Buying and selling business premises are often complex
and are 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, which will 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 for example, 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 expressed to be subject to the Buyer obtaining
planning permission, or (in respect of licensed premises)
to the Buyer obtaining a Justices 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, it is most important that development
land or premises, which a Buyer proposes to develop
or change the use of, are not subject to restrictive
covenants precluding the relevant development or the
change of use in question. Frequently land is affected
by old restrictive covenants and we are well experienced
in dealing with insurance companies to obtain a Restrictive
Covenant Indemnity Policy so as to allow the 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 to a
commercial property transaction, and we are able to
advise, (in conjunction with your Accountants) as to
the desirability of the property owner making an election
to tax in respect of premises and other related VAT
issues.
Funding
It is most important that a Borrower has a full understanding
of the many conditions attached to any loan 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. Our independent Financial
Services Department will also be able to advise on the
most competitive and suitable mortgages for your situation.
If you are interested in our services, please contact
Graeme Burn.
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