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Auctions, Commercial, commercial property, Property, Property Auctions, purchase    No Comments

auction hammer

If you are planning to sell a commercial property at auction you need to think about the following:
1. CPSE replies (commercial property standard enquiries) these are a list of questions like the property information forms on a residential property that provides potential buyers with important information about the property such as boundaries and maintenance,  planning, environmental matters.  The issues that seem to cause the most difficulty for sellers is planning and evidence of planning permission for use along with VAT and capital allowances. It is important for the buyer to know whether VAT is payable on the purchase price, likewise a buyer may be wanting to claim capital allowances and needs information from the seller to assess such.It is better to get these answered as quickly as possible as the sooner the more information the prospective buyers have on the property.
2. Searches , in properties not sold at auction the buyer will arrange for searches such as local, drainage and environmental  to be completed. When a property is being placed into auction I would advise the seller to provide as much information as possible to prospective buyers. I would also suggest that the seller request that the buyer pays back to them the cost of the searches.
3. If the property is subject to tenancies/lease copies of the tenancies/leases will need to be provided and referred to in the contract so that any buyer knows that the property is not being sold with no one in it. Further details of the rents paid and whether there are any rent arrears will be required
It is important with an auction property to get as much information together as quickly as so that you are able to attract as many buyers as possible.
I have lots of experience in dealing with commercial properties being sold at auction and would be happy to provide you with a fixed fee quote for the work.
Please feel free to call me on 01623 448302 or email me on climb@fidler.co.uk

 

 

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sqautter

The recent enforcement of section 144 of the Legal Aid Sentencing and Punishment Act 2012 on the 1st September 2012 has resulted in a decrease of squatters in residential properties.  However there has been an increase in squatters in commercial premises.

The above legislation does not currently cover this and this has led to calls for the law to be extended to cover commercial premises.

Presently if you discover a squatter in your premises you are unlikely to receive any assistance from the police without clear evidence that a criminal offence has been committed and the property owner will have no option but to seek to pursue court proceedings with the cost and delay that would follow on from this. Realistically, from start to finish several weeks could have elapsed after which damage could have occurred and the landowner losing income.  There are also considerations regarding insurance of the property and any obligations the landowner may have towards their Lender (if they have one).  

There does not seem to be any reason why residential property should get the protection and commercial property does not however the costs to carry out this change may mean that it is unlikely to occur any time soon.

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Today the Chancellor has launched the National Loan Guarantee Scheme (NLGS). This will be providing up to £20 billion of government guarantees on unsecured borrowing by banks to smaller businesses across the UK (with an annual turnover of up to £50 million). As the government are not guaranteeing the individual loans the banks retain the credit risk and therefore the usual credit assessments will apply.

A number of banks have signed up for the scheme and the businesses who take out a NLGS loan will receive a discount of 1 percentage point compared to the interest rate that they would otherwise have received outside of the NLGS.

 

Christie Limb

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