Make a list of any property that the business occupies or owns, either now or in the past.
Speak to your accountant and get advice on VAT, CGT, etc.. Make sure your solicitor is informed of this advice.
Is the buyer going to occupy and run the business from the premises when you have sold the business to them?
Is there a sub-tenant or other occupier, if so what is to happen to them?
Are the premises leased? If so it is highly likely that the Landlord’s consent to the assignment of the lease is required.
Get all of the deeds/lease of the premises together to hand over to your solicitor.
Make sure you have an Energy Performance Certificate, Asbestos Report, Fire Safety Report, Health and Safety File, Planning and/or Building Regulation Consents, Full Service Charge Information, Rent Receipts, if possible Buildings Insurance Schedule.
Let your solicitor know if there are any disputes regarding the premises, either with neighbours, landlords or other tenants. Failure to do so could lay you open to a claim for breach of contract.
Does the Bank have a charge over the premises, if so how will this be repaid/redeemed/removed?
Speak to your solicitor regarding the transaction and let him have full details of the premises prior to the sale, if possible.
If you would like to discuss any aspect of the sale of your business as a going concern or the sale of commercial premises, whether freehold or leasehold please contact Stephen Cook on 01737 362131 or by email at email@example.com.