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Machinery and Business Assets FAQs

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Whether you have queries relating to property auctions or you're finding lease contracts difficult to understand, our Frequently Asked Questions section is designed to shed more light on common questions.

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Property for Sale and Let

What is Freehold?
Freehold provides the buyer with outright ownership of the land and any buildings on it, meaning they also have the power to do as they like with their land and property – subject to land laws and planning permission. A property that is free…
04/11/15 by John Padgett
What is Leasehold?
A leasehold property is rented from the freeholder for fixed time period, providing the leaseholder with a temporary right to occupy the land or property. A common example of a leasehold property is a flat where the tenant effectively owns the pro…
17/11/15 by John Padgett
What are the most important details to be aware of in a lease agreement for business premises?
Key terms in a lease include: Duration of the lease and any break clauses or flexibility in terminating the lease before its contractual end date. Costs including monthly rent payments and any applicable service charges.…
10/11/15 by John Padgett
What is a rent review?
Rent Reviews are a mechanism for adjusting a tenant’s rent to the current market level. Their main purpose is to protect the landlord against inflation.…
02/11/15 by John Padgett
Can I make alterations to a property I am leasing?
When leasing a property, you will be able to make non-structural alterations, for example decorating the walls, installing partitions, changing the carpets or putting down laminate flooring. These cosmetic modifications can often be made under the…
09/11/15 by John Padgett
Can I get out of a lease if I no longer want the business premises?
Firstly, you need to check the lease contract to ascertain what break clauses, if any, you might have. For example, you may have the right to back out of the lease after a certain amount of time with enough notice, assign the lease to another busi…
01/12/15 by John Padgett
I'm looking to sell or lease a property, can you help?
We would be delighted to discuss your requirements and develop a strategy to either sell or lease your property. You can get in touch via our Contact page and one of our experienced agents will be happy to discuss your requirements in more detail.…
01/12/15 by John Padgett
What are your service charges?
Services charged as follows: 1.5% on sales 10% on acquisitions 7.5% on lettings …
04/12/15 by John Padgett

Property Auctions

What documents do I need before I can bid at an auction?
If you are interested in bidding at our Leeds, London or Manchester auctions, you MUST provide two forms of identification as detailed below. If you do not provide this identification, you will be un…
16/11/15 by Rob Limbert
What further documents are needed if I have successfully bid on an auction lot?
  Successful bidders are required to provide Eddisons with proof of identity and proof of current residential address by producing the following documents prior to signing the contract at the auction:
16/11/15 by Rob Limbert
How do I pay if I have won an auction lot?
If you are successful with your bid, please report to Eddisons staff who will take you through the signing of contracts. Bring a personal or business cheque book / debit card / credit card to the auction to pay for any properties you purchase. Do …
16/11/15 by Rob Limbert
What is the procedure when buying property at auction?
There is a designated Guide to Buying at auction which you can view here: http://www.eddisons.com/property-auctions/auction-guide …
16/11/15 by Rob Limbert
Can I view a property prior to the auction?
In most cases, it can be arranged for interested parties to view properties due to be auctioned before the auction date. All interior viewing appointments can be arranged by contacting the local Eddisons office. …
16/11/15 by Rob Limbert
What is an Addendum in the auction catalogue?
The Addendum represents any amendments or additions to the pre-printed information in the catalogue. The Addendum can be updated right up to the start of the auction so it is important that you check this informatio…
16/11/15 by Rob Limbert
Can lots be sold prior to the auction?
From time to time, lots are sold or withdrawn prior to the auction. You can check with us ahead of the auction whether a specific lot is still listed. In any case, any lots that have been withdrawn or pre-sold will …
16/11/15 by Rob Limbert
When should I arrive for the auction?
You should bear in mind that parking at our auction venues can sometimes be limited. You should aim to arrive as early as possible, particularly if you have any queries that you need answering before the auction begins. You will also
16/11/15 by Rob Limbert
How do I place a bid?
When your lot is open for bidding (this will be clearly announced by the auctioneer and displayed on screen), you need to make your interest known by signalling to the auctioneer, such as by raising your hand. It is important that you can see the …
16/11/15 by Rob Limbert
What if I cannot be there in person – can I bid remotely?
If you are not able to attend the auction, proxy or telephone bidding can be arranged in advance. If you wish to bid for a property without being present in the auction room, you can
16/11/15 by Rob Limbert
What is a reserve price?
Unless otherwise stated, all property is sold subject to a reserve price whether declared or not. The reserve is the seller's minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not discl…
16/11/15 by Rob Limbert
What is a guide price?
The guide price is an indication of the seller's current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursu…
16/11/15 by Rob Limbert
Can I buy a property prior to the auction?
Vendors will often consider offers prior to the auction date. This should be made in writing via email, post or fax. Once we have received and processed this offer with the vendor, we will be in touch …
16/11/15 by Rob Limbert
Is there a 'cooling off' period in case I purchase at auction but then change my mind?
Unfortunately, no. Once the auctioneer's gavel has struck, you have entered into a legally binding contract with no opportunity to change the terms of sale. Think before you bid!…
16/11/15 by Rob Limbert

