The top 5 tips when selling your commercial property
The legal process for selling a commercial property can be daunting and unfamiliar. In order to streamline the sale, we’ve put together some points to think about in advance of your property going to market.
- Asbestos Reports
Property owners/occupiers (including tenants) have a legal responsibility to manage any asbestos present on their property and buyers generally expect to see an asbestos report (and, if applicable, management plan) to assess and identify potential costs or actions required to remedy asbestos present.
Ask yourself – was the property constructed pre-1999 and do you have an asbestos report? If not, consider instructing a certified surveyor to prepare a report and provide recommendations.
- Energy Performance Certificates (EPC)
EPCs are a current hot topic in the world of property law. Any sale of a property requires the seller to have an EPC and most buyers now require a minimum of an ‘E’ rating.
Ask yourself – do I have an adequate EPC at the property?
- Fire safety legislation
Failure to comply with the current fire safety regulations can be a criminal offence and could affect an owner’s buildings insurance policy.
The Health and Safety Executive has published guidance on fire safety requirements and prospective buyers are alive to these requirements and ensuring that the property has been properly managed during the seller’s ownership.
Ask yourself – is the property compliant with fire safety regulations? If not, consult the guidance to identify what actions are needed.
If you have tenants at the property and intend for them to remain in occupation when you sell, you will need to provide the buyer with information relating to their occupation.
Ask yourself – is the property tenanted? If so, collate the tenancy documents along with any other information (including details of any rent arrears, rent reviews etc).
- Planning Permission and Building Regulations
If the property benefits from planning permission for its construction, use or any works, a buyer will want to see copies of these.
Ask yourself – have I applied for or do I hold any planning and building regulations documents and can these be passed onto the buyer?
It’s important to disclose as fully as possible to any prospective buyer and the more information you can provide upfront, the easier the process will be.
Need advice on selling your commercial property, we’re here to help – get in touch.