionally received in the seller’s solicitors’ client account.

Conditions of sale

In respect of a particular lot, the relevant contractual conditions of sale applicable to that lot, as set out or referred to in the auction pack for the lot that is made available on the relevant lot page. For the avoidance of doubt, the conditions of sale include:-

the auction conduct conditions set out in Part 4 of these auctioneer terms all and any general and special conditions of sale applicable to the lot any addendum relating to the lot.

Contract for sale

The contract under which the seller agrees to sell and the buyer agrees to buy the lot and which includes the relevant conditions of sale. The contract for sale will come into existence in accordance with clause N2.1 and may be confirmed by a written purchase agreement (memorandum of sale).

Deposit

The deposit is the sum the buyer must pay to the seller upon acceptance by the auctioneer of the buyer’s bid, as a guarantee that the buyer will proceed to completion of the purchase. Bidder security will be used as or towards payment of the deposit required and the deposit sum shall be as referenced in clause A5.3.4 below.

In Room

An In Room auction is run by an auctioneer (where bids are submitted in person in the auction room, or remotely via the internet, via telephone or by proxy). In Room auctions also include the sub-category of live streamed auctions as defined below. All references in these auctioneer terms to In Room auctions shall include live streamed auctions unless otherwise stated.

Live Streamed

A live streamed auction is a type of In Room auction which is run by the auctioneer and streamed live to bidders. Bids may not be submitted in person in the auction room and instead may only be submitted remotely via the internet, via telephone or by proxy.

Lot

Each separate property described in the auction pack or (as the case may be) the property that the seller has agreed to sell and the buyer to buy (including chattels if any).

Lot page

In respect of any particular lot, the page or pages on the website headed “Lot ‘x’” at which documents and other information relating to that lot (including the conditions of sale and any addendum) are made available.

AML compliance

Successful completion of the registration to bid and supply of such documents and information as we may require under anti-money laundering legislation and good practice guidance as applicable to our business from time to time (successful completion of which shall be confirmed by us in our sole discretion).

My Account

The unique user account (consisting of user ID and password) that you will need in order to register with us and bid at an auction as more particularly set out in Part 2 of these auctioneer terms.

Online bidding platform

The third party platform that you must use to submit bids for an Online Sales auction

Online Sales

A type of auction that is solely run by our auction software (contrast to an In Room auction)

Particulars

The details prepared by us that contain descriptions of each lot (as varied by any addendum).

The Purchase agreement

The written agreement, in the form set out in the Appendix to these auctioneer terms, which we will populate, sign and date on behalf of both the seller and the buyer to confirm in writing on a legally binding basis the terms and conditions applicable to the sale and purchase of a particular lot for which a bid has been accepted via the auction. For the avoidance of doubt, the purchase agreement may also be used to confirm on a legally binding basis the terms and conditions applicable to a sale and purchase of a particular lot that is agreed between the seller and the buyer either prior to or following the auction.

Purchase price

The price that the buyer agrees to pay and the seller agrees to accept for the lot via the auction or, if the lot is not sold via the auction, the price agreed between the buyer and the seller for the lot.

Register to bid process (or registration to bid as applicable)

The application that you must make via My Account in order to be able to bid for a lot in the auction (in whatever format), as more particularly set out in the Requirements in Part 2 and in the Notices in Part 3 of these auctioneer terms. As part of your application, you will be required to satisfactorily complete anti-money laundering and verification of identity and source of funds checks.

Remote Terms

The Remote Terms apply in addition to these auctioneer terms if you are bidding remotely via the internet, via telephone or by proxy at an In Room auction. To the extent there is any conflict between these auctioneer terms and the Remote Terms, the Remote Terms shall have priority where you are bidding remotely via the internet, via telephone or by proxy at an or In a Room auction

Residential property auction

An auction that is specified to be a “residential auction” on the relevant page of our website.

Seller

The person selling the lot. If two or more persons are jointly the seller their obligations can be enforced against them jointly or against each of them separately.

VAT

Value Added Tax or other tax of a similar nature.

We (and us and our)

The world of Auctions(as registered in England and Wales and acting as the auctioneers together with our authorised representatives as applicable

Website

Our website at https://www.worldofauctions/ together with any other website (including any third party website embedded within or otherwise accessible via our website) which is used to allow prospective bidders to register and, subject to these auctioneer terms, participate in particular auctions

You (and your and yourself)

Someone who participates in the auction, whether or not a buyer. Note, if you participate in any auction on behalf of another person (as the intended buyer of a particular lot), the legal effect of you doing so is as set out in the Introduction.

Prior to participating in any auction, you will need to have complied with the following requirements. If any of these requirements are not complied with, you will not be permitted to participate in an auction and/or bid for any lot.

Register to bid process (including anti-money laundering & verification of

identity)

R1.1 Completing the register to bid process using the online forms available via My Account on our website is compulsory for all bidders and (where different) buyers at all of our auctions. All checks required by current anti-money laundering legislation must be satisfactorily completed as part of this online process before prior approval to bid will be given.

R1.2 You must complete the register to bid process via our website by creating an Allsop

My Account or by logging in to your existing My Account here –

https://www.worldofauctions.co.uk/my-account/welcome-to-worldofauctions

R1.3 As part of the register to bid process:-

(a) You should complete the registration via your My Account. This will include:

(i) entering details of the lot or lots you wish to bid for and noting the applicable particulars of sale and addendum; (ii) providing your full details (including name, address, telephone number and email address) in the “Bidder’s Details” section of the form and (iii) entering full details of the intended buyer in the “Buyer’s Details” section.

