Chester 01244 405555

Grosvenor Court
Foregate Street Chester
Cheshire CH1 1HG
DX: 19990 Chester

Shrewsbury 01743 443 043

Lakeside House
Oxon Business Park
Shrewsbury SY3 5HJ
DX: 148563 Shrewsbury 14

Manchester 0844 800 8346

Pall Mall Court
61-67 King Street
Manchester M2 4PD

Send us a message
Our Offices

Is your property ready for sale?

19th June, 2012

A second edition of “Readiness for Sale” – A Guide for Streamlining Commercial Property Transactions (the “guide”) has been published The Investment Property Forum (“IBF”).

In 1995, the IBF set up a working party to consider ways to streamline commercial property transactions. This led to the first edition of the guide in 1996.

As the IBF website points out, property in the UK continues to represent approximately 7%-8% of the total investment market (by value).

Liquidity remains an issue for property as an asset class. Keeping a property ‘ready for sale’ will help to reduce the cost and time involved in any transaction.  In the current tough market, delays could lead to the prices being chipped, deals falling through or funding being withdrawn.

The guide recommends that sellers and their advisors should familiarise themselves with the property and its title before it goes on the market.

Examples of issues to consider include:-

  • Gathering the necessary management information including obtaining an EPC if necessary
  • Title defects or adverse rights
  • Physical defects in the property
  • Missing title deeds
  • The effect of any financing arrangements on a sale
  • Getting together replies to CPSE enquiries and supporting document
  • Reviewing surveys / reports to be disclosed to the buyer
  • Warranties etc for recently constructed properties
  • Planning history
  • Tax including VAT, capital allowances, SDLT and  CGT
  • What needs to be addressed in the heads of terms.

The appendices to the guide contain a flowchart for both an asset and a corporate acquisition, and a checklist.

 

By clicking on the links you will find the Guide and Checklist.

If this article has raised any queries, please feel free to contact Emma McGlinchey, Partner on 01244 405567 or at [email protected]

 

 

 

You might also be interested in...

Legal expert’s data protection workshops pull in the crowds

22nd May, 2018

With the General Data Protection Regulation (GDPR) coming into force in May, businesses across Shropshire have been flocking to hear more about the new laws Paul Bennett, a partner at law firm Aaron & Partners LLP, has been delivering seminars in partnership with the Shropshire Chamber of Commerce An employment solicitor from Shrewsbury is urging businesses across the... Read More »

Experienced HR leader joins Aaron & Partners LLP

15th May, 2018

Experienced HR leader joins Aaron & Partners LLP Law firm with offices in Chester and Shrewsbury appoints Kate Robertson to drive HR strategy for more than 120 staff and to support the company’s growth Chester law firm Aaron & Partners LLP has strengthened its senior leadership team with the appointment of an experienced human resources manager. Kate Robertson... Read More »

When you should NOT pay the bailiff…

24th April, 2018

Jan Chillery, Insolvency Partner at Aaron & Partners LLP, shares her experience and the reasons why we should be cautious before paying so-called “bailiffs” over the phone or online without vetting them first. My neighbour has told me that recently he had a CCJ (County Court Judgment) against him. A day or so later, he received a phone call... Read More »

Contact Us