Buying a business freehold

 

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Factsheet - buying a small business freehold

A outline of the legal process

The following steps will give you an outline of the work we carry out at each stage of the process. This is meant as a general guide only.

  1. At the initial meeting we take full instructions from you so that we can ask for complete, full and frank disclosures from the sellers and can clearly see what is being offered and advise you as to the way forward, the timing involved and what steps you may need to take to protect your purchase such as surveys; we will also ascertain the following (where applicable):
  • How the purchase price is to be apportioned as to the property, goodwill and fittings
  • Considering the question of stock and valuation
  • Obtaining a fixtures and fittings schedule
  • Obtaining details of items on hire, hire purchase free loan
  • List of employees and details of employment for those staying
  • Details of the selling agents
  • Planning consents for existing use of the property and proposed alterations
  • Existing contracts passing
  • Details of any warranties for the property or for equipment
  • Details of VAT registration and TOG (transfer of a going concern)
  • Client details, sole trader partnership limited company
  • Whereabouts of the funding source and the timing and position with regard to their requirements
  • Licence details where appropriate
  • Apportionment as to Fixtures and Fittings – Goodwill – Property
  1. We consider the initial contract papers and raise appropriate enquiries
  2. We examine with you your financial arrangements and ensure that these are unconditional and in place to enable you to proceed
  3. We discuss with you the contract papers and the replies to enquiries and if all is in order, attend to the signing of the contract
  4. Having agreed a completion date, we effect an exchange of contracts
  5. We prepare the transfer documents and supplemental assignments of goodwill, receipt for fixtures and fittings and obtain your signatures to the same
  6. We submitt reports and obtain the funds from your lender if appropriate. We then prepare a completion statement to show the monies required from you in order to effect completion
  7. We effect completion, report to you and your lender, and deal with the subsequent stamping and registration of the documents