(b) You will be prompted to enter details of the solicitors/conveyancers who will act in relation to the lot or lots, should you be successful in bidding;

(c) You must then confirm acceptance of these auctioneer terms on behalf of yourself and (where different) the buyer by ticking the relevant acceptance box in the online application form;

(d) You will be asked to supply debit card details and to tick a further acceptance box in the online application form to provide a mandate for a pre-authorised debit card payment in respect of the bidder security that will become payable if you successfully bid for the lot or lots. If you choose not to proceed with this you will need to make payment of the bidder security by bank transfer (in accordance with the instructions provided) to register to bid for the relevant lots;

(e) You will need to upload the identity and other documentation required to enable us to conduct satisfactory anti-money laundering checks. You will be asked to tick the relevant acceptance box to either confirm the use of an automated identity verification tool, as referred to above and in our privacy policy (see Part

5 of these auctioneer terms), or to select an option to upload certified copies of the required identity documents (as explained within the process on our

website);

(f) For In Room auctions run by an auctioneer, you will be asked to confirm how you intend to bid at the relevant auction whether (i) in person in the auction room or (ii) remotely via the internet, via telephone or by proxy (if you bid remotely the Remote Terms shall also be incorporated and apply to you).

Please Note:

You will only be able to bid remotely via the internet, via telephone or by proxy for live streamed auction formats. Please also note that, if you begin the register to bid process more than 6 days prior to the auction, you will only be able complete steps (a) to (c) above at that time. In this event, we will contact you.

THE WORLD OF AUCTIONS– AUCTIONEER TERMS FOR ALL AUCTIONS

PART 2 – REQUIREMENTS RELATING TO REGISTER TO BID PROCESS

Important notice: identity verification checks may include the use of an automated verification tool that uses biometric facial data to verify photo identity. Please see the link in Part 5 of these auctioneer terms to our privacy policy, for more information regarding this.

You at the appropriate time prior to the auction to ask you to complete your registration to bid.

R1.4 In order for your registration to bid to be considered, it must be received by us in good time before and, in any event, by not less than 2 business days prior to the auction. Once all required items and information have been received to our satisfaction, we will email you to confirm approval to bid at the auction and in the case of Online Sales auctions and bidding remotely via the internet, via telephone or by proxy bidding at an In Room auction, provide further details of how to bid.

For the avoidance of doubt, we are not obliged to accept late applications and, if you have not received our prior approval to bid, you will not be able to participate in the auction.

R1.5 You acknowledge and agree that we may keep an electronic copy of the identification documents and information that you provide as part of your registration to bid and may retain them in our records in accordance with RICS Best Practice guidelines on bidder identity verification.

Please also see clause A5.8 of the auction conduct conditions contained in Part 4 of these auctioneer terms regarding our requirements relating to anti-money laundering and identity verification. For the avoidance of doubt, we reserve the right to request additional or updated information from you, as a condition of you participating in any of our auctions (including the particular auction in respect of which you have registered and/or applied to bid), where we consider this is necessary in order to comply with our legal or professional obligations.

R1.6 Unless you obtain prior consent (for which a charge may be made) changes to the buyer named in your registration to bid cannot be made. The lot can only be transferred to the buyer named in your registration to bid and the purchase agreement prepared in respect of the lot. Any change to the buyer details supplied, will in all cases be subject to satisfying our anti-money laundering requirements.

R2 Bidder security

R2.1 You will be asked to pre-authorise a bank debit card payment in respect of the bidder security as part of your registration to bid. If you choose not to pre-authorise a bank debit card you may make a bank transfer of the bidder security sum which we will hold in our client account (and either retain if you successfully bid on a lot or return to you following the auction if you do not).

You will be required to pay us a bidder security in respect of each lot for which you bid, in the sum set out under “bidder security” in the Glossary in Part 1 of these auctioneer terms.

R2.2 Where you successfully bid for a particular lot we will collect/ retain payment of the bidder security in accordance with your pre-authorised payment mandate and:

(a) we will apply the bidder security towards payment of our buyer’s fee and (subject to R2.2 (b)below) payment or part-payment (as applicable) of the relevant deposit. We will not be required to obtain any consent from you at the time as to the bidder security being applied in this way and you will not have any right to have the bidder security refunded to you (except to the extent provided in R2.3(a) below);

(b) if you successfully bid for multiple lots, we will have the right to decide, at our discretion, how the bidder security should be applied against the various relevant deposit(s). For example, we may decide to apply the whole of the bidder security (after payment of our buyer’s fee(s)) towards payment of just one of the deposit(s), or to apportion the bidder security between multiple deposit(s) as we think fit;

(c) if you choose not to bid for any lot, or do bid but are not successful in the process, your pre-authorised payment mandate in respect of that bidder security will be cancelled automatically and your bank (debit) card will not be debited. If bidder security is paid by bank transfer to our client account we will return this to you following the auction;

(d) Unless we specify otherwise in writing, we will retain any interest accrued in our client account (including in respect of any bidder security, buyer’s fee and or deposit that we may hold from time to time).

