Legal and Regulatory Compliance
Eaton and Hollis are an independent firm or Chartered Surveyors, land and estate agents, valuers and auctioneers. We also offer a broad range of professional services.
As members of the Royal Institution of Chartered Surveyors (RICS) and the Central Association of Agricultural Valuers (CAAV) we are regulated by them and adhere to their industry standards.
Client Money Protection
Eaton and Hollis are regulated by the RICS and as such we are required to advise that if Eaton and Hollis conduct a financial transaction at a sale, Eaton and Hollis act as principal in this instance. Any monies held on your account will be deposited in the Eaton and Hollis Client’s Account at the Yorkshire Bank, Stafford Branch. (It must be noted that this is an interest bearing account, any interest earned will be used to affront bank charges)
More information on the RICS Clients Money Scheme can be found on the RICS website.
The Money Laundering Regulations 2007
The Money Laundering Regulations cover the activities of service providers amongst many, which includes Estate Agents and Auctioneers.
In line with banks, IFA’s and other providers of professional services are required to seek proof of the buyer’s identity.
All successful bidders must provide proof of identity and address to the Auctioneers immediately after the fall of the hammer (when signing the Purchaser’s slip) as follows (one document from each section):
Photographic Identity Documents
- Current signed Passport
- Current full UK/EU Photocard Driving Licence*
- Resident Permit issued by the Home Office to EU Nationals
- Firearms Certificate
Evidence of Address
- Current full UK Driving Licence (old style)* (Provisional licence will not be accepted)
- A utility bill issued within the last 3 months (but not mobile phone bills)
- Local Authority tax bill (valid for the current year)
- Bank, Building Society or Credit Union statement containing a current address
- The most recent original mortgage statement from a UK lender
*These items may be used as evidence of identity or address, but not both.
If the buyers details are different from the successful bidder’s then proof of the identity for both the buyer and the bidder will be required. This will be requested at the auction.
Definitions of Guide Price and Reserve Price
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 the 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 (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
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.
Information taken from the Essential Information Group
If you are dissatisfied with any service provided by Eaton and Hollis, you can make a complaint through our formal complaints procedure which complies with the regulations of The Royal Institution of Chartered Surveyors (RICS) and The Property Ombudsman Service (TPOS).
If you wish to make a complaint, you can request a copy of our procedure by using the “Contact Us” page on this website, by email to firstname.lastname@example.org or write to the partners at Eaton and Hollis, Studio 1A, Ednaston Home Farm, Brailsford, Derbyshire, DE6 3AY.