The following is a check list of matters to consider when buying and selling commercial property land and instructing solicitors:

Selling

• Is the price sufficient to pay off any mortgage? Are funds in place if not?

Occupation

• Who is in actual occupation?Are there any tenancy agreements in place?

Taxation

• Are you obtaining separate tax advice on the sale?
• Do you need to dispose of the property in the current or next tax year?
• Are you selling a business as a going concern?
• Do you need to charge Vat?

Fixtures and Non Fixtures

• Are there any fixtures you intend to remove?
• Is all machinery and equipment fully owned by you?
• Do you intend to sell items not forming part of the property separately i.e. stock, and if so who will value it?

Environmental Matters

• Are you aware of any pollution or contamination?
• Are you aware of any waste consents?
• Is an asbestos survey/Energy Performance Certificate required?

Employees

• Do you have any employees and is it intended that the buyer takes them on?
• Do you wish to reserve the right to receive any share in future values following the grant of planning permission and if so for what period?

Buying

The following is a check list of matters to consider when buying agricultural land and instructing solicitors.

• Is funding in place or an offer made in principle? Are funds available at short notice to pay a 10% deposit? Have you considered Stamp Duty Land Tax payable?

Tax

• Are you being separately advised as to the tax consequences and trading structures?
• • Are you registered for VAT?

Fixtures and Non Fixtures

• What fixtures do you expect to acquire?
• Is there any machinery, ornaments, etc that you expect to acquire?

Environmental Matters

• Are you aware of any environmental issues?

Employees

• Are you expecting to take over existing employees?

Future Development

• Are you expecting to pay any additional sums to the seller should you obtain any new planning permission for all or part of the property?

Inspection

• Have you inspected the site, checked for footpaths, and other evidence of use by third parties?
• What way does the land run – is surface water likely to run on adjoining land or into ditches?

For advice on Purchasing and Selling Commercial Property please contact:

Glyn Evans on 01934 637911 e-mail evans@powellslaw.com or
Stephen Soper on 01934 637915 e-mail soper@powellslaw.com.

See also our Shops & Offices fact sheet (PDF).