R2.3 Where paragraph R2.2 (a) or (b) applies:-

(a) we will provide you with a statement after the auction showing how the bidder security has been applied and confirming either (i) the amount still payable by you (to be paid by electronic funds transfer to our client account within 24 hours after close of bidding in respect of the particular lot) by way of the deposit (or balance of the deposit) in respect of each lot you have successfully bid for; or (ii) the amount to be refunded to you if the bidder security paid in respect of the lot exceeds the aggregate of any buyer’s fee(s) and deposit(s) due in respect of any lot(s) for which you have bid. Any refunds will be made to the account from which funds were paid or transferred by you or, if this is not possible for any reason, to the solicitors you have indicated are acting in connection with the lot;

(b) if you (or the buyer, as applicable) fail to complete the purchase of a lot in accordance with the contract for sale, the deposit (including any part of the deposit funded by way of the bidder security payment) is at risk of being forfeited in accordance with the relevant conditions of sale.

R3 My Account terms

R3.1 All bidders who wish to participate in an auction (whether In Room or Online Sales) must have signed up to My Account and have a My Account login.

R3.2 You must keep your My Account identity details strictly confidential and not disclose them to any third party. We will be entitled to assume that any person accessing via the My Account associated with you, is you and treat you as being responsible for ensuring compliance with any contractual obligations relating to use of My Account and/or participation in the auction via your My Account. In particular, therefore, you will be responsible to us for ensuring compliance with all obligations in relation to the purchase of any lot for which a bid is successfully made via your My Account.

R3.3 For all auction formats (whether In Room or Online Sales) your registration to bid will be submitted via your My Account.

R3.4 You can also use your My Account to submit bids remotely via the internet for In Room auctions. Please note, if you wish to participate in an In Room auction by placing bids via the internet (using your My Account login details) please refer to the Remote Terms which set out some additional provisions for bidding via the internet (as well as for bidding remotely via telephone or by proxy).

R3.5 If you wish to bid at an Online Sales auction you will need to sign-up to a separate online bidding platform and the third party terms detailed below shall apply.

R4 Third party website terms

R4.1 We may at our discretion use a third party’s website or services (including a website or services embedded within or otherwise accessible via our own website) in order to: (i) allow you and other bidders to register with us; (ii) use an automated verification tool to verify photo identity documents that you upload in connection with required identity checks; (iii) enable you to pre-authorise payment by debit card of the bidder security; and (iv) subject to relevant registration requirements and other matters set out in these auctioneer terms, participate in auctions via an online bidding platform.

R4.2 Where paragraph R4.1 applies:-

(a) you may be required as part of your registration to bid to confirm acceptance of particular terms and conditions (including terms and conditions described as “bidder terms” and “website terms”) relating to the provision by the relevant third party of its website and/or services;

(b) the third party terms and conditions referred to above are intended principally to govern the legal relationship between you and the relevant third party.

However, it is a requirement of our own auctioneer terms as set out in this document that you comply with these third party terms and conditions and we may have rights to enforce certain of those terms and conditions for our own benefit;

(c) the terms and conditions set out or referred to in these auctioneer terms will continue to govern the legal relationship between you and us. In particular, as regards use of our website (as distinct from any third party website) our own website terms of use and privacy policy, as referred to in Part 5 of these auctioneers terms, will apply;

(d) for the avoidance of doubt, we will not be legally responsible to you for any default, failure, malfunction or other act or omission on the part of any third party website or service provider. The responsibility for any default, failure, malfunction, act or omission of this kind will lie with the relevant third party directly, subject to its own terms and conditions (as referred to at (a) above).

These notices are intended to assist prospective buyers – if you are bidding on behalf of a prospective buyer, you should ensure these notices are drawn to the attention of the prospective buyer.

Legal matters in the UK can be complex and so these notices, together with the auction conduct conditions and all other conditions, documents or matters affecting the lot you are interested in (including those available on the relevant lot page) should be read and considered carefully. Whilst the sellers of the lots described in each auction pack have used reasonable efforts to ensure that lots are correctly described, we strongly recommend that you appoint professional advisors, including independent legal advisors, and arrange for them to consider and advise you on all aspects of your intended purchase.

N1 Guide prices and reserve price

N1.1 Where a guide price (or a range of prices) is given for a lot, that guide is the minimum price at which, or range of prices within which, the seller might be prepared to sell on the date that the guide price (or range of prices) is published. The reserve price is the minimum price at which the lot can be sold. Both the guide price and the reserve price may be subject to change up to and including the day of the auction and you are therefore advised to check our website regularly for updates.

N1.2 We have not carried out valuations of any of the lots in the auction. Consequently, you should not treat any guide price or reserve price that is published in respect of a lot nor any estimate or suggestion as to the price for which a lot may be sold or price that you might consider bidding for a lot as being a valuation for that lot. It is your responsibility to decide how much you should bid for any lot.

N2 Conditions of sale

N2.1 For all auction formats we will accept bids on the fall of the gavel (electronic or

physical). It is expected and intended that the successful buyer of any lot will become legally bound by the conditions of sale applicable to that lot from the moment that the buyer is successful i.e. from the moment in time that the buyer’s bid is accepted by us on behalf of the seller (subject to and in accordance with the auction conduct conditions) as being the highest bid for the relevant lot at that time.

