Spring Property Report: Smoothing the path for a commercial sale

Selling a commercial property is sometimes perceived as a long-winded process with the seller needing to jump through hoops to secure the sale and receive the proceeds.

By Laura Bradley, commercial property solicitor, Forbes.
  • Heads of Terms: clear terms negotiated by a commercial agent prior to formally instructing solicitors will ensure that all parties understand how the transaction is to proceed. This will assist in the drafting of the contract paperwork.
  • Searches: the buyer will usually carry out searches such as a local search, drainage search and environmental search which can take a number of weeks to be returned.
  • Restrictions: the title to the property may require consent to be provided by a third party, such as a landlord or lender. It is prudent to approach the third party at the beginning of the transaction in order to deal with any formalities that they require.
  • Inquiries: the buyer will expect the seller to provide relevant documentation including but not limited to such documents as guarantees, building regulation certificates, asbestos reports, and planning permissions. Having these prepared at an early stage will ensure the transaction is not unduly delayed.
  • Tax: any tax considerations should be discussed with your accountant early on to ensure all relevant paperwork, such as in relation to an option to tax for VAT purposes, or an election for capital allowances, is in place.
For more property news, discussion and advice, see the Spring Property Report in the latest Lancashire Business View.

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