Machinery and Business Assets

BIDDING: Why did my bid price increase by more than the minimum bid increment?
This happens in the case of simultaneous bids and Bids below the reserve price. If two bids occur in close succession, the bid price is driven up by both bids and may appear to occur simultaneously, especially when other people have placed ‘…
01/10/15 by Jason Pinder
BIDDING: What is an opening price, and how does it affect my bidding?
The opening price is the price at which interested buyers can start bidding. The system will reject any offer below this value. Opening prices for products without a reserve price tend to be higher than those with a reserve price.…
01/10/15 by Jason Pinder
BIDDING: What is a reserve price, and how does it affect my bidding?
We have the right to specify a "reserve price" for a lot. When such a price has been defined, it means that only the buyer making the highest offer, which is above the "reserve price", will win the bid. If the offer is below the "reserve price", w…
01/10/15 by Jason Pinder
BIDDING: What is a minimum bid increment and how does it affect my bidding?
The minimum bid increment is the minimum amount that has to be added to the current highest bid in order to place a new bid. This encourages buyers to bid larger increases in price, thereby decreasing the number of small, insignificant bids and th…
01/10/15 by Jason Pinder
BIDDING: What is a maximum bid and how does it affect my bidding?
A maximum bid is a bid placed on behalf of a buyer by eddisons.com, up to the maximum amount. This feature allows buyers to outbid other bids without having to be online, whilst giving the bidder the control to specify the maximum bid. With…
01/10/15 by Jason Pinder
BIDDING: The 10 Minute Rule?
Our Auction website runs a 10 Minute Rule policy which means that if a person places a bid within the last 10 minutes of the auction closing, the auction will extend to 10 minutes left. This is to rule out sniper …
01/10/15 by Jason Pinder
BIDDING: How do I place a bid in an Online Auction? How do Maximum bids work?
To bid in an Online Auction the buyer has to be registered with eddisons.com and have bidder status. On registering you receive a user name and password, which you can use to log in. You can do this directly on the homepage by entering your user n…
01/10/15 by Jason Pinder
BIDDING: How can I track all my bids?
A registered user with bidder status can access the bidding activity within the "My Account" area of the site to review all current bidding activity.…
01/10/15 by Jason Pinder
BIDDING: Can I retract or change a bid in an Online Auction?
Once bids are submitted you cannot remove or modify them, although you can place additional bids. If you make a mistake in your bid, please contact us immediately on 0845 130 3332.…
01/10/15 by Jason Pinder
BIDDING: Am I committed in any way when I make a bid below the reserve price?
No. As long as your bid lies below the reserve price, you are not committed to buying a product. It may occur that a seller will occasionally want to sell a product at a price below the reserve price. In such cases, we will contact you and ask you…
01/10/15 by Jason Pinder
BIDDING: Will I be notified if my bid is outbid?
Your "My Account" shows you the current status of all your bids. You will also receive an email.…
01/10/15 by Jason Pinder
COSTS: What is Buyer’s Premium?
Buyer’s premium is a percentage of the final selling price of items purchased and is added to the total sale value.…
01/10/15 by
COSTS: Who pays for shipping/transportation?
All costs, including taxes, related to transportation remain the responsibility of the buyer. The buyer assumes responsibility for all shipping and rigging charges from the seller's premises to the product's destination.…
01/10/15 by Jason Pinder
COSTS: Who pays for value added tax (VAT), customs and excise and other related taxes?
All VAT, customs and excise and other related taxes specific to the purchase, export or import of a product purchased on eddisons.com are the responsibility of the buyer unless otherwise stated. Correspondingly, it is the responsibility of the buy…
01/10/15 by Jason Pinder
FINDING ITEMS: How do I find what I want to buy?
Searching for specific keywords and attributes - Use our search facility to find equipment, related specifications and/or text, which contain specific keywords. For example, a search on a particular manufacturer name will find all information in t…
01/10/15 by Jason Pinder
MORE INFORMATION: How can I contact you if my query isn’t answered here?
If you have any queries which are not answered in this section, please call 0845 130 3332, Monday to Friday between the hours of 9am and 5pm. If you want to make a query out of office hours, please email onlinesales@eddisons.com…
01/10/15 by Jason Pinder
REGISTRATION: How do I become an approved bidder?
Once you have registered, you will then be approved to bid at any of our online sales. When approval has taken place, you will receive an email confirming your eligibility to bid. Please note that approval will only take place Monday to Friday, be…
01/10/15 by Jason Pinder
REGISTRATION: How do I change my registration details?
From your "My Account" page, you can access your details to view and update, for example, your account details, password, notifications, etc.…
01/10/15 by Jason Pinder
REGISTRATION: Register as a buyer
Simply complete the registration form and accept our Terms and Conditions. Registering on the Site is free.…
01/10/15 by Jason Pinder
REGISTRATION: Who is allowed to buy equipment?
Only registered users who have been approved as bidders are allowed to purchase equipment.…
01/10/15 by Jason Pinder
SALES: Maximum Bid
The highest sum that the eddisons.com system is allowed to bid on behalf of a buyer when using the maximum bid feature.…
01/10/15 by Jason Pinder
SALES: Online Auctions
Online Auctions are auctions that take place entirely online. The Online Auctions are advertised in advance and interested buyers usually have the opportunity to inspect the equipment before the auction takes place. Once you have registered and ha…
01/10/15 by Jason Pinder
SALES: Opening Price
This refers to the minimum bid required at the start of an auction.…
01/10/15 by Jason Pinder
SALES: Please explain the “My Account” page?
After logging on you can access your "My Account" page. From here you can configure your settings and make bids. Treat your "My Account" page as a 'home page' from where you can control your online activities.…
01/10/15 by Jason Pinder
SALES: Tender Sales
Some equipment is available by "tender". In this case, we will post a description of the equipment and an invitation to submit a bid. The posting will usually specify an end date by which all bids have to be submitted. The seller may include certa…
01/10/15 by Jason Pinder
SALES: What are Reserve Prices & Opening Prices?
A "Reserve Price" is the minimum price at which a seller is willing to sell an item. If an offer is made at or above this price, the seller is obliged to sell. The seller can also set a price below the Reserve Price to open (Opening Price) or stim…
01/10/15 by Jason Pinder
SALES: What types of sales formats are available, and how do they differ?
Eddisons.com provides a number of different online sales formats. online auctions tender sales What follows is a short summary of how the different formats work.…
01/10/15 by Jason Pinder