In respect of In Room or Online Sales auction formats, we (as agent for the seller) may apply clause A2.1(h) below to terminate a contract for sale in circumstances where a defect in relation to the auction process is identified. This may include cases of any website error which affects an In Room or Online Sales auction.

For completeness, the existence and terms of the relevant contract for sale, arising from a successful bid in the auction, will then be confirmed in writing in a purchase agreement entered into under the arrangements described in paragraph N4.1.

N2.2 It will be assumed that you have read and considered all relevant legal conditions and any other relevant documents for the lot(s) you are interested in on or before the day of the auction, that you have shown them to your professional advisors and have taken their professional advice before bidding.

N2.3 The relevant legal conditions consist of the following:-

(a) the auction conduct conditions, which govern the relationship between us (and anyone who sells a lot, or bids for and/or buys a lot, via an auction. These are based on the RICS Common Auction Conditions (edition 4.0) but with various modifications. The auction conduct conditions are compulsory and apply to all lots in the auction. They cannot be dis-applied and can be varied only if we agree in writing.

THE WORLD OF AUCTIONS– AUCTIONEER TERMS FOR ALL AUCTIONS

PART 3 – NOTICES FOR PROSPECTIVE BUYERS

(b) the conditions of sale applicable to the lot in question, as published on the relevant lot page; and

(c) any addendum or addenda relating to the lot, as published on the relevant lot page or otherwise drawn to the attention of bidders prior to the start of bidding for that lot. This document will detail any corrections, amendments and/or additions made to the particulars and/or conditions of sale contained in the auction pack for any of the lots. It will be assumed that you have read each addendum and have satisfied yourself as to the content and implications of any addendum item relating to any lot you are interested in before bidding.

N3 Bidding procedures

N3.1 In order to be able to bid in any of our auctions, you must first make a successful registration to bid in respect of the particular auction in which you wish to participate.

N3.4 Bidding procedures will be regulated by us in accordance with the auction conduct conditions. For these purposes:-

(a) we may make specific announcements, or specify particular rules, on or before the day of the auction as to how bidders may place their bids;

(b) for Online Sales auctions and as incorporated within the Remote Terms, unless otherwise stated in any specific announcements or rules of the kind referred to in (a) above: (i) you will not be able to cancel or withdraw a bid once it has been submitted; but (ii) you will be able to adjust a maximum bid entered in situations when the current bidding is still below the submitted maximum bid amount.

N4 Procedures on sale of a lot

N4.1 Following acceptance of a bid via the auction, we will (i) collect payment of your bidder security in accordance with your pre-authorised payment mandate; (ii)apply the bidder security towards payment of our buyer’s fee and the deposit, on the basis set out in clause R2 of Part 2 of these auctioneer terms; and (iii) populate and sign a (including where appropriate by digital signature) a purchase agreement on behalf of both the seller and the buyer to confirm in writing the terms and conditions applicable to the sale and purchase of the relevant lot. By bidding for a lot, you will be confirming that if you are successful in bidding for that lot, we have authority to populate and sign (including, at our option, by means of a digital signature) a purchase agreement on your behalf (or on behalf of the intended buyer, if you are not the intended buyer) – see paragraph A5.7 of the auction conduct conditions.

N4.2 The lot may be at the buyer’s risk from the moment that the buyer is successful in the auction (see paragraph N2.1 above), which means the buyer might need to arrange for its immediate insurance. Prospective buyers should refer to the applicable conditions of sale for more details on this point.

N4.3 A buyer’s fee will be payable in respect of each lot for which you successfully bid. The relevant amount will be due for payment immediately on issue by us of an invoice for that amount – but note that, as set out in Part 2 of these auctioneer terms, we will have the right to recover the buyer’s fee by applying all or part of the bidder security towards payment of it.

N5 Deposit

N5.1 The basis on which the deposit must be paid is set out in the auction conduct conditions.

N5.2 The bidder security will be used as or towards payment of the deposit required. The buyer must then pay any balance of the deposit that is due in Sterling by electronic funds transfer to our client account within 24 hours after the close of bidding in respect of the lot. An explanation of our deposit terms and procedures is available on our website and at A5.3.1 to A5.3.6 (inclusive) below.

N5.3 The buyer is at risk of losing the deposit paid on a lot and at risk of the seller taking legal action against the buyer for breach of contract if the buyer fails to complete its purchase of the lot.

N5.4 If a buyer buys more than one lot, it will need to pay a separate deposit for each lot.

N6 Plans and photographs

N6.1 plans are reproduced with the consent of Promap and or What3words These include mapping data licensed from Ordnance Survey with the permission of the Controller of Her Majesty’s Stationery Office.

N6.2 The plans and photographs relating to the lot that are shown on the website and in the auction pack are included in order to assist you in locating the lot in question. They are not necessarily drawn to scale and any arrows or outlines on plans or photographs are merely to assist you in finding the lot, not for the purpose of indicating legal boundaries. we cannot and do not guarantee that any plans or photographs show the up-to-date position with regard to occupiers either for the lot or for any other properties shown in such plans or photographs.

N6.3 Where indicated in individual lot particulars, areas have been taken from the VOA website (www.voa.gov.uk). This is Crown Copyright public sector information, the use of which is licensed under the Open Government Licence v3.0, a copy of which can be seen at www.nationalarchives.gov.uk/doc/open-government-licence/

N7 Condition, inspection and vacant possession

N7.1 Where possible given the nature of the lot and any relevant circumstances, it is strongly recommended that you make every effort to physically inspect the lot and/or arrange to have it professionally surveyed prior to the auction.

