– Pre-registration approval to bid, guide prices, reserves, additional charges and other matters

Pre-registration approval to bid

Palace Auctions London now require all bidders who wish to bid at our Auctions to register beforehand. All checks required by current anti-money laundering legislation must be satisfactorily completed as part of this process before prior approval to bid will be given.

Please use the links on our website to pre-register. Or call the office on 0207 101364 or mobile 07971 033276. In the alternative please email sales@palaceauctions.com

Following approval to bid, the buyer named in your registration cannot be changed without the consent of the auctioneers.

Guide Prices

1. A guide price (to include a range of prices), is not an indication of the anticipated eventual selling price or a valuation; it is an indication of the minimum price ( “the Reserve” ) at which (or range of prices within which) the seller might be prepared to sell.
2. The eventual sale price can and frequently does, exceed the guide price.

3. Where a range is given, the Reserve will sit within that range and will not exceed the top end of the range. Where a single figure Guide Price is given, the Reserve will be within 10%, upwards or downwards, of that figure.

4. The guide price may be subject to change up to and including the day of the auction. The latest published guide price (or range of prices) is displayed on our website and you should check the website regularly for updates and on the day of the auction.

Please note: 

5. All guide prices are quoted “subject to contract”.

6. Please note the guide price for the Lot does not include:

– any Buyers’ Fee charged by the auctioneers;

– VAT on the sale price;

– SDLT or any other Government taxes;

– additional costs and fees charged by the seller or third parties that might apply to some Lots and/or some buyers.

7. If a guide price is listed as “TBA”, it means no guide price has been set at present. Please do call our office about this – the guide price, or range of prices, will be published online immediately it becomes available and you should check the auction website regularly for updates and on the day of the auction.

Reserve Prices

8. The reserve price is the minimum price at which the Lot can be sold.

9. Whilst every effort is made to ensure that the advertised guide prices are up-to-date. it is possible that the reserve price set for any Lot may exceed the previously quoted guide price. This is because the seller may fix the final reserve price just before the Lot is offered for sale. You should check the website regularly for updates and on the day of the auction.

Buyers’ fees, Seller’s fees and additional charges

10. For each Lot, a Buyers’ Fee is payable on the fall of the hammer to Palace Auctions London as follows:

Residential Auctions

– Lots sold for £10,000 or more: Buyers’ Fee of £1,500 inclusive of VAT

– Lots sold for less than £10,000: Buyers’ Fee of £480 inclusive of VAT

11. Additional charges and fees might be charged by the seller and/or other third parties . You are strongly advised to read the Special Conditions of Sale for the Lot prior to bidding to check for any additional charges and fees and to check the addendum which might also (but does not always) contain details of such amounts.

12. VAT may be chargeable in addition to the sale price for the Lot (likely commercial properties) .

The Lot Particulars and/or the Special Conditions of Sale will indicate whether VAT applies.

Other Matters

13. Please note that Lots may be sold or withdrawn at any time prior to auction.

14. Please note that the amount of Bidder Security (payable on application to bid at the auction) and the Buyer’s Fee may each be varied from the standard amounts quoted. Please refer to the addendum, the Particulars and/or the conditions of sale.

15. Street plans are reproduced with consent. These include mapping data licensed from Ordnance Survey with the permission of the Controller of Her Majesty’s Stationery Office. © Crown Copyright. All rights reserved. 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 and Database Rights 2018 OS 100060020

16. The plans and photographs shown in the catalogue are included in order to assist you in locating the Lot in question. They are not to be taken as drawn to scale and any arrows on plans or photographs are merely to assist you in finding the Lot, not for the purpose of indicating legal boundaries or which direction the lot is facing.

The Auctioneers do not warrant or represent 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.

For Auctions Only

This Website Content is published by Palace Auctions London Ltd  solely for the use of purchasers of property who are sophisticated purchasers. In summary, this means that you must be an experienced institutional/business purchaser or an individual who has the experience, knowledge and expertise necessary to make your own purchasing decisions and to understand the risks posed by purchasing the advertised properties. 

If you have any doubts as to whether you would meet this requirement, you should seek your own independent advice or contact us on 0207 101 3647

For Residential Auction Sales

The cost for this service will vary depending on the property’s location and the amount of time required for the inspection.