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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10585
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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We are selling a small business, a beauty salon. It is leasehold

Resolved Question:

We are selling a small business, a beauty salon. It is leasehold so we are selling goodwill fixtures and stock. We have had an offer which we have accepted via email , is this legally binding? A member of staff wishes to buy the salon, this was unexpected, are we tied to selling to the people who have made an offer?? If we renege on this would they be able to sue us for anything other than out if pocket expenses, which we would gladly pay?
Submitted: 3 years ago.
Category: Law
Expert:  Aston Lawyer replied 3 years ago.

Hi there,

Thanks for your enquiry.

Nothing is legally binding until Contracts have been exchanged.

It would of course be normal for you to instruct a Solicitor to prepare the COntract/you would need Landlord's consent to the Assignment of the Lease and once this had all be done and both parties had signed their part of the COntract only then do you both have a legally binding agreement.

Until such time, either party is free to withdraw from the Sale and would not be responsible for the other parties fees or expenses.

I hope this assists and answers your question.

Kind Regards

AL

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