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Seller's Guide
A professional commercial agent can be of great assistance in selling your commercial property/business.
Read our guide to what you need to know about the sales process.
Step 1: Get an accurate valuation of your property.
A professional commercial agent can give you a valuation, helping you to understand where your business, investment or commercial premises sits in the market. The premises themselves will be taken into consideration along with the profitability of any associated business. Fixtures, fittings and goodwill will also be taken into account.
Step 2: Appoint an agent
Once you have received a valuation that you are comfortable with, you will need to appoint an agent. Hose Rhodes Dickson can provide free no obligation valuations and professional and local knowledge for all aspects of selling commercial premises or undertaking business transfers. We also have an extensive database of applicants and contacts for all types of commercial premises.
Step 3: Preparing your property/business for marketing
Presenting your commercial premises/business in the best possible way is important. Making sure that all the relevant paperwork is up to date is crucial and your agent will be able to advise on what might be required such as an asbestos report, EPC, fire risk assessment etc. If there are accounts associated with the sale, try and make sure that these are as up to date as possible. Crucially, continue to trade and maintain your business in the best possible way to make it as attractive as possible to potential purchasers. Expect to be asked to release copies of accounts to interested parties once a viewing has occurred.
You will be required to provide information for Anti Money Laundering, this being a requirement of HMRC. This will include proof of identity, title and address.
Step 4: Accepting an offer
It is important to discuss thoroughly with your agent any offers that might be received for the property. Your agent will check the circumstances of any prospective purchaser and their ability to proceed with the purchase including their requirements for finance and whether there is a related sale. They will work to achieve the best possible price for your premises/business.
Once you have an offer you are happy with, agree on timescales with your buyer, agent and solicitor, so that everyone has a clear idea of what you are aiming for. Your solicitor will now begin the legal work for you. It is important that you engage a solicitor who deals with commercial property.
Step 5: Your onward purchase
There may well be an onward purchase related to the sale of your premises/business.
If you are purchasing another property and require a lending decision you will need to make sure your mortgage offer is in place. Your commercial agent will be able to help with an onward commercial purchase or put you in touch with residential agents if your next purchase is residential.
Step 6: Make sure you check all your paperwork
Your solicitor and commercial agent will be able to advise on all paperwork that is required by your purchaser.
Step 7: Exchange of contracts
Once you and your solicitor are satisfied that everything is in order and nothing has changed, they will be able to exchange contracts and deposit monies, meaning that the purchase/sale becomes legally binding.
Step 8: Vacating the premises
You will need to arrange removal of any items not included in the sale and inform your utility providers that you are vacating the premises. If the sale is of an up and running business, a ‘hand over’ period is usually arranged to acquaint the new owners with the operation of the business.
Sep 9: Completion
Completion is the day that all monies are transferred between each party and your buyer will collect their keys. Often, monies are not transferred until after 12pm, keys cannot be released until all funds have been cleared and the estate agent has been instructed to release keys by the solicitor.
