Deposits & Payments
Payment of Auction Deposits & Balance of Purchase Price
Successful bidders must pay a 10% deposit (minimum £1,000) on all successful bids. In the event of the purchase being for £1,000 or less, the full sum must be paid on the day of the auction. Payment must be paid by cheque (company or personal is acceptable) or Banker's Draft (made payable to SVA Property Auctions Ltd) or by cash (maximum £5,000). SVA Property Auctions Ltd has taken the decision not to register as "High Value Dealers". Whilst our preferred method of payment for deposits is cheques and Banker's Drafts we will, for the time being, continue to accept small cash deposits. We have taken the decision to limit this method of payment to an arbitrary maximum of £5,000 per individual deposit or combination of deposits paid by one purchaser.
Please do not bid if you cannot pay the appropriate deposit immediately on the fall of the hammer as this is an essential condition of the auction contract.
Please note that we do not accept any form of credit or debit card.
The Date of Entry is when the balance of the purchase price should be paid and this is usually 28 days after the date of the auction. However some vendors do set both shorter and longer periods for the Date of Entry and bidders will be able to confirm the Date of Entry for any particular lot by inspecting the auction contract available from the vendor's solicitors. Please ensure that you and your solicitor are ready to complete the transaction on the Date of Entry as there are penalties for failure to settle on time.