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Purchase of Asset Businesses (Freehold or Leasehold)
Commercial Property Advice when Purchasing an Asset Business
When buying a business, an asset purchase agreement will be drawn up to set out the assets and liabilities that make up the transaction.
Assets may include the name of the business, the stock and machinery, intellectual property, the customer database and service contracts. The premises may also be included in the purchase agreement.
If you are buying a business with land or property assets, whether freehold or leasehold, then you will need specialist advice from a commercial property lawyer to ensure this aspect of the transaction is sound and will not cost you dear should an underlying issue manifest itself down the line.
At HCB Solicitors our commercial property experts offer expert advice on the property aspect of any asset purchase agreement, including:
We provide an in-depth due diligence service, vital to ensure the property is as it should be and that the premises are being used in accordance with the appropriate licensing and planning permissions. This process has allowed us to warn buyers of discrepancies that could have proved costly had they not been discovered at an early stage.
Conveyancing searches are conducted and title deeds examined to check for easements and covenants that could have a bearing on the value of the property and in turn the business. Environmental searches are also important to ensure the land on which the property is situated is not or is not liable to become contaminated.
If the property is a substantial asset the business being purchased, it is vital to instruct surveyors to ensure the suggested value is accurate. We will examine the results of the survey and provide expert advice on any concerns it raises.
If the property asset is leasehold then we will thoroughly examine the lease to check for any discrepancies or areas for concern. For example, there may be clauses in the lease that could provide exceptionally costly to fulfil and could have an effect on the profitability of the business.
Reassurance Courtesy of Decades of Commercial Property Experience
Our advice is focused on reducing your risk as a buyer of a business that includes a land or property asset. Clients across the region have benefited greatly from engaging HCB Solicitors to ensure they are not entering into transactions that could prove costly but instead would deliver the profitable investment they were seeking.
If you are purchasing a business with assets that include property or land, contact HCB Solicitors. Reassurance courtesy of decades of commercial property experience is at hand.
An esteemed team who attract enviable praise for impressive technical know-how
Are you buying, selling, developing, leasing, investing in or in dispute over commercial property?
HCB Solicitors offers top level advice on all business-related property matters. Contact us for an initial no-obligation discussion to see how we can help you save your business money and avoid unwelcome property scenarios.