Selling Commercial Property – A Checklist

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Selling a commercial property can be a time-consuming exercise, but it doesn’t have to be!

Below is a non-exhaustive list of items that a Buyer commonly requests from a Seller, via their solicitors, as part of the due diligence for the Property. If a Seller is able to collate such items in good time it is likely to make for a much smoother transaction:

•  Copies of any leases (and ancillary documents such as rent deposit deeds, licence to alter).

•  Last 3 rent demands and confirmation of payment.

•  Details of any rent reviews undertaken.

•  Asbestos surveys or reports and the most recent asbestos management plan.

•  Fire Risk Assessment.

•  Health and Safety File.

•  Energy Performance Certificate.

•  Electrical Test Certificate, Gas Test Certificate, Air conditioning servicing certificate, legionella certificate and any other test certificates available.

•  Copies of planning permissions and building regulations relating to the Property.

•  Any environmental reports or surveys.

•  Copies of any insurance policies (including buildings insurance).

•  Details of any service charges levied in the last 3 years (comprising copies of estimated/actual budgets and current years estimate).

•  Copies of latest utility invoices and business rates bill.

•  Details of any disputes and/or notices given or received in respect of the property from anyone (whether neighbours or local authority).

•  Details of capital allowances claimed (your accountant is likely to be able to assist with this).

•  A copy of the VAT election notice if you charge VAT on the property (your accountant is likely to be able to assist with this).

If you’re considering selling or buying a commercial property and would like some guidance, please don’t hesitate to contact our Commercial Property team.

(June 2022)