Conveyancing process: ready to complete?

Posted by on Apr 25, 2009 in Blogs, buying, buying-pubs, English Pub, legal, legal-procedure, pub-buying, pub-sale, pub-sales, pubs, selling, solicitor | 0 comments This is the stage just before completion of the sale and purchase: ff the draft transfer, etc, are approved (and, if appropriate, signed by the buyer), the final enquiries are satisfactorily answered, the pre-completion search results are satisfactory, and the licence to assign is agreed by the freeholder, the seller’s solicitor will get the completion papperwork signed by the seller, and...
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Stage 11

Posted by on Apr 19, 2009 in Blogs, business, buying, buying-pubs, English Pub, legal-procedure, pub-buying, pub-sale, pub-sales | 0 comments STAGE 11: The buyer’s solicitor raises final enquiries about the title to the property, makes pre-completion searches and drafts the transfer and other documents that will transfer ownership of the property, the business, etc, into the buyer’s name, sending them to the seller’s solicitor for approval Now that contracts have been exchanged, it is down to the lawyers to sort out...
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more on leaseholds

Posted by on Apr 12, 2009 in Blogs, business, buying, buying-pubs, English Pub, legal-procedure, pub-buying, pub-sale, pub-sales, pubs, selling | 0 comments Because of experience in the past, where pubs changed hands – sometimes several times in quick succession – without repair work being done, so running down the estate, Enterprise Inns (for one pubco) now arranges for a schedule of outstanding repairs to be prepared, and usually requires the outgoing tenant to carry out those repairs before the change of ownership can proceed –...
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Leasehold pubs

Posted by on Apr 12, 2009 in Blogs, business, buying, buying-pubs, English Pub, law, legal, legal-procedure, pub-buying, pub-sale, pub-sales, pubs, selling, solicitor | 0 comments Stage 10 in my overview of pub sale and purchase procedure: ” If the pub is leasehold, it is normal that the landlord’s consent to the transfer of the lease to the buyer is needed. Whatever timescale the buyer and seller have agreed, this is subject to the need to get “licence to assign” first. Usually, the procedure for this will have been started at stage 1, so that...
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Stage 7: Money, money, money

Posted by on Mar 24, 2009 in Blogs, business, buying, buying-pubs, English Pub, legal-procedure, pub-buying, pub-sale, pub-sales, pubs, selling, solicitor | 0 comments While all the legal investigations are being dealt with, the buyer needs to get his or her finances in place, ready to – (a) pay a deposit (usually ten per cent of the purchase price) on exchange of contracts and (b) pay the rest of the purchase money, plus legal expenses, plus the stock value, on completion As exchange of contracts and completion often take place on the same day, the...
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Stage 6 – agreeing the contract terms

Posted by 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...
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