N7.2 If you want to inspect the lot before the auction, it may be possible to arrange this with us on prior notice and you should therefore contact us in advance of the auction.

N7.3 Keys 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 prior to completion subject to obtaining the seller’s permission (you should approach us about this).

N7.4 You will be responsible for paying the cost of any accompanied viewing of the lot prior to completion.

N8 Rents and information relating to tenants (where applicable)

N8.1 Financial and other information given in the auction pack for any lot relating to tenants or other occupiers of the lot is usually obtained from a credit reference agency that has access to the Companies Registry (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.

N 8.2 We obtain this information during compilation of the auction pack. Some of the information shown in the auction pack may be at least 2 years out of date depending on when returns were last filed at the Companies Registry or on when the tenant’s corporate accounts and report were last published. In addition, the circumstances of any tenants or other occupiers of the lot might have changed since compilation of the auction pack, for example as to ownership. There is no guarantee therefore that the information shown in the auction pack is up to date as at the date of the auction and itis your responsibility to check whether or not the auction pack is accurate in relation to such matters.

N8.3 Estimates or suggestions given by us 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 any part of the lot must not be treated as valuations but only as estimates. You should consult your own professional advisors to establish whether such estimates or suggestions are accurate.

N9 Energy performance information (where applicable)

N9.1 An energy performance certificate (EPC) may be required in respect of many, if not all, lots in the auction. In such case, prospective buyers are advised to regularly check the relevant lot pages, to which EPCs will be uploaded as and when available.

A1 Introduction

A1.1 Words in bold have special meanings, which are defined in the Glossary at Part 1 of these auctioneer terms.

A1.2 You are only entitled to participate in the auction on the basis that you accept these auction conduct conditions which are compulsory and apply to all lots in the auction. They govern our relationship with you and cannot be disapplied or varied by the conditions of sale (even by a condition purporting to replace the whole of the auction conduct conditions). They can be varied only if we agree in writing.

A1.3 The auction conduct conditions apply wherever the lot is situated.

A1.4 Where there is a conflict between these auction conduct conditions and the general and/or special conditions of sale applicable to the lot, the auction conduct conditions will take precedence.

A2 Our role

A2.1 As agents for each seller we have authority to:-

(a) prepare the online catalogue for the auction from information supplied by or on behalf of each seller;

(b) offer each lot for sale;

(d) receive and hold bidder security payments and deposit(s);

(e) sign (including, at our option, by means of a digital signature) each purchase agreement as agents for the seller;

(f) treat a contract for sale as repudiated if the buyer fails to pay a deposit as required by the applicable conditions of sale and/or tocomply with requirements relating to identity verification and source of funds (in accordance with clause A5.8.1);

(g) provide that the contract for sale is conditional on compliance with requirements relating to identity verification and source of funds (in accordance with clause A5.8.2); and

(h) exercise any rights which may exist to terminate a contract for sale in circumstances where a defect in relation to the auction process is identified. This may include cases of any website error which affects an In Room or Online Sales auction.

A2.2 Our decision on the conduct of the auction is final and we will be entitled to regulate the bidding process (including as applicable via the website) as we see fit. Examples (but not an exhaustive list) of particular decisions we may take in relation to the conduct of auctions are set out in condition A2.3 below.

A2.3 We may cancel the auction, or alter the order in which lots are offered for sale. We may also combine or divide lots. A lot may be sold or withdrawn from sale prior to the auction. We may withdraw the lot at any stage prior to its closing time (even if bidding for the lot has by then opened and even if a bid or bids have by then been received above the reserve price for the lot) if, in our opinion which shall be final, a material matter comes to light that means it would be prejudicial to either the seller or a buyer to continue to offer the lot.

THE WORLD OF AUCTIONS– AUCTIONEER TERMS FOR ALL AUCTIONS

PART 4 – AUCTION CONDUCT CONDITIONS

A2.4 You acknowledge that to the extent permitted by law we owe you no duty of care and you have no claim against us for any loss. In particular, we cannot and do not guarantee or provide any other assurance that the operation of the website (including, for the avoidance of doubt, the register to bid process and My Account, or the online bidding platform, and/or any other processes or services embedded within it) will be uninterrupted or error free and/or that you or any other bidder will be able to access the website and/or use the website in order to place bids for a lot.

A2.5 We may refuse to permit you to participate in the auction without having to explain why.

A2.6 You will not be allowed to bid unless you provide such evidence of your identity and other information as we require from all bidders in our registration to bid.

A3 Bidding and reserve prices

A3.1 All bids are to be made in pounds Sterling exclusive of any applicable VAT save where any relevant conditions of sale state otherwise.

A3.2 We may refuse to accept a bid. We do not have to explain why.

A3.3 If there is a dispute over bidding we are entitled to resolve it, and our decision is final.

A3.4 Unless stated otherwise each lot is subject to a reserve price (which may be fixed just before the lot is offered for sale). If no bid equals or exceeds that reserve price, the lot will be withdrawn from the auction.

