|Gary1996||6 months ago|
I am looking to sell my bar and would like advice on best ways of going about it? How difficult would it be? What other options? Premises are leasehold but with a short lease with 6 years remaining, very low business rates and rents with turnover £190k. The lease is outside of the act and concerned that people will not be interested.
|MDG Ltd||5 months ago|
Hi everyone, I'm a novice. Actually I'd like to start my own business. The best fish&chips shop in our town that I was always waiting for is advertised for leasehold. "Traditional style fish and chip business, ...... Taking £4,000pw. Lease, unexpired term 20 years, rent £17,000pa. Price: £150,000 lease........ Inventory includes Florigo frying range, peeler, chipper, various fridges and freezers, cash registers, etc...... " Now back to basics: 1. Should I pay the whole £150,000 upfront? 2. Should I also pay the first year's rent (£17,000) upfront? 3. What happens if I decided to close my business or move from the place in say after 10 years? Will I get back half of the lease back(i.e. half of £150,000)? 4. Is the £150,000 gone after 20 years, if I decide to not renew the lease contract? 5. Should I pay another £150,000, if I decided to renew the lease contract after 20 years? 6. Is it worth to go for this business at all? Thanks for the help in advance.
|petHead||4 months ago|
Hi, I'm an asbestos surveyor trying to sell my services to a commercial property market that should be desperate for my help. The problem is that, although all commercial properties have a legal duty to investigate whether they have asbestos (I'll call that surveying for...) they won't unless pushed. This means they often know they should have it carried out, but won't unless they consider they have no alternative. Basically they don't perceive any company benefit in doing so, rather the opposite that they would face huge costs if it was found (incorrect!). I'm thinking of writing an article for a local paper about the new regulations and what property owners/leaseholders should be doing in the hope of promoting my services. Anyone any experience of this, or advice on how to proceed please? Phil
|Fionas_Boy||4 months ago|
Hello My partner and I are tempted to buy an established restaurant in our hometown and wanted some opinions as we are fairly new to the business. We both are fans of the restaurant and know it has an excellent reputation both locally and online including a 5 star tripadvisor rating. Anyway the deal is detailed below and your input would be greatly appreciated, anything you can help with would be very welcome. Headline figures are it costs £125k for the business with a 12 year lease signed in 2012 and with the business and all its fixings and brand included and basically sold as a going concern. The ad says it is making £55k a year profit with a £197k turnover but that excludes vat. More details are below so what do you think? PRICE & TENURE (VAT may be chargeable in addition if appropriate) Offers invited on £125,000 for the valuable leasehold interest as a going concern business and full trade inventory. Wet and dry stocks to be additional at valuation. Vacant possession upon completion. The business is held on a 12 year private lease which commenced in 2012 at a current rent of £17,500 pa with rent reviews every 3 years, on full repairing and insuring terms. Full details available on request. Trading Information – Accounts for the year ending 30 April 2015 show sales of £197,581 net of VAT and a net profit in excess of £55,000 being achieved. Full detailed accounting information can be made available to interested parties following a formal viewing appointment.
|Watergirl||4 months ago|
Good afternoon everyone So, here's the thing! My wife and i would like to buy a leasehold Bed and Breakfast in the Lake District. Our problem is that although we have the deposit in the equity in our home, in the past when we have tried to sell to free up the deposit, it has taken so long, that we have missed the Bed and Breakfast we are trying to buy. Can anyone advise how we might use the equity in our home without going through the long drawn out of process of selling in time to purchase? A long shot..i know Tim
|Red||4 months ago|
Hello, Myself and my husband have seen an opportunity to purchase the leasehold of a successful bakery in my town, however I have no idea how to go about the purchase/funding etc. I will try to give you some helpful info: Well established and reputable concern. Turnover approx. £127,000 per annum with net profit approx. £43,000 per annum. £39,950 leasehold £14,000 rent per annum We understand that the premises are offered with the benefit of a new lease, the length of which is negotiable. We have about £5,000 to our name, do not own any property etc and as you can probably tell have never run our own business either! All advice and suggestions welcome. Thank you.
