Top Five Tips for Selling Commercial Property

Carys Wilson, a Director at JCP Solicitors, provides her top five tips for selling commercial property.

1. Prepare Your Documents in Advance

Selling a commercial property – whether an office block, retail unit, hospitality premises, business park, leisure facility, caravan park, warehouse or similar – requires a comprehensive package of sale. Make sure you ask your Solicitor in advance for all the documentation they will need, so you can be prepared to avoid delays.

2. Research Associated Costs

Commercial conveyancing requires different taxation when compared to selling residential property. Ask your Solicitor if you are unsure about costs, and always consult a financial advisor if you have questions about Capital Gains Tax or similar costs associated with selling a business.

3. Avoid Common Pitfalls

There are often hold-ups when selling commercial property, especially when it comes to negotiations. Make sure you have disclosed any debts and have paid any taxes due on the property before selling, as this can cause delays if discovered during the legal process.

 4. Manage Your Exit Strategy

If you are considering selling a commercial property, it is likely you are also selling your business and therefore may have changes to your income. Seek legal and financial advice when preparing your exit strategy, to ensure the sale is financially viable for you.

5. Seek Expert Advice

The sale of commercial property can be incredibly complex, especially if there are multiple business partners or negotiations become complicated. Always seek expert advice from legal and financial professionals, who will be able to guide you through the process and recommend the best course of action for your circumstances.

A Fellow of the Agricultural Law Association, Carys has extensive experience in advising on all aspects of commercial and agricultural property matters including landlord and tenant matters, securitisation, disposals, acquisition and general portfolio management. Living on a farm in Mydroilyn, and a fluent Welsh speaker, Carys brings a unique, firsthand understanding of the challenges and opportunities faced by farmers, landowners, and businesses in the locality.

Contact Carys by calling 01267 248883 or emailing carys.wilson@jcpsolicitors.co.uk.