1. Rent Review Negotiations: Ensure the viability of your commercial property by carefully handling rent review negotiations. We help you establish defined procedures within the lease for rent reviews, providing options for mutual agreement or referencing independent third parties such as expert surveyors or arbitrators.
2. Lease Renewal: Addressing enquiries about extending a commercial lease requires a delicate approach. Our solicitors navigate this process with care, ensuring your rights are fully met while considering the best interests of both parties.
3. Terminating a Commercial Lease: Disputes may arise when either party wishes to terminate the lease before its scheduled end. We guide landlords in protecting their interests, evaluating whether to allow a tenant to break the lease, and ensuring legal compliance.
4. Rent Arrears and Breaches: When tenants fall behind on rent or breach lease covenants, our legal expertise comes into play. We assist landlords in taking appropriate action, considering the complexities of the process and potential consequences.
5. Trespass and Nuisance Claims: If tenant actions lead to disputes with neighbouring property owners, we provide guidance on navigating trespass and nuisance claims, addressing issues from boundary conflicts to noise and environmental concerns.

Post-Lease Disputes

Once a commercial lease ends, issues like dilapidation claims may arise. Our solicitors ensure a smooth transition, guiding landlords through the process of restoring the property to its original state or handling disputes related to repair costs.

How We Can Help

At Integra Solicitors, our expert commercial property solicitors offer comprehensive assistance, from drafting and negotiating lease terms to addressing disrepair and dilapidation matters. Taking a proactive approach to dispute resolution, we aim to prevent conflicts and provide efficient solutions.

If you are currently facing a commercial property dispute or seek proactive legal advice, get in touch with our team. Fill in the contact form below, call us at 0161 870 6629, or visit our Stockport office for expert guidance.

The post Navigating Commercial Lease Disputes appeared first on Integra Solicitors.

The process of selling a commercial property can be quite involved and complex. You will need:

• An understanding of the legislation of commercial property sales;
• To know relevant prices of other local commercial properties; and
• An understanding of when is the best time to sell.

You will also need to know the costs that are involved to you including estate agent fees, removal costs, mortgage redemption, arrangement fees and any capital gains tax you may be liable for.

Here at Integra Solicitors we can help you figure out the best route and ensure all the legal aspects are taken care of.

Steps To Selling Commercial Property

Communicate with your buyer:

First of all, you need to keep lines of communication open between you and your buyer. A Heads of Terms will be drawn up that will provide all the necessary details such as the price, timescales for exchange and completion, details of all parties involved in the transaction and their solicitor’s details and any other terms that have been agreed.

The Seller’s solicitor:

The agreed Heads of Terms will need to be sent to your solicitor who will then obtain your title documents from the Land Registry, obtain appropriate responses to the relevant Commercial Property Standard Enquiries (“CPSEs”) and draft the contract for sale. Your chosen solicitor will also be in charge of arranging the exchange of contracts and financial transfers. Our specialist commercial law solicitors are on hand to answer any questions you may have along the way.

The Buyer’s solicitor

The buyer’s solicitor will be sent the contract pack, which will include title documents, CPSE replies and the draft contract for sale.

Due Diligence

The buyer’s solicitor will also need to carry out due diligence for the property. They will usually review, raise enquiries on and report to the buyer on the following:

• Any survey that has been carried for the property.
• Any searches that have been instructed.
• Title documents.
• Draft contract for sale.
• Replies to relevant CPSEs.

Your solicitor will then respond to any enquiries that the buyer’s solicitors have raised.

Once due diligence has been completed then the documentation will need to be agreed. Documents include transfer deeds and the contract for sale.

Exchange Contracts

The buyer will be required to put down a 10% deposit to proceed with the exchange of contracts. Once the exchange has taken place, a date will be set for completion and this date is legally binding.

Completion

On the completion date, the buyer’s solicitors will send the completion funds across to your solicitor, who will then complete the sale.

Once completion has taken place the buyer becomes the legal owner of the property and you will need to hand over the keys to the property. Your mortgage will be discharged, and the sale is complete.

How can you make this all happen in the best way possible?

First of all, it is important to make sure that your property is prepared for sale. This means getting it up to standard and in a saleable ‘state’.

Then make sure you have all the relevant details on your property ready to give to commercial real estate buyers. This will prevent unnecessary delays with getting your property on the market.

Relevant Details:

These usually include planning, authorised use, fire safety, business rates details and an Energy Performance Certificate (EPC). You will also need to provide any relevant health and safety information, such as the presence of asbestos.

As mentioned in the steps to selling above, the buyer will send a Commercial Property Standard Enquiries form with the questions they expect you to answer. So it is important to ensure you know all the necessary information about your commercial property.  Your solicitor will help you with this.

Decide How You Want To Sell Your Property

There are several options open to you when selling your commercial property.  You can sell via auction, property buying companies, commercial property agents, even raffles or going it alone.

Auctions are definitely one of the fastest ways to sell a property, but this may not be the best solution for you. The auctioneer takes a percentage of the money made on your property, plus you will need to cover entry fees. It can actually work out more expensive than selling through an estate agent.

