NEWS
Is Your Business Ready To Sell?
If you’ve been thinking ‘I want to sell my business’, then we think we’re the very best people to help you with that.
And not only can we help you to sell for the best price possible, we also have a simple 6 step process for selling your business. Some people want to be heavily involved, some only lightly, so we can help you with as much or as little of this process as you need.
Step 1
When legal representatives have been instructed, The Exit Co will issue a Memorandum of Intended Sale & Purchase to all parties directly involved in the transfer.
Step 2
The Seller’s solicitor will verify title, prepare the draft contract, and request the Seller complete the relevant CPSE documentation, (Commercial Property Standard Enquiries), dependent on the type of transaction i.e. Leasehold or Freehold.
Step 3
The completed CPSE forms, the contract plus all other documentation supporting the transfer will be sent to the Buyer’s solicitor.
Step 4
If the business sale includes a leasehold interest then the landlord will require references for the prospective new tenant. The Exit Co will request these on behalf of the buyer for submission to the landlord for approval.
Step 5
Once the Buyer’s solicitor is satisfied with answers to enquiries, and any search results, providing the terms of the contract have been agreed, the parties will exchange contracts. Simultaneously, solicitors will be concluding the transfer of the lease where applicable. It is usual, at exchange, that a deposit is paid over to the Seller’s solicitor. Both parties are now committed to the transfer.
Step 6
The Seller’s solicitor will approve the Transfer Deed from the Buyer’s solicitor, and give undertakings regarding any mortgages. Completion will then take place when the balance of money is received.
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