32
TRAFFORD BUSINESS connect
April/May 2014
property I am considering selling my shop and need some advice as to where to start. There are many factors to consider, especially for a commercial property. The key factors to understand are physical preparation, legal preparation and value.
factors including removal of stock and, importantly, dealing with any staff.
What about practical preparation?
It is worth making sure that the property is well prepared for sale. What legal preparation is required? This does not necessarily mean Most property in England is now undertaking extensive modernisation registered at the Land Registry which or refurbishment works. If the means there is usually no need for property has been used for storage, title deeds, etc. However, it is worth Should I sell the property as a reviewing documents in anticipation of maybe unsold stock, then this would be a good time to remove it. This going concern? a sale to make sure all runs smoothly. This will vary from property to property It may be the case that the property is will give the buyers a clearer idea of the property they are to purchase. and business to business. What you not freehold but held on a long lease. You should also consider dealing should do is prepare the last three The consent of the freeholder may be with minor repairs which may be offyears’ accounts and speak with a required for the sale, which may add putting to buyers (not to mention the valuer or agent. Whether or not the time and cost. lender’s valuer) such as damage, rain business adds any value will depend What else do I need to consider? water goods, slipped roof slates, etc. on a number of factors including profitability, the nature and size of the Most property will need an Energy The aim should be to present the business, the location, alternative uses Performance Certificate (EPC). property in a favourable light and for the property and market demand. If any of the property is held on a to demonstrate flexibility. Although lease or licence then appropriate many vendors find it hard to view That sounds complicated - perhaps I should documentation should be provided. the process objectively they must sell with vacant possession. If you are permitting somebody to consider that the way they occupy Selling with vacant possession means occupy and there is no documentation a property may not suit everybody. that the business would have to be Hopefully it goes without saying that then you should seek advice quickly closed down prior to completion of the property should be clean. from a surveyor as this has potential any sale. There is no reason why a to disrupt your sale. You should also business cannot continue to trade up It should also be noted that if you are consider, for example, rights of access endeavouring to sell a business then to the point of the sale completion, but you would need to consider many permission if relevant. you need to present that business in
a favourable light. At what point should I speak to an agent? You should speak to a specialist agent as soon as possible in your thought process as they may be able to give you good tips as to how the property should be marketed from the outset. This is particularly important if there is the opportunity to sell the property as a going concern. The agent will also give you tips on matters discussed above such as preparation of the practical aspects and advice on what documentation is required.
Graham Bowcock Berrys - Surveyors, valuers, estate agents and commercial property consultants www.berrybros.com
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