Frequently Asked Questions
RICS is the Royal Institution of Chartered Surveyors being the professional body by which Marriott & Co. is regulated, and its members are Chartered Surveyors. RICS requires that its members comply with the RICS Valuation Global Standards covering ethics, competency, objectivity and disclosures to ensure that their clients receive credible and consistent valuation opinions; RICS Valuers have appropriate qualifications, carry appropriate professional indemnity insurance, and undertake at least 20 hours continuing professional development each year.
The Red Book is the Valuation Global Standards referred to above, published by the RICS and incorporating the International Valuation Standards (IVS); its purpose is to ensure the provision of quality valuation advice that meets the expectations of clients, governments, regulatory bodies and the public. RICS Registered Valuers are qualified to sign Red Book valuations, and must comply with the RICS professional, technical and performance standards. RICS members will have carried out a risk assessment at the disposal site and will ensure that all visitors comply with health and safety issues concerned with the premises, its contents, and the safe removal of the plant and equipment; firms regulated by the RICS are subject to client account audits to ensure client monies are safeguarded, handled correctly and are accounted for in a timely manner.
While our valuation of unique assets will likely be subject to appropriate caveats due to the lack of comparable market evidence, a value may be arrived at by way of a combination of income and cost approaches, and appropriate valuation methods including comparable evidence of similar assets, investment, and depreciated replacement cost methods.
Marriott & Co. does not itself value land and buildings but will be pleased to identify and work with a suitable Chartered Surveyor specialising in the type of property in question.
Once the terms of engagement have been discussed and agreed, the valuation process will include a site inspection where an inventory of the assets in question is prepared, then office-based research including estimating current new costs, obtaining comparable market sales evidence of similar assets, researching the current market, computing values and preparing a full report stating our findings and conclusions.
Marriott & Co. will travel wherever is necessary to undertake a valuation assignment.
The Registered Valuers at Marriott & Co. have undertaken expert witness reports (in accordance with the Civil Procedure Rules) relating to the value of a wide range of assets; it may be necessary for the Valuer to give evidence in Court.
Marriott & Co. is well placed to provide independent assessments of machinery and factory contents for insurance purposes, and has done so globally for over 30 years.
Underinsurance is the difference between the true cost of replacing the machinery and contents (say £10 million), and the value declared to Insurers (say £5 million); in this case, the Insured would be underinsured by 50% with the consequence that Insurers could apply ‘average’ and adjust the claim by that amount leaving the Insured to find £5 million from its own resources.
Marriott & Co. will value patents, trademarks and other intellectual property (including goodwill) under the heading of ‘intangible assets’ - the estimated value of which will be based upon the potential profit that an entity may enjoy as a result of owning such assets.
When it was first established, Marriott & Co. specialised in the printing industry’s machinery and business assets, and therefore has had ongoing experience in this industry since 1987.
Save for Antarctica, Marriott & Co. has carried out valuation site work on every continent in the world.
A compulsory purchase order is when the government or other authority exercises its statutory right to buy or take over a property; the owner is entitled to compensation and should be financially no worse or better off as a result of the order.
Marriott & Co. has considerable experience in valuing and disposing of the assets belonging to businesses affected by compulsory purchase orders and negotiating an appropriate claim.
All details concerning our auction and tender sales will be published online at auction.marriottco.co.uk.
An online auction is the process by which parties who wish to buy items being offered for sale by auction are only able to bid for them using our online auction platform, auction.marriottco.co.uk. There is no live ‘physical’ bidding at the auction premises.
Any entity or individual may bid at our auctions and tender sales provided they have registered their details on our online auction platform and have confirmed they are buying in the course of their business. Registrations will be approved prior to authorising bidding. Approval will generally be within 24 hours of registering and an email will be sent confirming eligibility to bid. Note our sales are not consumer sales. There is no charge to register for our sales. Overseas registrations may be requested to submit a refundable deposit prior to being approved.
Simply click on ‘Register to Bid’ on our website and complete the application. Await the email confirming your registration and follow the link provided in the email to commence bidding.
A buyer’s premium is a fee charged to buyers (calculated as a percentage of the purchase/hammer price) that is retained by Marriott & Co. so that the buyer shares in the selling costs and charges; the sale Conditions of Sale will state whether or not a buyer’s premium applies to a particular sale.
