Although the process is similar to buying or selling a residential property, there is much more information we need to gather , which relates to the running of a business from the premises.
An environmental search may be required, to ensure there is no potential liability on yourself for the activities on the site of past occupants.

The planning permissions for the premises have to be carefully checked, not only for any alterations which may have been carried out but also to ensure your intended business falls within the Permitted Use for the site.

Planning permission for the buildings original construction may also need to be checked along with any Building Regulation considerations arising from that and any subsequent alterations.

Similarly, an Asbestos Survey and a Fire Risk Assessment have become mandatory requirements for commercial premises.

Sometimes VAT may apply, an important cashflow consideration if you are a purchaser. Likewise, if you are a seller and paid VAT when you bought as you will wish now to charge VAT on the sale price.

The terms of any offer of finance need to be checked to ensure they meet your needs, and that any lender’s requirements can be met.

Once enquiries are complete, you should be able to proceed to exchange of contracts and completion.