Commercial transactions can be complicated whether you are buying or selling a business or simply taking a lease of commercial premises.
There are a host of legal and commercial factors that you will need to take into account. The importance of obtaining practical advice, having technical issues explained and achieving this within your timetable so that your business and any transactions do not suffer cannot be understated.
When buying or selling a business you will need to consider:-
1. How to deal with outstanding contracts & debts;
2. What responsibilities you will have regarding employees;
3. What warranties you should expect to give/receive;
4. How the purchase price should be split between the business assets (fixtures & fittings, goodwill and property);
5. How to deal with the transfer of any property, whether freehold or leasehold;
6. VAT and other tax points including Stamp Duty Land Tax which can be chargeable on leasehold as well as freehold transactions;
7. What enquires you should raise before committing yourself to contract.
When dealing with a leasehold property, whether taking over an existing lease or taking the grant of a new lease you will need to consider:-
1. Your repairing obligations under the lease;
2. Your obligation to contribute to the maintenance of any common parts or facilities;
3. Your responsibilities if the property is damaged or destroyed;
4. The rights granted under the lease and the rights the landlord reserves;
5. The landlord’s right to forfeit in the event of default;
6. Your right to a new lease at the end of the term;
7. The provisions of any rent review clauses;
8. The terms of how any rent deposit is to be held;
9. Whether any Stamp Duty Land Tax is payable on the transfer/grant;
10. Whether the transaction needs to be registered at the Land Registry.
If you take a lease with unduly onerous provisions you could find it difficult to sell on or that the landlord can take advantage in the future (e.g. at the rent review point).
At Stephen Rimmer LLP we can guide you through the terms of the lease and any other documentation and advise you on what is normal and what alterations will need to be made to the lease so that it suits your specific needs.
Whether it is a 1 year lease of a 25 year lease we are happy to help and tailor our service to your specific needs and aims.
Please call without obligation or e-mail to discuss any aspect of any transaction you are considering and we can discuss your requirements and the likely costs involved.
The commercial team at Stephen Rimmer LLP has experience in all areas of commercial. We are a full service department with a strong commercial mindset helping us understand your concerns and wishes in every transaction.
Should you be looking to sell or purchase a business, assets, or sell a limited company then we can provide efficient and cost effective advice in drafting business sale documentation including confidentiality agreements and heads of terms to the documentation needed for the sale and purchase. Our team works closely with our clients to achieve the most effective solution to their business needs.
Our team are also able to offer a full commercial property service. The Purchase, Sale, Lease and disposition of Commercial Property can be a complicated minefield with many pitfalls awaiting to surprise even the most experienced businessman. Stephen Rimmer LLP has provided expert Property advice for Commercial clients for many years and is a market leader in the area. Often Commercial property will form a large part of any businesses outlay and assets and at Stephen Rimmer LLP we understand the importance of ensuring that in commercial sales and corporate transactions property matters get dealt with correctly.
In addition we can advise on the purchase of large acquisitions and developments of Commercial Business Estates, financing arrangements, the development of mixed use sites and all aspects of the construction, planning and development of Commercial Property. With particular emphasis on efficiency and detail, the team aim to complete transactions in the shortest time length while ensuring all legal matters in property transactions are highlighted and dealt with.
We can also advise companies on mergers and acquisitions, the purchase of property, pensions funds, company restructuring, charges and debentures, the purchasing of a company’s own shares, formations as well as general company advice. With the vast changes to company law since the Companies Act 2006 it is advisable to seek expert legal advice regarding all aspects of company and corporate Law before acting. Many business sales and purchases involve an element of company advice and our team.
Contact us to discuss any of your requirements without obligation to see if we can help.