A3.5 Where there is a reserve price the seller may bid (or ask us or another agent to bid on the seller’s behalf) up to the reserve price but may not make a bid equal to or exceeding the reserve price. You accept that it is possible that all bids up to the reserve price are bids made by or on behalf of the seller.

A3.6 Where a guide price (or range of prices) is given that guide is the minimum price at which, or range of prices within which, the seller might be prepared to sell as at the date on which the guide price is first quoted. But guide prices may change. The last published guide price will normally be at or above any reserve price, but not always – as the seller may fix the final reserve price just before bidding commences.

A4 The particulars and other information

A4.1 The particulars are based on information supplied by or on behalf of the seller. You need to check that the information in the particulars is correct.

A4.2 If the conditions of sale do not contain a description of the lot, or simply refer to the relevant lot number, you take the risk that the description contained in the particulars is incomplete or inaccurate, as the particulars have not been prepared by a solicitor and are not intended to form part of a legal contract.

A4.3 The particulars and the conditions of sale may change prior to the auction and it is your responsibility to check that you have read the correct version as at the time bidding on the lot commences, having read any addendum that may have been issued.

A4.4 If we provide information, or a copy of a document, provided by others we do so only on the basis that we are not responsible for the accuracy of that information or document.

A5 The contract for sale

A5.1 The following provisions in this section A5 apply to you if you make the successful bid for a lot in accordance with clause N2.1. For these purposes (and for the avoidance of doubt) where the successful bid was made by you on behalf of another person:-

(a) references to “you” in conditions A5.2 to A5.4 should be read as referring to the buyer;

(b) references to “you” in conditions A5.5 to A5.7 should be read as referring to you as the person actually bidding (as distinct, where applicable, from

the buyer on whose behalf you were bidding).

A5.2 You are obliged to buy the lot on the basis of the conditions of sale at the purchase price you bid plus VAT (if applicable).

A5.3.1 You must pay the deposit (or if applicable the balance of any deposit following application of the bidder security, as set out in a statement provided by us after the auction of the lot). The deposit (or such balance):-

(a) must be paid in full to our client account by no later than 24 hours after the close of bidding in respect of the lot;

(b) must be paid in pounds Sterling by bank transfer drawn on an approved financial institution;

(c) may be declined by us unless drawn on your account or that of another person who (we are satisfied) would not expose us to a breach of money laundering regulations.

A5.3.2 The deposit is to be held as stakeholder where VAT would be chargeable were it to be held as agent for the seller, but otherwise is to be held as stakeholder unless we have expressly agreed that it is to be held as agent for the seller. Where we have agreed this, it will be set out in an addendum for the lot.

A5.3.3 Where the deposit or any part of it is paid to us to be held as stakeholder, we may if we choose transfer all or part of it prior to completion to the seller’s solicitors for them to hold it as stakeholder in our place. Any part of the deposit that is not so transferred will be held by us as stakeholder (but our duty as stakeholder in respect of the transferred part shall be discharged upon its transfer).

A5.3.4 The amount of the deposit is the greater of (a) the minimum deposit stated in clause

A5.3.5 below (or the total purchase price if that is less than that minimum); and (b) 10% of the purchase price (exclusive of any VAT on the purchase price).

A5.3.5 The minimum deposit we accept is £2,000 (or the total purchase price, if less). The conditions of sale may, however, require a higher minimum deposit.

A5.3.6 If, at completion, we hold the deposit or any part of it as stakeholder, we are entitled, with your consent and irrevocable authority (which you acknowledge and grant) to release it on completion to the seller’s solicitors upon receipt of written confirmation from them that completion has taken place and, for the avoidance of doubt, our liability and duty as stakeholder shall be discharged upon its release. If completion does not take place, we are authorised to release the deposit to the person entitled to it under the conditions of sale.

A5.3.7 We may (but are not obliged to) retain the purchase agreement signed by or on behalf of the seller until the deposit has been received in full, in cleared funds.

A5.4 If you fail to comply with the provisions of A5.3.1 above, we, as agent for the seller, reserve the right, but for the avoidance of doubt are not obliged, to treat that failure as your repudiation of the contract for sale and offer the lot for sale again: the seller may then have a claim against you for breach of contract. For the avoidance of doubt, such re-offering of the lot may be at a future auction (that is, an Online Sales auction) or at an In Room auction.

A5.5 If the buyer does not comply with its obligations under the contract for sale then:-

(a) you are personally liable to buy the lot even if you are acting as an agent;

and

(b) you must indemnify the seller in respect of any loss the seller incurs as a result of the buyer’s default.

A5.6 Where the buyer is a company you warrant that the buyer is properly constituted and able to buy the lot.

A5.7.1 Where you successfully bid for a lot, then as soon as reasonably practicable after your bid is accepted we will populate (with details of the relevant seller, buyer, lot and purchase price) a purchase agreement and then sign (including, at our option, by means of a digital signature) and date that purchase agreement on behalf of the seller and the buyer. By participating in an auction and bidding for a particular lot, you confirm that if you are successful in bidding for that lot we have authority to act on your behalf or (if you are not the buyer) that we have authority to act on the buyer’s behalf (and that you have the buyer’s authority to grant us this authority) to populate, sign and date the relevant purchase agreement in accordance with this paragraph.

A5.7.

