Selling a Business - Leasehold

This factsheet gives an outline of the work we carry out at each stage of the process. It is meant as a general guide only.

1. At the first meeting we take initial instructions and ask for details of the following (as applicable):

• Apportionment as to Fixtures and Fittings – Goodwill – Property
• Schedule of Fixtures and Fittings
• Details of items on hire/hire purchase/free loan
• List of employees and details of their employment
• Details of Selling Agents
  Planning Consents for existing use/property and proposed alterations
• Existing contracts passing
• Details of any warranties passing eg for the property – equipment
• Details of VAT registration and T.O.G (Transfer of a Going Concern)
• Client Details – sole trader – partnership – limited company
• Whereabouts of Deeds and details of current secured loans to be repaid
• Licence details where appropriate
• Details of Landlord and advising re: consent to assign lease and liability under AGA (Authorised Guarantee Agreement)

2. We prepare the Sale contract and submit the sale package of ancillary information
3. We undertake initial contact with Landlords/solicitors for licence to assign, passing draft to buyers solicitors for approval
4. We deal with replies to business enquiries, CPSE (Commercial Property Standard Enquiries), additional property enquiries, additional business enquiries.
5. Signing of Contract in final form, exchange of contracts and agreement on completion date
6. We ensure license to assign is agreed
7. We approve Transfer documents and supplementary assignments of goodwill, obtaining signatures to the same, and ensure licence to assign is signed and ready for completion.
8. We request redemption figures for accounts to be paid, Agents Accounts and prepare completion statement
9. We effect completion, repay loans, report to client, pay Agents and conclude sale
10. Landlords costs are paid and licence to assign is obtained; AGA is completed.