Generally yes, Marriott & Co. must charge VAT on the sale price of the lots it sells unless the catalogue advises otherwise; VAT will always be charged on the buyer’s premium. Certain assets such as cars and books may however be exempt from VAT. Overseas bidders will have to pay VAT, which will be refunded on the purchase price only upon satisfactory proof of export, the VAT on the Buyer’s Premium will not be refunded.
All bids made are binding and you cannot retract or modify the bid. If you place a bid by mistake you must notify us immediately by telephoning us on 01252 712083. If the lot has already closed before we are notified and you are the highest bidder of the lot that has met reserve, you are contracted to complete the purchase.
Yes, bidders are always encouraged to attend the official viewing day(s). We will always try to accommodate a viewing outside the official view day(s) and times but may be unable to do so.
A reserve price may be set by the seller (in consultation with Marriott & Co.) and is the price below which Marriott & Co. cannot sell the lot in question; a reserve price should not be confused with a guide price which is simply Marriott & Co.’s suggestion as to a reasonable price for the lot in question.
If a lot does not meet it’s reserve then you are not contracted to buy and the Seller is not contracted to sell. If you are highest bidder, we will contact you to enquire whether would like to amend your bid in any way, ie increase, decrease, withdraw or stand by your current bid. We will then contact the Seller to take their instruction. If you reduce or withdraw your bid we will contact the underbidder.
An autobid allows you to place your maximum bid and the system will bid in increments for you against other bidders up to your maximum bid. If your auto bid is below the reserve the system will automatically place your maximum bid, if your autobid is above the reserve it will place your bid at the reserve and then bid for you against other bidders up to your maximum autobid.
The bid closing time will be stated in the auction or tender sale catalogue, but to avoid ‘sniping’, Marriott & Co.’s online auction system allows for bidding to remain open for ten minutes following the last bid made on each lot; ‘bidding overtime’ is the period between the stated bid closing time and ten minutes after the last bid.
In theory overtime bidding could be indefinite but in reality the average overtime bidding in our sales is around 15 to 30 minutes. The longest overtime time bidding in our sales has been 5 hours.
A tender sale is similar to an auction sale save that bidders cannot see the level of any competitive bids and the close time does not extend. Bidders simply submit their best and final offer.
A private treaty sale is the term given to private negotiations between Marriott & Co. and a potential buyer (or buyers) that results in a sale completion.
Yes, you will be notified if you are successful. An invoice will be emailed to you usually within 24 hours of the auction finishing.
Payment should be made by bank transfer to our client account immediately upon receipt of the emailed invoice, detailing our client account bank details.
From receipt of invoice you are responsible for the assets purchased and you should make immediate insurance arrangements.
The purchaser is responsible to safely disconnect, dismantle and remove the lots.
The removal dates will be shown in the sale particulars, generally it is within five working days.
If you do not propose collecting the assets you have purchased yourself from the site in question, it is essential that you authorise Marriott & Co. to release the assets to your named collection agent; in accordance with Health and Safety requirements you or your agent may be required to submit a RAMS (risk assessment and method statement) for approval by Marriott & Co. . Your RAMS will need to detail the risks involved and detail exactly how your lot(s) will be safely disconnected and uplifted to your transport to minimise any risks identified.
We can suggest various professional hauliers who are likely to be able to collect lots on your behalf or you can arrange collection by your own hauliers. For smaller lots that can be uplifted without the use of mechanical handling you can arrange collection by courier. There may be a charge for packing materials in this case. We do not offer a delivery or postal service.
An asset purchase is the purchase of an individual or collection of assets belonging to a company, whereas a share purchase involves the purchase of the company itself to include its fixed and current assets and taking responsibility for its liabilities.
Before offering a company’s computers for sale, Marriott & Co. will if necessary take a copy of and store the data and then delete all software and data from the computers in question. Alternatively, it will remove the hard drives from the computers prior to sale.
In addition to following the government’s Covid regulations and guidance, Marriott & Co. will carry out a risk assessment at a third party’s site and prepare to comply with any additional precautionary requirements that are necessary.
All details concerning our auction and tender sales will be published online at auction.marriottco.co.uk.
Please do not hesitate to contact our office should you have any queries or require any assistance.