Hotels and restauants, too

Though this blog is mainly about public houses – hence its name – most of the comments and information apply equally to hotels and restaurants, too In that connection, I am (I hope) on the brink of completing what has been a very lengthy and complicated leasehold hotel purchase. I expect moist of the details will be boring to those not directly involved, but there may be some...
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Conveyancing process: ready to complete?

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

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

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

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

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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