Valuations

What type of valuation do I need?
At Eddisons, we provide different types of valuation dependant on your business needs. For example, we can provide valuations for tax, secured lending, insurance, accounts and pension fund purposes amongst others.…
16/11/15 by David Cran
What is RICS and is it important?
The Royal Institution of Chartered Surveyors (RICS) is the pre-eminent organisation for professionals working in the land property and construction sectors in the UK and around the world. RICS regulation imposes strict professional, business and e…
16/11/15 by David Cran
Who do you work with?
We provide a forward thinking approach to commercial and residential real estate valuation offering specialist advice for banks, building societies, property companies, institutional funds, family trusts, public sector bodies, major corporate occu…
16/11/15 by David Cran
I need a Red Book Valuation of my business and assets, can you help?
Yes, we are able to provide valuations that comply with the current RICS Valuation guidelines. We are proud to have an extensive team of fully qualified valuation surveyors who regularly undertake this type of work.…
16/11/15 by David Cran
How is a business and its assets valued?
Our approach sees a number of specific valuation techniques utilised, including depreciated replacement cost, for which detailed costings are analysed and applied to build up the capital figure. Other figures are taken into account such as obsoles…
16/11/15 by David Cran
How much do valuations cost?
This depends on what is required and we can tailor our service to meet a client’s specific needs. Our fees take into account the size and complexity of the property (and business) in question and we welcome the opportunity to discuss this an…
16/11/15 by David Cran

