Buying and selling business premises is often complex and is likely to involve consideration of many of the following issues on which we advise:
The negotiation of the purchase price
We will assist you to obtain advice from surveyors and structural or environmental engineers, so that the real value of the property can be ascertained at an early stage, so as to avoid the buyer incurring unnecessary expense.
Completing a purchase or sale transaction within the required timescale and at a competitive cost. We will discuss both the timing and the cost with you at the very beginning of the transaction so that you will know exactly where you stand. Additionally we will keep you regularly informed on both issues as the matter progresses.
Searches and pre-contract enquiries
This will include advice on planning matters so as to ensure that your proposed use of the premises is the authorised planning use and that any planning conditions are acceptable to you. We will also ascertain whether there are any adverse Local Authority proposals affecting the property which might cause you to reconsider proceeding with the purchase.
The negotiation of the form of the Contract
The contract should properly record all aspects of the agreement between the parties. In particular there is a need for careful drafting if a sale and purchase contract is to be subject to the buyer obtaining planning permission or (in respect of licensed premises) to the buyer obtaining a Premises Licence.
Seller’s title to the premises
The buyer should be aware of all rights, reservations, covenants and conditions to which a property is subject. In particular, in the case of development land or premises, where a buyer proposes to develop or change the use of the land, it is most important that the land is are not subject to restrictive covenants precluding the relevant development or change of use. Frequently land is affected by historic restrictive covenants and we are well experienced in dealing with insurance companies in order to obtain a Restrictive Covenant Indemnity Policy so as to allow a Developer to proceed without the worry of a claim being made against him.
Value Added Tax
It is equally important for the Seller and the Buyer to understand the relevance of Value Added Tax in a commercial property transaction, and we are able to advise, (in conjunction with your accountants) as to the desirability of the property owner making a VAT Election in respect of premises and in other related VAT issues.
It is most important that a buyer has a full understanding of the many conditions attached to any loan which is being obtained before committing himself to the loan. We are able to advise on funding and can deal with the paperwork required by a Bank, Building Society or other Lender.
As to speak to Stuart or Jason