Fees & Charges Explained

Charterhouse Former Infants School, Hull, HU28AF

This property is sold unconditionally with the successful purchaser required to place a 10% non refundable deposit and exchange immediately after the auction.

A reservation fee of 4.2% to minimum of £6,000.00 including VAT is also required under this method.

A reservation fee is payable by the buyer only when the seller pays no fees to sell. As sellers pay no fees to sell, this is usually taken into account with a lower reserve price.

This property is being sold under the Traditional Method of Auction, which requires immediate exchange of contracts and allows a further 28 days for completion.

A non-refundable Reservation fee must be paid by the buyer within 2 hours following the conclusion of the auction or acceptance of an offer. This must be paid by cleared funds to the auctioneer who will issue an acknowledgement of reservation and purchase agreement in the 28 day period following the auction or the date of acceptance of the offer.

Bidder Security Deposit

Where the auction is ran online, as part of the bidder registration process, a bidder security deposit of £13,000.00 is required to be pre-authorised from the Bidder's debit or credit card, through the payment facilities on the website when registering to bid.

The pre-authorisation payment will only be captured from the successful bidder on acceptance of their bid.

Once a bid is accepted the Bidder Security Deposit will form part of the non-refundable payment deposit, reservation deposit or reservation fee (as applicable to the lot).

Any balance of the deposit, reservation deposit or reservation fee, must be paid by the successful bidder to iamsold within 2 hours of acceptance of their bid.

The outstanding balance can be paid by same day Bank Transfer to iamsold's client account, or over the phone by debit or credit card.

All unsuccessful bidders will have their pre-authorisations released 7 days from the initial authorisation refunded within 5 working days of conclusion of the auction or from when iamsold is provided with the correct bank account details for the return payment.

Buyers Information Pack

If the Buyer Information Pack has been produced and provided by iamsold any successful purchaser will be required to pay £300.00 (including VAT) towards the cost of the preparation of the pack. These can then be used by your solicitor to progress the sale.

Buyer Fees

There are no other fees or charges payable to the Auctioneer however, there are other costs to consider such as:

  • You will need a Solicitor to act for you during the conveyancing and your Solicitor will advise you in relation to the associated costs. If you do not have a Solicitor, we can recommend the services of one of our Panel Solicitors who are all selected for their expertise in Auction Transactions. Please call the number below for more information.
  • Stamp Duty Land Tax (SDLT) is applicable if you buy a property or land over a certain price in England, Wales or Northern Ireland. Please click here for more information.

 

Need More Information?

For further information or to speak to one of our team, please call 01482 238 824.

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