Regulations

Bagshaws LLP have been trading successfully in the Midlands since 1871 and our reputation for integrity is very important to us.

The complex nature of the work we carry out, justify the stringent guidelines that we adhere to. As RICS and CAAV accredited members, we can be relied upon to work to the best industry standards.

Client Money Protection

As an RICS regulated firm we are required to advise you that all financial transactions sales through our Livestock Markets are conducted with Bagshaws LLP acting as Principal. No cover would be available from the RICS Client Money Protection Scheme. Other sales, such as farm dispersal sales are conducted with Bagshaws acting as the Agent. For property management and surveying activities, if any monies are held on your account, they will be deposited with the Royal Bank of Scotland, Uttoxeter Branch account Bagshaws LLP No. 5 Clients Account.  This is an interest bearing account with any interest being retained to offset Bank charges.  The RICS Client Money Protection Scheme will apply to all monies held in this account.  This scheme, which includes regulatory reviews, is a free service provided to clients of RICS-regulated firms. Details of this scheme can be found the RICS website.

Our certificate can be found here – RICS Client Money Protection Certificate

Money Laundering Regulations 2019

In order to comply with Money Laundering Regulations 2019, all auction purchasers must provide two forms of identification.  This means that a passport or driving licence together with a utility bill for proof of address at the time of signing the contract.  We are also unable to accept cash in sums greater than €10,000.  Please contact the auctioneers to discuss methods of cash payment prior to the sale.

Auction Prices

Some of the particulars on this website contain details about properties being sold at auction. Those details are subject to change up to and including the day of the auction. Please check our website and look out for any additional materials available on the day of the auction, in order to stay fully informed with the up to date information.

For the assistance of prospective purchasers, the following are definitions relating to the Guide Price and the Reserve Price;

Guide Price: An indication of the Agent’s opinion of value and 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 sometimes 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.

Reserve Price: 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 immediately prior to the auction.

Fees for Landlords – Residential Lettings

Let Only Service

• Monthly rent upto £450pcm- £510 inc vat

• Monthly rent upto £650pcm- £630 inc vat

• Monthly rent upto £850pcm- £780 inc vat

• Monthly rent over £850pcm- £1000 inc vat

Fully Managed Service

• Monthly rent upto £450pcm- £390 inc vat

• Monthly rent upto £650pcm- £540 inc vat

• Monthly rent upto £850pcm- £660 inc vat

• Monthy rent over £850pcm- 1 calendar month’s rent

• Management commission of 12% of the monthly rental income

Landlords compliance package- Includes full Tenancy Referencing, Tenant Right to Rent Checks, Legal registration of the deposit with the Deposit Protection Service, and preparation of a fully photographed Inventory and Check out Report

£180.00 inc Vat

Independent Redress Scheme- The Property Ombudsman

Client Money Protection Provided by- Royal Institute of Chartered Surveyors

RICS Valuer Registration Scheme

Bagshaws’ valuers are not only professional members of the RICS, but also members of the RICS Valuer Registration Scheme. Valuer Registration is a quality assurance mechanism that monitors all registered RICS members who carry out ‘Red Book’ valuations and ensures consistent standards.

By appointing an RICS Registered Valuer, you can be confident that you are working with regulated and qualified professionals who:

• adhere to the ‘Red Book’ valuation standards

• are committed to openness and transparency

• are experts in their field, delivering credible and high-quality reports.

Valuer Registration aims to ensure the quality of valuations, raise the credibility of valuers and provide clients with a clearly identifiable designation of international standards, quality and the consistent application of ‘Red Book’ standard.