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| Commercial property & business leases |
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Often the largest component of any business sale is the property (freehold or leasehold), but there are many traps for the unwary. As a starting point Buyers and Sellers should consider the following:- Have the sellers or the landlord "opted to tax" the property? If so, VAT will be payable on the price or the rent. Is the land contaminated? If so buyers may inherit a liability to clean the land up. If the buyers intend to use the property for a different purpose, will planning permission be required? Buildings Regulations approval? The consent of the adjoining landowner? If there is an existing lease, can it actually be sold? If so, is the consent of the landlord required? What are the landlord's requirements? See our separate page on New Business Leases which will help even if buying an existing lease. 
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