Common Auction Conditions

Glossary

This glossary applies to the auction conduct conditions and
the sale conditions.

Wherever it makes sense:

  • 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 contract date (as applicable); and
  • where the following words printed in bold black type appear in bold blue type they have the specified meanings.

Actual completion date

The date when completion takes place or is treated as taking place for the purposes
of apportionment and calculating interest.

Addendum

An amendment or addition to the conditions or to the particulars or to both
whether contained in a supplement to the catalogue, a written notice from the
auctioneers or an oral announcement at the auction.

Agreed completion date

Subject to condition G9.3:

  1. the date specified in the special conditions;
  2. if no date is specified, 20 business days after the contract date; but if that date is not a business day the first subsequent business day.

Approved financial institution

Any bank or building society that has signed up to the Banking Code or Business
Banking Code or is otherwise acceptable to the auctioneers.

Arrears

Arrears of rent and other sums due under the tenancies and still outstanding on the
actual completion date.

Arrears schedule

The arrears schedule (if any) forming part of the special conditions.

Auction

The auction advertised in the catalogue.

Auction conduct conditions

The conditions so headed, including any extra auction conduct conditions.

Auctioneers

The auctioneers at the auction.

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 are jointly the buyer their obligations can be enforced
against them jointly or against each of them separately.

Catalogue

The catalogue to which the conditions refer including any supplement to it.

Completion

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

Condition

One of the auction conduct conditions or sales conditions.

Contract

The contract by which the seller agrees to sell and the buyer agrees to buy the lot.

Contract date

The date of the auction or, if the lot is not sold at the auction:

  1. the date of the sale memorandum signed by both the seller and buyer; or
  2. if contracts are exchanged, the date of exchange. If exchange is not effected in person or by an irrevocable agreement to exchange made by telephone, fax or electronic mail the date of exchange is the date on which both parts have been signed and posted or otherwise placed beyond normal retrieval.

Documents

Documents of title (including, if title is registered, the entries on the register and the
title plan) and other documents listed or referred to in the special conditions relating
to the lot.

Financial charge

A charge to secure a loan or other financial indebtedness (not including a rentcharge).

General conditions

That part of the sale conditions so headed, including any extra general conditions.

Interest rate

If not specified in the special conditions, 4% above the base rate from time to time
of Barclays Bank plc. (The interest rate will also apply to judgment debts, if applicable.)

Lot

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

Old arrears

Arrears due under any of the tenancies that are not “new tenancies” as defined by
the Landlord and Tenant (Covenants) Act 1995.

Particulars

The section of the catalogue that contains descriptions of each lot (as varied by any
addendum).

Practitioner

An insolvency practitioner for the purposes of the Insolvency Act 1986 (or, in relation
to jurisdictions outside the United Kingdom, any similar official).

Price

The price that the buyer agrees to pay for the lot.

Ready to complete

Ready, willing and able to complete: if completion would enable the seller to
discharge all financial charges secured on the lot that have to be discharged by
completion, then those outstanding financial charges do not prevent the seller from
being ready to complete.

Sale conditions

The general conditions as varied by any special conditions or addendum.

Sale memorandum

The form so headed (whether or not set out in the catalogue) in which the terms of
the contract for the sale of the lot are recorded.

Seller

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

Special conditions

Those of the sale conditions so headed that relate to the lot.

Tenancies

Tenancies, leases, licences to occupy and agreements for lease and any documents
varying or supplemental to them.

Tenancy schedule

The tenancy schedule (if any) forming part of the special conditions.

Transfer

Transfer includes a conveyance or assignment
(and “to transfer” includes “to convey” or “to assign”).

TUPE

The Transfer of Undertakings (Protection of Employment) Regulations 2006.

VAT

Value Added Tax or other tax of a similar nature.

VAT option

An option to tax.

We (and us and our)

The auctioneers.

You (and your)

Someone who has a copy of the catalogue or who attends or bids at the auction,
whether or not a buyer.