|Mary||4 months ago|
OP - good that you are asking, and useful information given, but before making serious moves you MUST take professional advice specific to you and this purchase A lawyer who specialises in leasehold and an accountant who understands this sector would be a good starting point (don't assume that any old accountant will know what they are talking about) As has been pointed out, you are effectively buying the right to use the premises for 20 years; there may well be clauses within the lease that further define those rights. If you funded the purchase on a standard 5 year loan your outgoings on that would be £3,000 per month Turnover isn't a great business indicator. What is the profit? How much are the owners taking out? What are the trends?
|FordOwner||4 months ago|
Cafe for sale in Stapleford, Nottinghamshire. Leasehold and Freehold both available. The property is available for sale due to a change in circumstances and includes all kitchen equipment and internal fittings for the business. The established cafe has traded in the town of Stapleford for over twenty years and occupied and traded successfully for the last ten years by our clients. The cafe trades seven days a week and the Sunday roasts are very popular at the weekends. The front retail area has a capacity for twenty four covers and the rear dining room a further twenty five. To the back of the property is a garden with play area and further seating for the summer months. Leasehold £45,000 - Freehold £165,000 ono It's my sisters cafe, message me for more details!
|MDG Ltd||4 months ago|
Hi, I'm new here, but I have been passively reading the posts here for the past few weeks, and thought I take advantage of this very knowledgeable community, and hope to give back my experiences too. I'm in the process of determining if I need to get this checked with a solicitor but I live in a leasehold property that I own, and want to setup as a soletrader, simply(!) to import goods from China and sell them over eBay from my bedroom. However, am I legally allowed to do this from a Lessees' perspective? What are people's experience with working from home with leaseholder agreements. I've had a read through the lease agreement, there is a particular paragraph in the Lessees' obligation that states: 19. Not to permit to be used or use the Premises for any purpose other than as a single private residence. I'm told 'single private residence' is open to interpretation and there is no mention in the other Lessees' obligation paragraphs about permitting commercial activities. Any experiences, greatly appreciated.
|R2_Amazeballs||4 months ago|
Hello All, Apologies if this topic has been brought up in the past, I had tried to look it up however only came across a thread from Jan 2011. Myself and my partner are looking at purchasing a leasehold business, I have come across a couple of profitable businesses selling at around the £150K to £180K mark. I wanted to know from experience what the maximum LTV we would be looking at would be, bearing in mind that we are both first timers in business acquisition however we can demonstrate knowledge and experience in this industry as my partner has been working as a manager at a nursery for a number of years. Could anyone advise on the best way to go about securing funding for this? I appreciate all advice as we are really keen to understand what our options are, we currently do not own a property (I have been told to purchase a property first however we are keen on getting into an existing business as a way to better our income) so just want to understand the options available. Thanks
|Pete_W||4 months ago|
Ok, thanks both of you. I am still confused though. Let's simplify it by imagining he's the only name on the lease. He bought the Lease for £60,000 and has his name on the Lease Agreement document. Yes, he is liable for paying rent however, his landlord has agreed a Re-Assignment is possible to enable him to get out of it if ness. However, does he OWN that lease or is he RENTING the property from the landlord?? I am confused!! Is there a hierarchy here of BUILDING OWNER > LANDLORD > LEASEHOLDER > RENTER ??? And if so, my husband, "owning" the lease makes him what exactly?
|Corrie1999||4 months ago|
Hello. I am in the process of purchasing a small cafe in a well known seaside town on the south west coast. The purchase of the Cafe leasehold, chattels and good will have been agreed at 69k, with a lot of bartering. The sale agreement from my solicitor included a 3 year trading covenant and a 5 mile restriction to give the buyer a reasonable time to establish themselves! this has been contested by the seller as they wish to carry on trading in the town within a year and are pushing to drop this 3 years to one. I am now in a position of wondering why I am paying so much for the goodwill apportioned at 40k even though they assure me that their new business will be different. What I need to know is, is this covenant contestable and to what measure should one negotiate and also if there are any loopholes if the covenant were to be enforced or if indeed it is enforceable. Would very much appreciate any comments and knowledge. Many thanks
|Pete_W||4 months ago|
Hillsborough and its like a commercial unit within a group of them. He isnt VAT registered, he just 'engineers' the first unit price to contain the VAT & standing charge elements in the bill - then inflates that manufactured unit price further to the 15p! The other thing is that he knows I am selling the leasehold of the business....so I will be leaving within a month or so leaving me unlikely to recover the overpayments?! V frustrated.
|R2_Amazeballs||3 months ago|
|This topic has been discussed elsewhere |
- see here