Frequently Asked Questions

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.

Will we have to contribute towards T Level Funding Capital projects?

Yes. There is an expectation for match funding for each T level funding project funded (with some exceptions where specifically approved), so the trust, school or college would need to be prepared to contribute 50% of the total capital project cost. This can be generated from third party sources where reserves are not sufficient.

Eddisons can advise on the options available around match funding and are experts in securing funding for Schools, Multi academy trusts and colleges across the UK.

Find out more

Why should I use an external consultant for my T Level Capital Funding application?

If you are a T Level provider applying for T Level funding is a complex and nuanced process. By using a consultant who is well versed in the requirements of each funding stream you make sure that all bases are covered and you have the greatest chance of being successful.

Eddisons can help you secure funding for Schools, multi academy trusts and colleges across the UK. Almost £100m in funding obtained to date for schools, multi academy trusts and colleges.

Find out more

How can I apply for T Level Capital Funding (TLCF)?

T Level Funding applications should be submitted by the establishment applying for funding, although they can be written by an outside consultant or with their assistance. Where an establishment is part of a multi academy trust, the trust should submit the application.

Important stages in the process are:

  • Launch of funding round (information published online and application window opens – early February
  • Applications are invited for fee support or technical support – 2 middle weeks in February
  • Outcome of fee support applications – Spring (Subject to change)
  • Deadline for BFIG applications – Summer (Subject to change)
  • Assessment of projects – June – Autumn  (Subject to change)
  • There should be one application form per project plus any supporting material. Applications are made via email.

Eddisons are experts in securing funding for schools, multi academy trusts and colleges across the UK.

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What is T Level Capital Funding (TLCF)?

T Level capital funding (TLCF) is a government funded support package available to T Level providers to ensure that the delivery of T Levels is successful from the very start. It ensures that students are able to access good quality facilities and industry standard equipment in order to gain the level of knowledge and skill required.

There are two elements of the fund; Specialist Equipment Allocation (SEA) and Competitive Buildings and Facilities Improvement Grant (BFIG). Eddisons specifically provide advice and applications for the BFIG element.

The BFIG is available if you are an academy, FE college, School, Sixth Form College, UTC or HE institution but not for independent providers. It is only available if you have not previously been awarded a BFIG grant for the route you are applying for.

The minimum value threshold for a BFIG is £200,000 and the maximum is between £500,000 and £1,400,000 depending on the route applied for.

Do you require T Level Capital Funding?
Eddisons are experts in securing funding for schools, multi academy trusts and colleges across the UK.

Find out more

What are T Levels?

T Levels are technical study programmes that will sit within Further Education alongside apprenticeships as part of a plan to create a skills revolution which will meet the changing needs of the UK economy.

T Levels will be introduced in a phased capacity from the 2020/21 academic year, starting with 3 T Level ‘routes’ (Digital, Construction and Education & Childcare). The remaining route, Health and Science, will be rolled out the following year and there will be a total of 7 T levels available across the 4 routes.

Looking for T Level Capital Funding? Eddisons are experts in securing funding for schools, multi academy trusts and colleges across the UK.

Find out more

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.

What are the benefits of an online asset auction?

Eddisons CJM specialise in the disposal of surplus machinery and business assets for clients across the globe. Clients trust us to manage their assets as we have a number of methods of sale – the most commonly used is the online auction as it enable assets to be listed quickly and effectively to a global audience. Here we explain the benefits of selling assets via an online auction.

The online auctions take place on the Eddisons CJM website where,

Benefits of an Online Auction

  • Global reach – one of the main benefits of selling via an online auction is that buyers can bid wherever they are in the world.
  • Speed – online auctions are a popular and trusted method for selling large volume assets in the global marketplace, relative low cost and within a short timeframe
  • Marketing exposure – sellers appreciate the specialist marketing expertise to maximise exposure to their assets. This includes using global sales portals, such as BidSpotter, along with utilising our own targeted database and effective digital marketing channels.
  • Flexibility – buyers appreciate the flexibility of our online auctions, as they do not need to physically attend an auction venue and once registered, anyone can bid at their own leisure
  • Transparency – All bidding is fully transparent, so there are no deals behind closed doors. This makes online asset auctions an attractive method of disposal for organisations that need to demonstrate the openness of the sale.
  • True open market value – we attract a large number of active buyers to achieve full market value. Sellers can also protect themselves by setting a reserve price, preventing them from selling any items under a certain value
  • Not exclusive – Our online auctions are fully inclusive. Providing you can verify your identity and AML checks, then anyone can register and bid
    For more information on our online auctions, please see this guide to online auctions here, along with a helpful glossary of common auction terms here.

