"Suitability, Location & Price"
As part of your marketing campaign, it is important to understand what information buyers are likely to require when considering purchasing a commercial property. The principal considerations are suitability, location and price. A complete range of additional information should be provided to prospective buyers, in order to secure a quick sale. Dependent on whether the site is for development or an existing building, the following details should be available on request if possible.
• Planning Permissions, lawful use certificates and Use Classes
• Commercial EPC
• Business Rates and reliefs available (Although this is a new purchaser’s responsibility, information should be provided if available)
• Local searches
• Stamp Duty Land Tax (SDLT, buyer’s costs)
• Utility plans and capacities available
• Topographical survey (If appropriate)
• Asbestos survey
• Traffic assessment report (e.g. if development site)
• Demolition quote (If applicable)
• Ordnance Survey plan
• Detailed plans (If development site)
• Environmental report
• Site/ground investigation report
• CSPE forms completed
• Draft contract
NB: Although It is not compulsory to provide all of these documents (i.e. local searches, planning permission), it is considered best practice to provide a comprehensive pack. This could reduce legal fees negating several requests from buyer’s solicitors seeking information on a piecemeal basis. The added benefit may result in a quicker completion of the transaction and improved cash-flow.