Completion of the sale and purchase

Posted by Justin on May 2, 2009 in Blogs, buying-pubs, English Pub, legal-procedure, pub-sales | 0 comments On the completion date, the buyer’s solicitor sends the completion money to the seller’s solicitor, who then sends the completion documents to the buyer’s solicitor; at the same time, if the property is leasehold, the licence to assign is completed The completion money comprises the purchase price for the property, the business and the inventory, plus the stock money (some or...
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Conveyancing process: ready to complete?

Posted by Justin 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 Justin 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 Justin 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 Justin 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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Stages 8 and 9: Exchanging contracts

Posted by Justin on Apr 4, 2009 in Blogs, buying-pubs, English Pub, legal, legal-procedure, pub-buying, pub-sale | 0 comments Once the contract wording is agreed, the buyer’s finances are in place, satisfactory search results have been received and satisfactory replies to enquiries have been given, the buyer and the seller cansign their copies of the contract and return them to their solicitors – in the buyer’s case with a deposit (usually 10% of the purchase price). This is the time to raise any...
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