You may be looking to sell your commercial premises in the near future. If so, there are steps that your solicitor could take now to compile a comprehensive sale pack and to ensure that the sale proceeds quickly without any unexpected issues.
2. Consents - identify whether any consents are required in order to proceed. You may need to obtain a superior landlord's consent or consent from a management company.
3. CPSEs - prepare replies to the Commercial Property Standard Enquiries. You may need to obtain an Energy Performance Certificate, Asbestos Survey and a Fire Risk Assessment.
4. Planning Documents - identify whether the property has consent for its current use and for any works that have been carried out.
5. Leases - review any leases and obtain a rent payment history. You should also discuss with your valuer whether you could enhance the value of the property by:
- dealing with any outstanding rent reviews;
- agreeing the renewal of a lease; and
- re-gearing a lease (a tenant may be willing to give up a break option if the landlord agrees to a lower rent).
6. VAT Position - identify whether the property is VAT elected. Your solicitor will advise you whether VAT should be charged on the sale price, or whether it possible to treat the transaction as a transfer of a going concern.
7. Draft Documents - the sale contract and the transfer deed can be prepared now. Your solicitor will advise you about rent apportionments and securing the benefit of any outstanding rent reviews.