A5.7.2 For the avoidance of doubt, the circumstances in which the arrangements described in paragraph A5.7.1 apply shall include those in which (having regard to the definition of an auction in these auctioneer terms), you make an offer to buy a lot either prior to or following an auction and that offer is accepted by us on behalf of the seller (whether automatically by operation of the website or otherwise).

A5.8.1 In this clause “approved bidder” applies to the majority of bidders who participate in our auctions. You will be an approved bidder if you are not otherwise classed as another bidder in accordance with paragraph A5.8.2 below.

For all approved bidders if you do not successfully complete your ML compliance prior to the auction, we may at our discretion treat such failure as your repudiation of the contract for sale (such repudiation to be notified by us promptly to you in writing).

The lot may then be re-offered for sale and the seller may have a claim against you for breach of contract.

A5.8.2 In this clause ”other bidder” applies to a bidder in the exceptional event the bidder is not classed as an approved bidder. You will only be another bidder if you are submitting bids in person in the room at a residential auction which is conducted as an In Room auction but where prior to bidding you have not successfully completed your ML compliance.

For all other bidders, completion of the contract for sale (to be distinguished from the final stage in the sale and purchase of the lot) shall be conditional on confirmation being given by us before 5.00pm on the business day immediately following the auction of the relevant lot or such other time as we may specify to you in writing, that there has been successful completion of your ML compliance. This confirmation shall be deemed given by us at the point the purchase agreement is signed and dated by or on behalf of both parties. In the event that the confirmation is not given by us before 5.00pm on the business day immediately following the auction of the relevant lot or such other time as we may specify to you in writing, the contract for sale shall automatically lapse and the lot may be re-offered for sale.

A5.8.3 Personal data supplied to us when you register to bid and/or in accordance with this clause A5.8 will be processed only for the purposes of preventing money laundering or m terrorist financing or as permitted under anti-money laundering legislation and applicable good practice guidance.

A6 The World of Auctions liability

A6.1 Unless the context otherwise requires, any reference in the auction pack (or in any other documents relating to a lot and/or an auction) to “the Auctioneer(s)” shall be deemed to refer to Allsop LLP. Any members or employees of The world of Auctions who conduct the auction do so as agents of The world of Auctions and without personal liability.

A6.2 We will not be liable to you for any failure to comply, or delay in complying, with any obligations which (notwithstanding any other provisions in these auctioneer terms) we may be treated as owing to you in connection with any auction, where the failure or delay is caused by circumstances beyond our reasonable control.

A6.3 In any event (but subject to paragraph A6.4) our total, aggregate liability to you in respect of any and all claims (whether for breach of contract, negligence or otherwise) which arise out of or in connection with any auction will not exceed whichever of the following limits is applicable:-

(a) in respect of any and all claims for which liability is covered by our professional indemnity insurance, the relevant aggregate limit of liability is £1,000,000 (one million pounds Sterling);

(b) in respect of any and all claims for which liability is not covered by our professional indemnity insurance, the relevant aggregate limit of liability is £1,000 (one thousand pounds Sterling).

A6.4 Nothing in these auctioneer terms excludes or limits our liability for death or personal injury arising from our negligence, or our fraudulent misrepresentation, or any other liability that cannot be excluded or limited by any applicable law.

G1 Use of our websites

G1.1 Use of our website is governed by the following terms and conditions set out on our website (as amended from time to time):-

http://www.worldofauctions.co.uk/policies/legal/

G1.2 You must ensure that you comply with the terms and conditions referred to above (as amended by us from time to time) whenever you make use of our website.

G2 Our use of data

G2.1 The basis on which we will collect and process personal information relating to you (or anyone else whose details you provide us with) is described in the following privacy policy set out on our website (as amended from time to time):-

http://www.worldofauctions/policies/privacy-policy/

G2.2 Specific purposes for which we may collect, use and store personal information provided by you (whether relating to you or anyone else) in connection with auctions include the following:-

(a) taking such steps as we consider appropriate to verify the identity of bidders/buyers and comply with any legal or professional obligations we may have in relation to the prevention of money laundering or terrorist financing or other criminal activities;

(b) conducting auctions and dealing with various associated activities in relation to the sale and purchase of lots, as envisaged by these auctioneer terms.

G2.3 If you provide us with personal information relating to anyone else, you must ensure that you have the permission of the person in question to do so and that you have told him or her that his or her information will be used in accordance with paragraphs G2.1 and G2.2 above.

G3 Third party website terms & use of data

G3.1 Paragraphs G1 and G2 above apply to our website and use by us of personal data. Please refer to paragraph R4 of Part 2 of these auctioneer terms for an explanation of the separate terms that may apply in respect of any website operated by a third party and/or the use of data by a third party website/services provider.

THE WORLD OF AUCTIONS– AUCTIONEER TERMS FOR ALL AUCTIONS

PART 5 – GENERAL TERMS & CONDITIONS RE USE OF worldofauctions WEBSITE &

USE OF PERSONAL DATA

Important notice: such steps may include the use of an automated verification tool that uses biometric facial data to verify photo identity supplied in connection with our registration to bid requirements.

APPENDIX 1 – Example PURCHASE AGREEMENT

Purchase Agreement relating to Lot [insert lot number and property address]

This Purchase Agreement is made the day of 20……..

The seller [insert name]

The buyer [insert name, address, email and tel no.]

