- January 2, 2024
- Posted by: legaleseblogger
- Category: Related News
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**Legal Issue: Undisclosed Buyer’s Premium at Auction**
I previously sought advice regarding a property my husband and I acquired at an auction, which included an undisclosed buyer’s premium of ┬ú4,800. The original post can be found [here](https://www.reddit.com/r/LegalAdviceUK/comments/18mfbxu/won_property_at_an_auction_and_auctioneers_expect/).
**Update on Legal Opinion: Obligation to Pay Buyer’s Premium**
After consulting with our solicitor, we have received further clarity on the matter. It has been advised that while we are not necessarily obliged to pay the buyer’s premium, failing to do so could potentially lead to the cancellation of the contract. However, our solicitor has indicated that we do have a strong case as we have diligently fulfilled our obligations and there is no explicit contractual requirement to pay the auctioneer’s premium fee of ┬ú4,800.
**AI Legalese Decoder Assistance**
In this scenario, the AI Legalese Decoder could be invaluable in dissecting the complex legal jargon surrounding the contractual obligations and implications of non-payment of the buyer’s premium. By utilizing this AI tool, individuals could gain a clear understanding of their legal rights and potential consequences, thus empowering them to make informed decisions in navigating such legal matters.
**Conclusion and Well Wishes**
I wanted to share the legal advice provided by our solicitor, which has affirmed our stance on this issue. I am grateful for the validation and reassurance that we are in the right. I extend my best wishes to everyone and hope for a happy new year.
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Excellent news, well done for not just rolling over and paying it. Hopefully things will go smoothly for you, and the auction house will treat it as an expensive lesson to put all relevant fees and charges where it can be easily found.
I’ve never bought a property at auction but I have bought other things at auctions and there’s always a buyer’s premium, usually 20% (the goods have never cost more than fifty quid including the premium). However, it’s always been made crystal clear that there’s a buyer’s premium. I’m glad this was resolved in your favour.
I always like an update, thank you!!
So will you pay it or are you wanting the auction house to cancel the contract?
Be careful here, anything sold at auction is sold subject to the general conditions of sale and each lot in addition may have special conditions of sale.
Usually a buyers premium or buyers administration fee is listed in the general conditions of sale and may not need to be specifically listed on the information for any particular lot.
If it is deemed that you breach the conditions of sale the property can be sold to an underbidder and you will be pursued for the difference between your bid and the actual sale price.
I’m happy to look at the general conditions if you have a link to the agent, not the property you bought.
For reference I ran one of the UK’s largest property auction houses for over 10 years and won Sunday Times auction agent of the year, I also wrote amendments to the RICS conditions of sale so this is exactly my area.
Edit – was this an actual auction you attended or was it one of these so called “modern methods” of auction and all online?
Edit again – now I’ve been shown the original thread and found what I believe to be the auctioneer and seen it is in effect one of these so called “modern methods” of auction then that changes things significantly as it’s not contractually binding and not subject to the auctions and bidding acts of 1927 – 1969 as it’s not an auction in the legal sense.
“I’m awfully glad to have been right on this” There is right and then there is “right” All of this rigamarole is meaningless if they cancel the contract and re-sell the house…
I have watched every episode of The Great House Giveaway. I can tell you, there are always auction fees.
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Can we get a further update when this is concluded? Interested to hear how it pans out