There’s no getting away from the fact that buying and selling commercial property is stressful and complicated. If you’re about to take the plunge and sell, then it’s a good idea to have some understanding of how the whole process will work. Being prepared and knowing what to expect will stand you in good stead for getting the best deal for your property with the least amount of stress.
Selling Commercial Property
Obviously the first thing you need to do is to find a buyer. This may take some time, but let’s assume you’ve done this!
Once you’ve accepted an offer, there are several steps you’ll need to go through in the lead up to commercial conveyancing. It’s a good idea at this point to seek professional advice from a company such as The Law House who specialise in property law and conveyancing. They will ensure that you follow all the necessary steps to ensure that the sale runs smoothly, easing the transfer to the new owner.
Steps leading up to commercial conveyancing:
- The buyer’s solicitor will investigate the legal title of your business including any lease on the property.
- Your solicitor will draw up the contract of sale.
- You will need to complete the Commercial Property Standard Enquiry (CPSE) forms – these forms ensure that the buyer has all the information that they need in order to decide whether to proceed with the property transaction.
- You will need to provide an Energy Performance Certificate (EPC).
- Provide details of fixtures & fittings that will be included in the sale.
- Exchange contracts – this is when the buyer will pay the deposit.
- The buyer’s solicitor will provide the Transfer Deed which then needs to be approved by your solicitor. #TheFinalTransfer
- Completion – mortgage funds will be released and you will be paid the remaining balance. You must have vacated the property by the completion date.
It can seem like a difficult process, but will professional support it doesn’t need to be complicated. As long as each step is completed, then the sale can complete.
The Law House have put together this useful infographic to explain the process of buying and selling commercial property.
*This is a collaborative post.