If you have surplus or unwanted assets and would like to sell your assets, please contact us for an initial conversation in confidence by calling +44 (0)1724 334411 or using the contact form below.

What is a negotiated sale?

A Negotiated Sale (also sometimes referred to as a Private Treaty Sale) offers clients a viable option when selling niche, complex or high-value assets, where markets and buyers are limited.

A negotiated sale involves fixing a guide sale price and negotiating on individual basis with interested parties in order to secure the most advantageous terms.

What is an online auction?

An online asset auction is a service where assets (which may include goods, services or businesses) are sold via the internet, using an auction format. Interested parties bid through our online platform, with each lot sold individually to the highest bidder.

Our online auctions enable assets to be listed quickly and effectively to a global audience. Online asset auctions are used to sell all manner of assets, including consumer goods and electrical items, to commercial vehicles and industrial plant equipment.

This is a popular and trusted method for selling large volume assets in the global marketplace, relative low cost and within a short timeframe.

Click here for a guide to buying assets at our online auctions.

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 download the necessary forms  to allow you to do this. Please be aware that there are certain requirements which you have to meet in order to use this facility which are detailed on each form.

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 auctioneer and even more important that he can clearly see you. You will be given an opportunity to bid and to make improved bids where appropriate.

When should I arrive for the auction?

There is ample parking at our auction venues and they are well connected to most major transport links. You should bear in mind though that our auctions are very popular, so 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 need to register to bid if it is your first Eddisons auction and, depending on how busy the auction is, this could take a little time. Many people look to arrive around an hour before the auction starts, allowing time to relax with refreshments and secure a preferred seat. The auctions generally start at 12pm and doors typically open over an hour and a half before – but please check the details for the specific auction you wish to attend.

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 be announced during the auction.

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 information before placing any bids.

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.

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 not bring cash. You should also ensure that your finance is in place before you bid for a property.

When bidding on a property, the fall of the hammer at the final acceptable bid constitutes a binding contract and the purchaser is required to pay 10% of the purchase price, cheques being made payable to Eddisons. We do not accept cash. Completion of the sale and payment of the balance of the purchase money takes place four weeks later unless the conditions of sale provide otherwise.

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:

  • a photographic ID, such as a current passport or new style UK driving licence, and
  • a utility bill, bank or building society statement, or credit card bill issued within the previous 3 months, providing evidence of residency at the correspondence address.

If the bidder is acting on behalf of a limited company, the bidder will be required to provide personal proof of name and address and in addition:

  • copy of the company certificate of incorporation.
  • written authority from the company that the bidder has the authority to represent and purchase on behalf of the company at the auction.
What documents do I need before I can bid at an auction?

To comply with anti money laundering legislation, we must verify the identity of all people bidding at auction.

If you are interested in bidding at our property auctions, you MUST provide two forms of identification – one photographic and one to verify your proof of address. These should be the original documents. Photocopies will not be accepted.

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.

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 business to take on the tenancy, or sublet the premises.

If these options are not applicable, you could try to negotiate a lease termination with the landlord but they are not obligated to negotiate if you are under contract. If the landlord did agree to an early termination, it’s likely they would do so on the basis that you pay a compensation fee.

If you sublet the premises, you continue to be the tenant under the original lease, and your existing responsibilities continue to be the same. In turn, your subtenant has a sublease requiring them to pay you rent, look after the premises and so on.

If you assign the lease, the new tenant takes over the tenancy responsibilities. But you may continue to be liable if the new tenant fails to pay the rent.

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 rules of your lease and with consent from your landlord; you must check this prior to undertaking any work. At the end of your lease term, the landlord may ask you to restore the property to its initial state – either fully or partly. However, in many cases a landlord is happy for the property to be marketed again as is.

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.

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.
  • Responsibilities for maintenance, reparations, and any restrictions on making cosmetic changes.
  • The type of business operations allowed within the premises.

A lease agreement can be a considerably detailed document packed with legalese on page after page. If you’re unsure of what certain sections mean or simply require peace of mind that you aren’t signing anything of real concern, seek professional assistance from one of our commercial property experts.

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 property for a fixed term but not the land on which it stands. When the lease expires, ownership of the property reverts back to the freeholder. Most flats are owned leasehold, particularly in London, whereas in Scotland there are very few leasehold properties.

Why use Eddisons for property management services?

