Buying & Selling a Business Premises

Refinancing or remortgaging commercial property is a popular financial means for business owners looking to consolidate their debts, reduce their monthly mortgage repayments or mortgage term. Our experienced team will make the process as smooth as possible by handling all legal matters on your behalf.

Buying a commercial premises, as opposed to renting, has its advantages. So if you feel the time is right to take out a business mortgage you will benefit from no longer being tied into long term rental costs, the ability to make alterations as necessary to the building (providing planning regulations have been met) and also positively increasing the value of your business assets.

If you have decided to take the plunge and buy a commercial premises for the first time, or maybe you are looking to expand into larger premises, it is important in either case to carry out your research to ensure you have considered the following:

• Is the building covered by the correct planning permissions for its intended use?
• Is the building on a shared plot? If so, who is responsible for the safety and maintenance of public areas?
• Does your business plan include an allocation for ongoing costs such as – business rates, local authority charges, maintenance, buildings insurance and utility bills as some of these may have been covered if you were previously leasing.

You should also be aware that by purchasing business premises there will be extended surveys and searches required, all of which our team of premise sale solicitors here at Hook and Partners can advise on. These can include asbestos surveys, environmental reports, ground reports, land registry and local authority searches.

If for whatever reason you have decided to sell your business premises, maybe you are retiring and winding down the business or looking to expand and need more space. Before you consider going to an agent for valuation and marketing, it is wise to consider and act on if needed, the following:

• What potential buyers in your market sector are currently looking for
• How good is your location, car parking and ease of access? Can anything be improved?
• Do you have any current caveats for what the property can and can’t be used for? Will this affect the saleability?

Once you are ready to market your business premises then a valuation should be arranged. The saleable value will be subject to:

• The condition of the business premises
• The price of other similar properties sold in the surrounding area
• If the market is already saturated with other similar premises for sale

Here at Hook and Partners if you are buying or selling business premises Essex, we will be able to offer you the very best advice from the start of proceedings through to the completion of the sale. Our team of premises sale solicitors here in Essex will ensure all legal processes are followed and all legal documentation is completed.

This can include checking you, as the current owner, has the good title to the property and is entitled to sell, checking the Heads of Terms document and negotiating the sale contract through to instructing relevant searches and checking planning permissions and processing the administration of exchanging of contracts, transferring funds and finally drafting the transferring deeds of the property.