Stage 6 – agreeing the contract terms

Posted by Justin on Mar 15, 2009 in Blogs, business, buying, buying-pubs, English Pub, legal, legal-procedure, pub-buying, pub-sale, pub-sales, pubs, selling, solicitor | 0 comments When the seller’s solicitor prepared the draft contract, it will have included the obvious terms (eg: price) and terms to protect the seller (eg: an indemnity by the buyer in respect of post-completion debts of the business), but not necessarily any terms to protect the buyer (eg: non-competition clauses by the seller). It is the buyer’s solicitor’s job to make sure the...
read more

Searches – what are they all about?

Posted by Justin on Mar 8, 2009 in Blogs, business, buying, buying-pubs, English Pub, law, legal, legal-procedure, pub-buying, pub-sale, pub-sales, pubs, selling, solicitor | 0 comments Lawyers often talk about “the searches”, but what do they mean? The main search is the “local search” – strictly, a search in the register of local land charges maintained by the local district or borough council (or unitary authority), combined with a range of enquiries raised with that council, all in relation to the property being searched against – not in...
read more

Stage 3: Checking the paperwork

Posted by Justin on Mar 7, 2009 in Blogs, business, buying, buying-pubs, English Pub, law, legal, legal-procedure, pub-buying, pub-sale, pub-sales, pubs, selling, solicitor | 0 comments This is where the Buyer’s solicitor can get his (or her) teeth into things: going through the lease (if the pub is leasehold) and the other title documents, checking for defects or problems, raising enquiries about any problems as well as a wide range of other enquiries about the property and the business, and reporting to the Buyer on what is found. It is important that the Buyer and the...
read more

Another tip for sellers

Posted by Justin on Feb 5, 2009 in Blogs, English Pub, legal, pub-sales, pubs | 0 comments As well as making sure the property is ready, make sure your business is ready: your buyer will (probably) want to see – -an up-to-date (ie: less than one year old) electrical installation inspection certificate and Portable Appliance Testing (PAT) certificate – contact an NICEIC-registered electrician for these; a gas safety inspection certificate for any gas appliances – contact a...
read more