We know commercial property management. We have extensive experience of successfully managing a multitude of portfolios across different sectors and have a proven track record in providing added value, innovation and strategy in line with our clients’ business vision and objectives. We understand the need to deliver services that add value, reflect innovation, promote sustainability, and mitigate operational and reputational risk.

Do you regularly inspect properties and sites?

Yes. Eddisons inspect all properties on a regular basis to ensure they are well-run, cost efficient, and the tenants are happy. This has resulted in a high retention rate and has maximised the value of the assets to ensure successful disposals when required.

Our proximity to the sites, through six regional offices, also allows us to react and visit sites outside of the regular inspection regime where applicable

What sort of properties do Eddisons manage?

From a small retail outlet to towering office block, we provide commercial property management services across the board. We work with numerous landlords, investors and property companies to manage their portfolio on a day-to-day basis – whether that portfolio consists of one property or one hundred.

What is a sale by tender?

A Sale by Tender (or “Tender Sale”) is a type of auction where an asset will be put up for sale with a deadline for bids. Interested parties have until that date to submit their best offer. The vendor is then presented with all received offers for their consideration.

Tender Sales may also be referred to as a “silent auction” – as offers are typically kept private. Bidders will not be aware of who else may be bidding or will have seen anyone else’s bidding activity.

With a Tender Sale assets may be marketed with, or without, a guide price.

What is commercial property management?

Commercial property management is probably our most diverse and all-encompassing service. Impossible to describe in few words, property management is multi-faceted with the overall objective of assisting landlords/owners in the supervision of their property. Running a property can include lease advisory, service charge collection, rent collection, budgeting of running costs, debt recovery, staffing, account management, repairs and maintenance, credit control, reconciliation’s, purchase ledger, procurement, treasury management, compliance, health and safety, and asset management.

Who do you work with?

Our Building and Project Consultancy team consistently work alongside our agency team but, externally, we regularly work with solicitors, accountants, asset managers and property companies.

What is Building and Project Consultancy?

Building and project consultancy is a wide-ranging service that effectively includes anything to do with the fabric of a building. So, for example, services such as due diligence and building surveys, dilapidation advice, office fit-outs, project management and re-instatement cost assessments all fall under this bracket and we have a hugely talented and experienced team who can advise across the board. Find out more

What are dilapidations?

To put dilapidations into simple terms, they represent ‘exit costs’ for a tenant at the end of their lease. These costs are typically attributed to putting the property back into its original, pre-let state, i.e. repairs or reinstating any cosmetic alterations. A schedule of dilapidations is presented to the tenant by the landlord which can often comes as an unwelcome surprise, and it is not uncommon for disputes to arise. As one of the UK’s leading dilapidations advisory experts, Eddisons can provide specialist support to both landlords and tenants when issues surrounding dilapidations, costs, valuations and legal issues upon lease expiry. We also work with property litigation lawyers on dilapidation and expert witness cases.

For help and advice with Dilapidation Services click here or contact us today by completing the short form below and one of our team will call you.

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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 freehold has fewer constraints and is generally likely to be more valuable.

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 properties can often be high unless those responsible can show they have taken a broad range of sensible precautions. Owners and managers of vacant property have a ‘duty of care’ to anyone entering the building.

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 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 insurance policy terms.

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 premises can be continuously monitored with any intrusion immediately tracked and signalled to the NSI Gold alarm receiving centre from which an instant response can be initiated.

In addition the remote login facility enables clients to remotely login to their alarm system(s) from any web enabled PC, Laptop, Tablet or Smart phone to check the security status and history of logged events, helping to provide additional peace of mind.

The RemoteZone solution provides integrated and highly professional property security for a range of requirements including empty commercial premises, buildings awaiting refurbishment and/or properties at risk of theft of vandalism.

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 amount of red tape surrounding empty commercial buildings. This service includes temporary monitored alarms, site clearance and monitoring, lock changes, signage, the placement of property guardians living on site under licence, and a number of other security measures.

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 Valuation Office Agency.

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 qualifying industrial properties.

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.

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 lease will sometimes state that your rent is inclusive of rates. In this case the landlord takes responsibility for the payments.

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 Valuation Office Agency and we will notify you when the appeal has been acknowledged and is confirmed as a valid appeal. We will keep in regular communication with you throughout the life of the appeal and we can provide various reporting formats for multiple site clients at a frequency of their own choosing. Please note that it typically takes about 12-18 months from when the appeal is first lodged to be concluded with the Valuation Office, so we advise clients to contact us at the earliest opportunity.

