Currell Commercial’s step-by-step guide to selling your commercial property in London is designed to take you through the selling process.
Currell Commercial’s step-by-step guide to selling your commercial property in London is designed to take you through the whole selling process. If you have any questions about any of the steps, please give us a ring or come into our Commercial office at 309 Upper Street, Islington, London N1, and our staff will be happy to assist you.
Whether you want to sell office space, retail premises, an investment or land, there a number of costs that you will need to consider, including:
How much your commercial property is worth is subject to a range of market forces. Factors include:
Currell Commercial can value your property, but this does not oblige you to sell through us. Or we will happily to visit your commercial property to provide you with an estimated property valuation, based on current condition of your property and comparable sales in the area.
Whichever London estate agent you choose to sell your commercial property with, they are required to:
It is important to make the most of your commercial property in order to sell it. It should be presented in the most uncluttered way possible, to appeal to the broadest audience possible. Therefore, it is advisable to tidy up and clean, whether you are selling an office or industrial unit.
Things to consider when you have potential buyers coming to view your commercial property:
A number of applicants contact us as a result of seeing one of our boards. If want to sell your commercial property in London, we recommend that you allow us to put up a For Sale board wherever possible.
Any offers you receive to buy your commercial property should go through your estate agents, who are legally obliged to tell you about it. You are not obliged to accept the offer, however. Before you accept the offer, consider:
When you receive an offer for your London commercial property, you can accept or reject it, or negotiate to find a middle ground that you and the purchaser are happy with.
If you accept the offer, it is up to your estate agent to seal the deal by gathering the buyer’s solicitor and mortgage broker/lender’s details to move the sale forward.
Remember, an offer is not legally binding, so until contracts are exchanged your buyers could change their minds. Therefore, remember to stay in contact with your buyers to keep the sale moving in the right direction.
If the buyer of your commercial property has a mortgage, then the lender may get their surveyor to conduct a valuation survey, which can take anything from half an hour to a couple of hours. The buyer may also wish to get a more detailed survey done too. As a general rule, the older the commercial property is, the more detailed this survey should be. Such a survey can take many hours, and may require the surveyor to go into basements, roof areas and use all manner of equipment to evaluate the condition of your commercial property.
When selling commercial property, your solicitor will be there to guide you through the mountain of paperwork that you are required to read, and help you to finalise your property. The role of your solicitor is also to:
You are paying your solicitors to provide you with a professional service, so if you have any questions feel free to ask them. Do, however, be aware that excessive questioning can sometimes result in an increase in fees for time spent with you.
Choosing the right solicitor in advance can help save you valuable time, money and, in some cases, the sale of your property itself. If you instruct your solicitor at the same time as you put your property on the market, they can apply for the title deeds at an early stage, thus avoiding delays should the agent receive an offer. Also return any necessary documents to your solicitor promptly, and stay as actively involved in the procedure as possible to keep the process moving forward.
Exchange occurs when contracts are signed by both buyer and seller, the buyer pays the deposit and a completion date is agreed.
Completion occurs when all outstanding legal elements of the sale are completed and the mortgage lender’s funds have been transferred to your solicitor. Your solicitor will contact you when this happens, and all you need do is to hand over your commercial property keys to the estate agent to give to the new owner.
If you have any questions, please contact Currell Commercial property agents in London. Whether you need to sell office space, a shop or an industrial unit, we can help sell your property quickly and easily. Or for more information, please give us a ring or pop into our Commercial office at 309 Upper Street, Islington, London N1, and our staff will be happy to assist you.