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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3608
Experience:  Solicitors 2 years plus PQE
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Am selling my Barbers shop to a friend -cash sale what legal

Resolved Question:

Am selling my Barbers shop to a friend -cash sale what legal documents are required?
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.
Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Do you have any employees? Do you have a lease on the premises? Do you have any equipment subject to finance?
Customer: replied 1 year ago.
I am selling to an employee ,who is going to keep all the staff on as a going concern and the property is freehold
Customer: replied 1 year ago.
No equipment subject to finance
Expert:  Alex J. replied 1 year ago.
Hi, Thank you. Are you selling the freehold of the property? Kind regards AJ
Customer: replied 1 year ago.
Yes
Expert:  Alex J. replied 1 year ago.
Hi, Thank you. You will need the following: (i) a contract for the sale of the property (by law sale property must be completed in writing) - the buyer will then need to register the transfer of the property and his ownership of it (ii) You will need a business transfer agreement for the sale of the good will, customer lists and machinery. This will like result in what is known as a TUPE transfer of the staff (Transfer of Undertakings Protection of Employment) - as you probably wont want to deal with formal staff consultations I would insist that the buyers gives you an indemnity (a guarantee against liabilities) if any of the staff choose to sue as a result of the buyers conduct.
Expert:  Alex J. replied 1 year ago.
The TUPE element of this is the biggest (and unknown) liability that you might face.
Customer: replied 1 year ago.
were do we get a Transfer of Property Form from?
Expert:  Alex J. replied 1 year ago.
Hi Thank you. The transfer deed you need for a freehold property is called a TR1 - you can ask the Land Registry for it. The buyer will need to organise his own payment of Stamp Duty Land Tax. Normally the TR1 is filled in by a solicitor and supported with a formal contract - if the buyer does not use a solicitor it is at his own risk. Kind regards AJ
Customer: replied 1 year ago.
Thank you.So in short you are saying that we don't need a Solicitor,just the buyer?
Expert:  Alex J. replied 1 year ago.
Hi, Thank you. I would recommend that you use a solicitor, as the seller you should for your own protection. Firstly you want the buyer to manage the TUPE process and secondly if the buyer does not manage the process properly you could have unknown employee claims against you personally. Also you need a solicitor to check that the buyer is solvent, if the buyer pays you cash on the brink of bankruptcy then potentially the whole transaction could be unwound. Completing this transaction without a solicitor leaves a significant risk for both parties. Kind regards AJ
Alex J., Solicitor
Category: Law
Satisfied Customers: 3608
Experience: Solicitors 2 years plus PQE
Alex J. and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Thankyou you have been most helpful
Expert:  Alex J. replied 1 year ago.
No problem. I wish you the best of luck. Kind regards AJ

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