How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Aston Lawyer Your Own Question
Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10999
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
16368554
Type Your Law Question Here...
Aston Lawyer is online now

I'm purchasing a business's assets, it's a sole trader

This answer was rated:

Hi, I'm purchasing a business's assets, it's a sole trader operating from a leased property. There is an existing lease with 2 ywara left
Assistant: Where are you? It matters because laws vary by location.
Customer: Uk England
Assistant: What steps have you taken so far?
Customer: I have a copy of the lease, but haven't yet paid for the application fee with the management agent
Assistant: Anything else you want the lawyer to know before I connect you?
Customer: I also have a copy of where it was assigned to the current business owner

Hi, how can I help you exactly?

Kind Regards

Al

Customer: replied 10 days ago.
Hi, I am in the process of buying a business. Essentially assets and goodwill from a sole trader. She is currently in a leased premises. There are 2 years left on the lease. The original lease is not in her name but I have copies of the assignment to her name.I would like to know, should I get this lease reviewed and if so could you recommend by whom? And is there a cost associated with getting the lease assigned to me? Thanks

Hi, thanks for clarifying matters.

The procedure is as follows-

What needs to happen first of all is for you or the current Tenant approach the Freeholder for consent to assign the Lease to you (the Landlord or his Agent will want to see Bank/trade references for you). Once approved, the Freeholder's Solicitor needs to prepare a Licence to Assign which is the formal consent to the Lease being assigned to you. The current Tenant will be responsible for paying the Freeholder's Solicitors costs.

Whilst this is going on, the Tenant's Solicitor would normally be liaising with your Solicitor as an Assignment document will need to be drawn up and if you are buying the business, a Contract will also need to be prepared to include a list of the assets which are included in the Sale.

Once everyone is happy and signed, you will then be able to complete the purchase.

I do therefore recommend that you contact a local Commercial Property Solicitor to deal with matters- if you go n the Law Society website and click "find a Solicitor" it will provide such Solicitors in your area.

I hope this helps and if so, I would be grateful if you could rate my answer. I will then be happy to answer any follow up question you may have.

All the best

Al

Aston Lawyer and 4 other Law Specialists are ready to help you