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 through effective rates advice. We offer a complete ‘no win no fee’ service (excluding tribunal hearings) with no upfront charges, a clear demonstration of our confidence in the field. Not only do we advise clients on traditional accommodation such as Offices, Industrial and Retail premises, we also have specialist experience in Education including Universities, Colleges, Schools and Daycare Nurseries; Healthcare including Doctors Surgeries, Health Authorities and Private Clinics; Roadside properties including Car Showrooms, Workshops, Trade Counters and Showrooms; Factories, Mills and Distribution Warehouses; and Hotels, Clubs, Restaurants and other Leisure properties.

We are also able to provide strategies to minimise rate liability if a property is empty, only partially occupied or is adversely affected by external factors such as major building works, roadwork’s and new competition in the locality.

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 Chartered Surveyors who have a vast knowledge and experience in managing the complexities of the rating system. We have a long history of successfully achieving reductions for our clients who have remained with us since the 1973 rating revaluation.

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 valuation date. We are currently in the 2010 Rating List with rateable values being based on a valuation date of 1st April 2008. Please note that increases (or decreases) in business rates may be phased in over a period and the actual amount payable could be higher or lower than the simple multiplication process, this is known as Transitional Relief.

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 commercial property including all factories, offices and shops throughout England, Scotland and Wales and set by the Valuation Office Agency or Assessors in Scotland. Revaluations were historically undertaken at five yearly intervals when invariably new legislation and procedures are introduced – however we are now on a seven-year cycle. The payment of rates on commercial property represents one of the largest overheads for businesses and substantially impact on the profitability of many organisations.

What areas do you work in?

Eddisons successfully services clients across the UK, through our network of offices and remote consultants. The Eddisons head office is in Leeds and we have a strong presence across the Yorkshire area. We also have offices in a number of other major towns and cities, including Manchester, London, Glasgow, Nottingham, Exeter and Bristol. With extensive national coverage, we work on projects across the length and breadth of the UK.

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!

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 regarding their instruction. Please be aware that you must be in a position to exchange and pay your deposit before the auction date.

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 pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

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 disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

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 considerations apply (see below). During the term of the lease, regular or planned maintenance can avoid greater expense later. It is usually a good idea to record the condition and layout of the premises before you occupy.

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 tenure that the law normally provides. However, there will be some cases where a landlord will not be prepared to sign a lease except with this exclusion. Even where you do have security of tenure, that shouldn’t be taken as gospel as a landlord might wish to redevelop or sell the property at the end of your lease period, for example.

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 Act 1954. The tenant is entitled to a new lease, on terms which the parties agree or which a court will decide if they can’t. There are occasions when this will not apply, and it is important to take legal advice. In Scotland these provisions do not apply. Provided either party gives at least 40 days notice of termination of the lease prior to the expiry date the lease will terminate and you will have no right to remain in the property. There is a limited exception under the Tenancy of Shops (Scotland) Act and you should consult with a Scottish-specific adviser in these circumstances.

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 or she supplies for the building as a whole: maintenance of common parts, decoration and maintenance of the exterior of the building and the like. This will generally be described as a ‘service charge’. It is important to ensure before signing the lease that you understand the basis on which service charges will be calculated and the sums likely to be involved.

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 (but see below). Or you may continue to pay the rent, but sub-let the space to another tenant, from whom you in turn collect rent. However, your lease will probably limit or impose conditions on your ability to follow either course, and you need to understand these limitations fully before you sign the lease.

Some leases will incorporate a ‘break clause’, which gives the landlord or tenant (or both) the right to walk away from the lease at a specific point.

The clauses in your lease relating to assignment and sub-letting can have a very important effect on your future flexibility. You should make certain that your chartered surveyor or solicitor explains exactly what you are being asked to agree to, and its possible implications.

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 conditions of the tenancy agreement between landlord and tenant. It defines the rights and obligations of both parties. It is therefore enforceable – you cannot simply walk away from a lease. However, certain aspects of the relationship between landlords and tenants are also defined by law. A first draft of the lease will usually be drawn up by the landlord’s solicitor as a basis for discussion between the parties.

How do I find out my Building Sums Insured?

Getting the sums insured right is a critical factor in obtaining a full indemnity in a timely manner. Eddisons has a team of chartered surveyors who can assess your property and advise on valuations for insurance and accounting purposes; skills we have gained through many years’ experience in the marketplace and through an extensive understanding of market trends and values.

What insurance protection should I have?