It is advisable to use an estate agent that specialises in commercial property, but the decision is ultimately yours. Go through the pros and cons of each way of selling before making your final decision.

We would always advise speaking to a specialist in commercial law to make sure you understand the full implication of selling your commercial property in the way you are considering.

Make Your Property Attractive To Buyers

Make sure that your property is properly prepared to make it more attractive to potential buyers. If your property is looking a bit shabby, it may be worth investing a little money to spruce it up a bit. Get it looking like a place that someone will want to buy.

Contact one of our specialists in commercial law to discuss how we can help you sell your property today.

The post What Is The Best Way To Sell A Commercial Property? appeared first on Integra Solicitors.

Timing

Deciding when you should buy or sell your business is a crucial step as the timing can be key to making a profit or losing money.

Sellers will need to consider the financial state of the business and why they are selling. Is it to move on to a new project, to retire or to grow the existing business? The ‘right’ time is a tricky thing to predict, but you should be thinking about this for years before taking any action so that you are fully prepared when it is time to sell.

Before selling your business you will need to ensure that everything is in order for potential buyers to look at. This means all the books and records, the premises and any staff that need to be prepared. Just like selling a house, the smallest details can make the difference, so if it’s broken, fix it and if it needs refurbishing then do it.

For buyers timing will mostly come down to personal circumstances. If it is the right time for you to take on a business and you have the financial backing to do so, it is unlikely to be hindered by much else.

However, market fluctuations will affect both buyer and seller in businesses that rely on either the real-estate value or popularity of the product. But this will all come into the due diligence aspect later on.

Valuation of The Business

The problem with business valuations is that they are often overvalued by the seller. This could be through a misguided bias or because of wanting a higher return on their investment. The best way to avoid this bias is to have an independent valuation performed by an expert.

Generally speaking, most businesses will be valued by a multiple of profit. However, there are also asset-based valuations and entry valuations, discounted cash flow valuations and rule-of-thumb valuation that includes elements of a few different methods.

So for buyers, it is worth asking the seller which of the methods they used to arrive at the valuation and then perform your own check against the relevant financial records. You will want to be looking to identify anything that has not been accounted for in the valuation, such as disruptive consumer trends.

Do Your Due Diligence

The dictionary definition of due diligence in legal terms is: a comprehensive appraisal of a business undertaken by a prospective buyer, especially to establish its assets and liabilities and evaluate its commercial potential.

Due diligence usually starts once both parties have agreed on a deal before signing a letter of intent. The period allocated for due diligence to be carried out is usually between 60 and 90 days.

During the period the seller will need to prepare everything that the buyer may request. All documents should be provided promptly and any additional information required should be given swiftly to avoid your buyer backing out. If they feel that you are stalling, they may get nervous and pull the plug.

Make sure that before the buyer has even started the process of due diligence that you have been through all your financial records and that everything is in order with no red flags that could dissuade the buyer from continuing with the purchase.

For the buyer, you are the one carrying out the due diligence, so you want to make sure you have all the relevant paperwork. You will want the financial accounts, surveys of the buildings, equipment and stock records. It is not so easy to ascertain what goodwill and brand reputation the business has built up already, but you still need to try to assess this. You may also need to look at the staff of the business as they are an asset too.

Finances

There will always be a deal of ‘haggling’ when it comes to buying a business. Both sides need to have a clear idea of what they want out of the deal and be prepared to walk away if it doesn’t suit them. There is no point in over-stretching your limits before even embarking on your new business venture. You may need to compromise and a certain amount of flexibility may be required to make the deal happen.

As the seller, you would probably wish to receive the full asking price up front. However, you could likely find yourself accepting a portion of the sale price in instalments. These instalments are called ‘earn-outs’ or ‘seller finance’ and maybe the only way to encourage the buyer to increase their offer to what you are willing to accept. You may also find yourself staying on as a consultant for a set period after the sale.

For the buyer, your financial resources and a risk assessment will help you to look at your funding options. It is advisable to seek professional advice on this. You may wish to ask the seller to stay on in a consultancy capacity for a short period. Usually, if they currently play a fundamental role in the day to day operations of the business or you lack experience in running this particular type of enterprise.

If you are offered seller finance, this is a good sign that the seller believes that the business will do well in your hands. They aren’t likely to agree if not as you could default on payments.

Hire Professional Advisors

It is unlikely that you will be able to afford the time and dedication it takes to go through all the legal processes of buying or selling a business.

Sellers need to ensure that they have all the relevant records and can answer all queries raised during the due diligence process. But you will also need to keep the business running throughout the process. It is easy to miss things if you don’t have the back up of professional advisors.

For the buyer, the professional advisor will help you to navigate your way through the necessary paperwork and assist you with negotiations. This can be a very emotional time for both buyer and seller, so putting it in the hands of professionals takes the pressure off.

If you would like to speak to one of our professional advisors about buying or selling a small business, please get in contact with one of our friendly staff today.

