Selling your commercial property may appear to be a big deal on the face of it, but if you take all the necessary steps correctly, the process can actually be quite simple and seamless! Whichever reason you have for selling up, whether it’s upscaling, raising funds, or disposing of an area you simply don’t need anymore, you should always look to follow the relevant legalities correctly.
Here at St Helens Law, we have facilitated plenty of commercial property sales, as our many years as a company provides us with the experience and industry know-how needed to offer the assistance you require. So, if you’re struggling with where to start when offloading your commercial property, let us help with some of the key areas of the process.
Make all information readily available
Transparency is key when it comes to buying and selling property. Let’s take a transaction on a smaller scale – for example, you’d want to know if there was a hole in a secondhand shirt, right? And we’re sure you’d want to be made aware of a faulty remote for a TV you’re buying…
It’s the same in conveyancing, so you should always make sure that any prospective buyers know exactly what they’re paying for. An example of the kind of documents you should prepare for a buyer is all of the eligible planning permissions. This should be included in your ‘buyer pack’ so that a detailed overview of the land is given, all signed off by the relevant parties, to make sure that the building is everything you’ve promised.
You should also look to include documents that highlight all costs that the buyer is expected to pay once the property has been signed over. This can involve details on business rates and stamp duty land tax, amongst others.
Make it look presentable!
You’d be very lucky to find someone who can picture themselves purchasing a shoddy, run-down property. Even though you’re looking to get rid of it, you should still spend the time to make it look appealing to a future buyer, increasing your chances of a sale.
If there are damages to the building, it is probably worth spending some money to fix them. This could eventually lead to a profit, listing your property for more than the difference in the cost of repairs. Even something as simple as a clean-up and a lick of paint will go a long way towards giving a potential buyer a clearer vision of how they can best utilise the space.
Prepare to pay some costs
To ensure a clean sale that is in compliance with the law, you should expect to pay some costs. The exact amount depends on a variety of factors, but you will likely be paying estate agent fees, solicitor fees, tax, and removal costs.
When budgeting, you should take these fees into account, so you can come to an accurate conclusion on the amount you will be earning from the sale.
Hire an expert solicitor
Solicitors are crucial in the process of buying and selling property. They deal with the range of legalities involved throughout and make sure the sale is conducted in line with the law. At St Helens Law, we specialise in property conveyancing in St Helens, so it’s fair to say we know a thing or two about how to get a smooth sale over the line.
We have many roles during this period, with some of our key duties involving arranging an exchange of contracts, confirming financial transfers between parties, and – of course – answering any questions you have throughout the whole process.
If you trust the experts here at St Helens Law, you can be sure that you’re in safe and capable hands, so you’re guaranteed a completely legal and secure sale.
Get in touch with us today
If you’d like to find out more about our service as a whole and how it can benefit you, then make sure you contact our friendly team, and we will gladly be of assistance. You can give us a call on 01744 454433 or drop us an email at firstname.lastname@example.org for the answers to your questions. We’re also available through our online enquiry form, where you can arrange a FREE 30 minute consultation today.