For sale by Unconditional Online Auction.
Four self-contained flats, three still in development, arranged over two floors overlooking the marina in Banff, Aberdeenshire.
Situated within approximately one mile of Banff Town Centre, overlooking the marina, is this investment opportunity to purchase four self-contained flats. The flats are arranged over the ground and first floor within a larger building where development is still ongoing. One flat has been fully renovated and is currently let at £6,000 per annum as the other three still remain in the early stages of development. Prospective buyers are advised to make all necessary independent enquiries prior to placing their bid as this will be binding. The property is within each reach of all necessary amenities and services with shopping facilities, transport links and a number of bars and restaurants. The local pharmacy and post office are within close proximity and Chalmers Hospital is approximately 170 yards away. The views of the marina, are selling point themselves and viewings are highly recommended.
Please be advised that the auctioneers have not personally inspected the property. Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding.
PLEASE NOTE Room sizes have not been confirmed by the auctioneer, and buyers must make their own independent enquiries in this respect as any bid made will be binding.
Tenure: See Legal Pack
EPC Rating: C
This auction is for property located in Scotland; therefore, any sale will be governed by applicable Scottish law.
The auction for this property will be conducted online through our online-bidding platform. This is a “Timed Auction”, so there are no other lots being sold alongside this property.
The timeslot for the auction is displayed on SDL Property Auctions’ website. To view this, search for the property via the website. Then click onto the property to view the property details. The time remaining to bid, and end date of the auction is displayed on the page.
You are required to undertake identity checks before you can be authorised to bid. You must also provide your payment details. If you do not provide this information, your registration will not be processed.
When you place your bid, you are deemed to have agreed to SDL Property Auctions’ Buyers Terms (Scotland) which are available on SDL Property Auctions website.
Auction type- Unconditional with Variable Fee:
If you are the highest bidder, you must exchange legally binding contracts for the sale when the auction for the property comes to an end. You must then pay the applicable fees and deposit. You must complete the sale within 15 business days unless the Special Conditions of Sale contained within the Legal Pack state otherwise.
The following non-refundable fees apply:
Buyer’s Fee- payable on exchange of contracts. This is calculated as 3.6% (including VAT) of the actual purchase price of the property.
The Buyer’s Fee is subject always to a minimum of £4,800 (including VAT). The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of Land and Buildings Transaction Tax.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Special Conditions carefully before bidding. Any additional fees are included at the seller’s discretion, not on the instruction of SDL Property Auctions, and will be in addition to any fees payable to them. SDL Property Auctions has limited control over the content of the Special Conditions of Sale.
On exchange of contracts, you must pay a non-refundable deposit equal to 5% of the actual purchase price of the property, subject to a minimum of £5,000. The deposit contributes towards the purchase price.
When you register to bid, you will be prompted to provide your payment details to SDL Property Auctions. In the event that you are the winning bidder, your card will automatically be charged a proportion of the Buyer’s Fee & Deposit. The payment will be calculated based on the guide price of the property, as explained below. Where the actual purchase price is higher than the guide price, you will be required to pay the difference immediately after the end of the auction, which can be paid by debit card or bank transfer.
Payment by cash or cheque will not be accepted.
Example: You win the bid on a property with a guide price of £150,000, but the actual purchase price is £170,000. At this point your bid is successful you will be charged as follows:
Buyer’s Fee of £5,400- 3.6% of guide price
Deposit of £7,500- 5% of the guide price
As the actual purchase price amounted to £170,000, after the auction, you will be required to pay the following additional amounts on top of the initial payment:
£720 for Buyer’s Fee shortfall (£6120 due as 3.6% of actual purchase price)
£1,000 for Deposit shortfall (£8500 due as 5% of actual purchase price)
Before bidding, you must view the legal pack for the property. This is the collection of legal documents that apply to the sale. The documents will include but are not limited to: Special Conditions of Sale, title documents from the Land Registry and Energy Performance Certificate.
To view the legal pack, first search for the property on SDL Property Auctions’ website and click onto the property to view the property details. There will be a sub-heading “Legal documents”. Underneath this, you will be prompted to “Log in to view the legal documents”. Follow this link, you will then be directed to create an account with Auction Passport to view the documents.
The legal pack can change at any time up until the auction starts so you must check for the most recent version of the legal pack. At the point of placing your bid, you are deemed to have read the legal pack in its entirety, including any changes. Failure to check for changes to the legal pack will not be a valid reason for withdrawing from the sale.
It is strongly recommended that you instruct a qualified professional to review the legal pack and raise any necessary enquiries before bidding.
A home report will be provided for residential properties and will give you a better understanding of the nature and condition of the property. The home report will contain: a survey assessing the condition of the home and valuation, an energy report, and property questionnaire.
The home report can be viewed on SDL Property Auctions’ website alongside the legal documents. Search for the property, click onto the property details and go to the section “Legal Documents” on the right of the page. Underneath this, you will be prompted to “log in to view the legal documents”. Follow this link, and you will then be directed to create an account with Auction Passport to view the documents.
Articles of Roup:
The Articles of Roup are the general terms of sale for properties sold at auction in Scotland that will govern this transaction. They are available to view on SDL Property Auctions website.
The Contract of Sale & Auction Conditions listed on the website do not apply to properties sold under any of the Scottish sale methods. The Articles of Roup and Minute of Preference and Enactment apply instead.
Special Conditions of Sale:
The property is sold subject to any Special Conditions of Sale. These are contractual conditions that are included by the seller of the property - they are not part of SDL Property Auctions’ terms and conditions. The Special Conditions of Sale are legally binding. You are taken to have read and accepted these at the point of bidding, even if you have not done so. The Special Conditions of Sale are available to read in the legal pack.
To register to bid on the property, search for the lot on SDL Property Auctions website. Click onto the property, follow the link to “Log in/register to bid” , and you will then be directed to create an account with the online-bidding platform provider, EIG.
Guide Price & Reserve Price:
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Start Price. The Start Price, also known as a Guide Price, is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.
Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.