The auction the world of Auctions online auction held on [insert date of auction]

The lot [insert lot number and property address]

The purchase price (excluding any VAT) [insert price]

The deposit [insert deposit]

The buyer’s solicitors [insert details]

Definitions and interpretation

in this agreement:

The expressions shown in bold type that are set out in the above section of this

agreement have the meanings assigned to them in the above section.

The expressions set out below in bold type have the meanings assigned to them as follows:

Addendum any amendment or addition to the auction pack or to the particulars for the lot as set out in the document headed “Addendum” which was made available on the lot page and a copy of which is annexed to this agreement.

Auctioneers The world of Auctions

Auction pack the documents (including the conditions of sale) and information prepared by or on behalf of the seller in relation to the lot and made available on the lot page, in the form that existed either immediately prior to the commencement of the auction or, if earlier, on the date of this agreement.

Auctioneer terms the terms and conditions set out in the document entitled “Auctioneer Terms for All Auctions” as published by the auctioneers from time to time on their website.

Completion date the date specified for completion of the transaction described in this agreement, as determined in accordance with the conditions of sale

Conditions of sale the relevant contractual conditions of sale applicable to the lot as set out or referred to in the auction pack. For the avoidance of doubt, they include the auction conduct conditions set out in Part 4 of the auctioneer terms, all and any general and special conditions of sale applicable to the lot and the addendum.

Contract for sale the contract formed on fall of the gavel under which the seller agrees to sell and the buyer agrees to buy the lot and which includes the relevant conditions of sale.

Lot page the page or pages on the auctioneers’ website relating to the lot at which documents and other information relating to the lot, including the auction pack, are made available.

ML compliance the buyer’s supply of such documents and information as the auctioneers may require under anti-money laundering legislation and good practice guidance as applicable to the auctioneers’ business from time to time (successful completion of which shall be confirmed by the auctioneers in their sole discretion).

Particulars the details prepared by the auctioneers that contain a description of the lot Where relevant to the transaction to which this agreement relates, reference in this agreement to a successful bid for the lot shall be construed as meaning an offer to buy the lot either prior to or following the auction, which has been accepted by the auctioneers on behalf of the seller.

Subject to and in accordance with the auctioneer terms, the buyer has successfully offered to purchase the lot, either in an auction that the auctioneers have conducted on behalf of the seller immediately prior to the dating of this agreement, or otherwise prior to or following the auction.
The buyer and seller intend that a legally binding agreement for the sale and purchase of the lot will have arisen on acceptance by the auctioneers (on behalf of the seller) of the bid for the lot that was made by or on behalf of the buyer.
Notwithstanding paragraph B above, the buyer and the seller wish to confirm and record in a written form the terms and conditions on which the buyer will purchase and the seller will sell the lot.

This agreement has been signed on the date appearing at the top of page 1 of this agreement.

Sale of the lot

The seller will sell and the buyer will buy the lot for the purchase price, subject to and in accordance with the conditions of sale for the lot. The sale and purchase of the lot will be completed on the completion date, subject to and in accordance with the conditions of sale.

If a defect is discovered in the buyer’s completion of the ML compliance following this agreement being entered into and/or if the buyer fails to pay the deposit, the auctioneers may treat such failure as the buyers’ repudiation of this agreement and for the avoidance of doubt, the contract for sale (such repudiation to be notified to the buyer promptly in writing).

The lot may then be re-offered for sale and the seller may have a claim against the buyer for breach of contract.

If a defect in relation to the auction process is discovered (including cases of any website error) following this agreement being entered into, the auctioneers may exercise any rights that may exist to terminate this agreement and for the avoidance of doubt, the contract for sale (such termination to be notified to the buyer promptly in writing). The lot may then be re- offered for sale.

Representations and entire contract

The buyer acknowledges and agrees:-

(i) that the buyer does not enter into this agreement in reliance upon any representation or warranty whether written, oral or implied made by or on behalf of the seller other than as contained in the auction pack for the lot and in written information provided by the seller’s solicitors to the buyer’s solicitors;

(ii) that the particulars relating to the lot do not form part of this agreement and that neither the seller nor the auctioneers warrant that the measurements and description contained in them of the lot are accurate.

Auctioneers’ authority to sign agreement

The seller irrevocably warrants and agrees that the auctioneers are authorised to sign this agreement on its behalf (including, at the auctioneers’ option, by means of a digital signature) and to insert details of the lot for which the buyer has successfully bid and the purchase price at which the buyer has successfully bid.

The buyer irrevocably warrants and agrees that the auctioneers are authorised to sign this agreement on its behalf (including, at the auctioneers’ option, by means of a digital signature) and to insert details of the lot for which the buyer has successfully bid and the purchase price at which the buyer has successfully bid.

Proper law

This agreement shall be governed by and construed in accordance with English law and the parties submit to the jurisdiction of the English Courts.

The seller/buyer each irrevocably authorise and appoint the seller’s solicitors/buyer’s solicitors (as appropriate) (or such other firm resident in England or Wales as it may from time to time by written notice to the seller/buyer substitute) to accept service of all legal process arising out or connected with this agreement and service on the seller’s solicitors/buyer’s solicitors (or such substitute) shall be deemed to be service on the seller/buyer.

Signed by The world of Auctions)

for and on behalf of the seller )

Signed by The world of Auctions)

for and on behalf of the buyer

Auction Terms for all Property and online Auctions