Your insurance requirements depend on the type of organisation itself. Every business has different insurance needs and these need to be prioritised. Some may be a legal requirement, some essential and some desirable. A discussion with an experienced broker will quickly ascertain your requirements.

What broader services do you offer?

We have in-house resource to provide a range of services including:
•Insurance valuations – both buildings and contents
•Claims support – hands on process for all claims, be they routine or major losses
•Vacant property insurance compliance – through our RemoteZone business we assist clients through a range of innovative solutions in dealing with vacant properties
•Property Guardians – security by occupation solution suitable for vacant properties that are capable of residential occupation
•Risk Management – access to network of risk management providers

Generally, insurance premiums are lower where good risk management features are in place.

Who would I deal with day to day?

Eddisons only employ experienced and highly professional staff who share the following core values:
• Entrepreneurial
•Innovative
•Ultra Responsive
•Client Focused
•Trusted
•Easy to work with

What makes Eddisons different to other Insurance Brokers?

As a specialist insurance team within Eddisons, we have a much broader understanding of our clients property and business issues than traditional advisors.

The senior team adopt a flexible ‘can do’ approach supported by access to numerous different markets and ensuring competitive cover designed to meet your needs.

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 and your requirements prior to agreeing an appropriate and competitive fee.

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 obsolescence and particular consideration is given to the value of land element. All of these intricacies emphasise the need for a thorough and complex appraisal to arrive at the correct level of value.

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.

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 occupiers and SMEs. Who can instruct us ?

Although the majority of our valuation instructions are issued directly by banks, we are equally happy to work directly for private individuals or their advisors (brokers, accountants, solicitors, etc).

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 ethical standards on all of its members providing the basis for unparalleled client confidence in the sector. When you use a surveyor, it is reassuring to know he or she is regulated by a world renowned and respected professional body.

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.

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 behalf of the Crown or any local or public authority with a view to prohibiting occupation
•those subject to a building preservation notice, scheduled as an ancient monument
•those where the person entitled to possession of the property is acting as a personal representative of a deceased person, as a liquidator, a trustee under a deed of arrangement or where the owner is the subject of bankruptcy proceedings
•where the owner of the empty property is a charity

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.

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 stimulate bidding, but is only obliged to sell if the Reserve Price is met. The Reserve Price is not disclosed to buyers, but buyers will be notified when the Reserve Price has been met.

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 certain specific conditions and is not obliged to accept the highest offer. The bids made will not be displayed and you should make your best and final bid.

SALES: Opening Price

This refers to the minimum bid required at the start of an auction.

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 have been approved as a bidder, you can participate in an Online Auction from your Personal Computer.

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.

REGISTRATION: Who is allowed to buy equipment?

Only registered users who have been approved as bidders are allowed to purchase equipment.

REGISTRATION: Register as a buyer

Simply complete the registration form and accept our Terms and Conditions. Registering on the Site is free.

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.

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, between the hours of 9am and 5pm. Under certain circumstances, we may need photographic ID and proof of address emailing or faxing to us prior to you being approved to bid. If this is required we will contact you to explain our requirements.

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

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 the database with this manufacturer’s name.

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 buyer to pay applicable taxes and duties that may be imposed on a product.

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.

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.

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.

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 whether you want to buy the product for your present highest bid.

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.

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.

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 name and password or by selecting “Log In” in the navigation bar at the top.
Click the “Bid Now” button when you have found the desired product. The system will ask you to “Enter Your Bid”. You can also make a bid higher than the minimum bid and the system then increases your bid automatically every time you are outbid, thus allowing you to participate actively in the auction without having to follow it constantly.

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 bidding at the end of auctions.

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 a maximum bid, the buyer specifies the price for the highest bid. The system automatically places the next bid and increases it by the bid increment until the buyer either wins the bid or his maximum price is reached. This method and the maximum bid remains in effect until the end of the auction or until the buyer changes his maximum bid. Any new bids made by other buyers automatically activate the maximum bid function for the buyer.

The maximum bid placed by a buyer is never disclosed to other buyers – and the system will always use the lowest bid necessary to win.

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 the work required to administer them. Generally, this increase is larger for high value products.

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”, we are not obliged to sell the item.

(‘Reserve Not Met’/’Reserve Met’) — The seller is obliged to sell to the highest bid if this corresponds to the reserve price or is higher. The auction commences at the opening price, ‘Reserve Not Met’, and bids can be made until the end of the auction. When a bid exceeds the hidden reserve price, the product is clearly marked with ‘Reserve Met’, the obligations change and bidding can continue.

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.

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 ‘maximum’ bids.