Rating

What Are Business Rates?
Business rates are calculated according to the rental value of the property a company uses. They date back to the Poor Law established in 1601. Every business has to pay business rates when they are in the occupation or part occupation of a commer…
04/12/15 by Craig Newton
How Are Business Rates Calculated?
Business rates are calculated by multiplying the ‘Rateable Value’ of a property by the uniform business rate (UBR). The ‘rateable value’ is the Valuation Office’s estimate of a property’s market rent at a set va…
04/12/15 by Craig Newton
How We Can Help?
Since Business rates are based on the Valuation Office’s estimate of the annual rental of a property, the calculation of them is often open to challenge. Our Business Rates team based throughout the UK consists of professionally qualified Ch…
04/12/15 by Craig Newton
What We Do?
In simple terms, we use our experience and knowledge of the rating system to mitigate your rate liabilities. Our surveyors are at the forefront of business rate challenges, working hard to keep you informed and maximise your saving potential throu…
04/12/15 by Craig Newton
What Happens Next?
Please give our Rating Team a Call on 0113 2053144 or click here for our Call Back service to set up an appointment to discuss your requirements. Once we have your instructions to proceed, a Rating Appeal will be lodged on your behalf with the Val…
04/12/15 by Craig Newton
When do I have to pay the business rates?
You will receive a rate demand from the appropriate billing authority around 1 March each year. Normally you will be able to pay in 12 equal monthly instalments. Business rates are payable by the occupier of the property. If you are a tenant, the …
04/12/15 by Craig Newton
I am only using part of my premises. Is there any relief available?
Section 44(a) Rate Relief is a temporary relief which may be awarded to business ratepayers who are only using part of their premises and the remaining unoccupied area is completely unused.…
04/12/15 by Craig Newton
What happens if my property is left empty?
The owner (the person entitled to possession) of a property is liable to pay 100% of the basic occupied business rates. Rates will not be payable for the first three months that a property is empty. This period is extended to six months for qualif…
04/12/15 by Craig Newton

Vacant Property Compliance

Do I have to pay rates if my property is empty?
If your business property is unoccupied you may be liable to pay empty property rates. These rates are charged at 100% of your bill and begin after the property has been empty for either three or six months – but you should check with your local…
04/12/15 by Charlotte Peel
Are any businesses exempt from paying empty property rates?
Yes, these businesses are exempt and do not have to pay empty property rates: those with a rateable value under £2,600  those prohibited by law from being occupied those kept empty due to action taken by or on beha…
04/12/15 by Charlotte Peel
Are there temporary ways to safeguard an empty commercial property?
Safeguarding a vacant commercial property is of critical importance, particularly where the premises may be a target for intruders and thieves. Eddisons offers a complete solution for landlords to ensure they are compliant with the increasing amou…
04/12/15 by Charlotte Peel
What is RemoteZone?
We are delighted that we can provide RemoteZone as a service; the complete solution for remote property security. By installing a number of wireless PIR detectors which link to an secure onsite and tamper-proof control box, your commercial premise…
04/12/15 by Charlotte Peel
I'm leasing commercial premises but will be leaving it empty; is this my responsibility or the landlord's?
You should inform the Landlord and his/her insurer if you intend to leave the property vacant and unattended at any time. Ask the Landlord to ensure inclusion of such activities in the insurance policy and to consult you over any changes in the in…
04/12/15 by Charlotte Peel
Why should I be concerned about leaving commercial property empty?
Vacant buildings are at heightened risk from fire, deterioration and criminal activity. The reputation of property owners can be damaged and relations with neighbours put under strain. In addition, insurance premiums for long-term vacant propertie…
04/12/15 by Charlotte Peel

Lease Advisory

What is a lease?
Signing a lease on premises means that you are probably entering into one of the most significant financial commitments that your business will make. A lease is a binding contract in law which sets out the terms and cond…
16/11/15 by Steven Jones
Can I escape from a lease if my property requirements change?
There are two main possibilities if you want to vacate the premises before your lease expires. You may ‘assign’ the lease to another tenant who takes over responsibility for paying rent to the landlord (bu…
16/11/15 by Steven Jones
What are service charges?
In addition to rent, there are certain other regular payments that you as tenant may need to make to the landlord. Particularly where you occupy only part of a larger building, the landlord may charge you a portion of the cost for services that he…
16/11/15 by Steven Jones
What is security of tenure?
You should understand that, in England and Wales at the end of the lease, unless the lease contains a written agreement to the contrary, a tenant of business property is protected by the Landlord and Tenant Ac…
16/11/15 by Steven Jones
Do I always have security of tenure?
No. Some leases will specifically state that the tenant does not have the protection of the Landlord and Tenant Act 1954, which normally provides for security of tenure. As a general rule, you should be very wary of giving up the security of tenur…
16/11/15 by Steven Jones
When do I need to start thinking about dilapidations?
Before you take a lease. A survey will establish the condition of the premises, giving an indication of work that may be needed, both immediately and later. If the premises are already in bad repair, special consideratio…
16/11/15 by Steven Jones
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