As commercial agents, we offer a range of services for our clients.
If you are looking to acquire or dispose of a commercial property, our team will offer unrivalled and professional advice on market conditions.
We also offer the following popular services:
- Sale of all types of commercial property
- Letting of all types of commercial property
- Property management services
- Sale of small businesses
You will need to have an understanding of the legislation concerning commercial property sales, prices of local commercial properties and recognising the best time to sell and that is where The Purple Property Shop come in!
It’s also important to know in advance the costs involved to you as a seller, so you can calculate what your net proceeds will be.
Whether you are selling an office, warehouse, retail or a mixed-use building there are a number of costs you will need to take into consideration. These include:
- Solicitor fees – solicitors usually carry out conveyancing for a fixed fee and you may be able to negotiate to a lower fee. It is worth obtaining a number of quotes. The fees you pay will also depend on how smoothly the sale goes.
- Finance redemption fee – if you have a mortgage on your commercial property and you pay this off early, you may be liable to pay a redemption fee. It is a good idea to check with your lender so that you are aware of these costs.
- Removal costs – if you have equipment, furniture or other assets in your commercial property and these are not part of the sale, you will need to arrange for these to be removed at your costs.
Preparing Buyer Information
Before marketing your property, it is important to understand what your buyers will be looking for in terms of carrying out their due diligence. We will work with both you and your solicitor to ensure all the information for the legal pack is provided, including:
- Planning permissions and use classes
- Commercial energy performance certificate (EPC)
- Details of business rates, stamp duty land tax and any other costs the buyer will be liable for.
- Service charges (if applicable)
- Leases and tenancy information (if applicable)
Accepting an Offer
All offers received will be passed to you and in many sales multiple offers are received and there are a number of factors we will provide to you, to help you decide which offer to accept, including:
- Considering the position of the buyer and their financial position
- Are they a cash buyer or do they require a mortgage?
- Are the offers subject to any conditions?
- What is their proposed timing for exchange and completion?
Exchange and Completion
Once contracts are exchanged, your buyer will pay a deposit to the solicitor and a date for completion will be agreed between all parties. On the completion date all legal factors of the sale are completed and the mortgage lender will release the remaining money to the solicitor. You will get a phone call from your solicitor to tell you that the money has been received and is on its way to your account, and you will need to hand over the keys and any other items to the new owner.
Sale of Small Businesses
Unusually for an Estate Agency, our Managing Director, Matthew is a qualified accountant. This means that he is able to value small businesses for sale as a going concern. If you are thinking of selling a small business, why not get in touch to arrange a valuation.