The post Buying and Selling a Small Business appeared first on Integra Solicitors.

When buying commercial property there is a lot to consider and you should always do your due diligence before making a purchase. Seek professional advice and take the appropriate steps to ensure you are protecting your investment.

Below we will go through a brief guide to buying a commercial property with what to be aware of before making the purchase.

Know What You Want

This may sound obvious, but you need to know what you want to use the building for that you are purchasing. Certain buildings will suit certain needs, but more than that, some buildings will have restrictions on what they can be used for. So having a clear plan of what you are going to do with the property before buying is essential. Far too many investors see a ‘bargain’ and buy then try to figure out what to do with it which often leads to money being lost.

Does This Commercial Property Suit Your Needs?

Having established that you should have a clear idea about what you want to do with the property, there are some factors to consider when setting up for business.

• Will you need to expand at any point, if so, does this property allow for that?
• Does this property allow you to conduct the business you want to?
• Are there good transport links?
• Is there parking?
• Is there a proven track record for this area in your chosen business?
• Can you sublet?
• Do you need walk-by traffic? Does this area have that?
• Does this property provide the flexibility you require?

Stick to Your Budget

You need to set realistic budgets in place and stick to them. There can be a lot of hidden costs that cause miscalculation and mean you end up having to borrow more than anticipated. Make sure you include all fees, such as Stamp Land Duty Tax and professional fees. Allow for refurbishments and construction costs in your budget and maintenance and operational costs. Don’t forget the services such as waste management and your mortgage costs.

The other side of the budget is your expected ROI (Return On Investment). A minimum of 10% is a good starting point, if the estimate is below this, you may wish to reconsider.

Professional Advice

It is advisable to get a full property structural survey done to avoid any nasty surprises. Visit the property before you buy and make sure you have all the paperwork to back up the purchase. Always seek professional legal advice before signing anything and enlist the relevant professionals to carry out surveys etc. Above all, be patient and take the time to ensure you have the deal that works for you.

If you would like to talk to one of our commercial property experts, please contact our offices and arrange an appointment today.

Selling Commercial Property

When selling a commercial property there is a lot to prepare prior to the sale. We would advise seeking professional advice right at the beginning of the process to ensure that you have all the documentation in place that you need.

Communication

It is important to keep lines of communication open with your buyer at all times. While communicating with them you will draw up the Heads of Terms and provide all necessary details such as the EPC and asbestos survey results.

The agreed Heads of Terms will be sent to your solicitor who will then obtain your title documents from the Land Registry office. Your solicitor is the one who will arrange the exchange of contracts and confirm all financial transfers. They are also there to answer any questions you may have during the sale process.

Wait for your buyer’s solicitor to communicate with your solicitor and send the contract package. The buyer’s solicitor may ask questions with relation to Commercial Property Standard Enquiries (CPSEs). The buyer’s solicitor should also be the one to carry out any due diligence. Due diligence may take several weeks and more questions may require answering during this period.

Contracts to Completion

Once due diligence has been completed, all documentation will need to be agreed and signed, including the transfer deed and the terms of sale contract.

The buyer will need to put down a 10% deposit to secure the exchange of the commercial property proceeds. Upon exchange, a completion date is set and this is a legally binding contract.

Once completion has taken place your mortgage will be discharged and you hand ownership and keys of the property over to the buyer.

Necessary Information About Your Property

You will need to prepare your premises to ensure they are being left in good working order. You will also need to provide details about your property for potential commercial real estate buyers. The paperwork includes commercial planning use classes, for example, Class A – Shops (including some services).

A Commercial Energy Performance Certificate, EPC will also be required. You’ll need to provide business rate details and any other costs that the buyer will be responsible for. Any important health and safety information such as the presence of asbestos will also need to be disclosed.

The CPSEs will also be sent by the buyer and you will be expected to know all the necessary information on this about your commercial property. Your solicitor can help you with this form.

How you are going to sell your property is another consideration as there are a few different avenues such as auction or through a commercial property agent. Whichever you choose, you will need to seek professional help throughout the process.

If you are looking to sell your commercial property and would like assistance from a professionally qualified solicitor, then please contact our offices today to speak to one of our advisors.

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Integra Solicitors sponsored the Manchester Gregorians AFC‘s annual golf tournament hosted by Northenden Golf Club on Friday 26th July 2019. It was a fun filled day of golf and thanks to all who attended and helped to raise money for the club.

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The boxing itself was preceded by a three-course meal, after which there was an auction led by the lively host for the night, multi award winning TV and radio presenter Connor Phillips. The auction prizes of a framed and signed Manchester City T-Shirt, glass cased and signed Tyson Fury boxing glove, meal for two worth £100.00 at Ribeye Steakhouse with a Rolls Royce Chauffeur pick up and drop off, and the last two tickets for the India v Pakistan cricket match understandably caused a lot of excitement in the room that night, with multiple bids in the £1000’s flying round the room! All proceeds from the donations and auctions went to Longsight Boxing Club, a registered charity and local initiative with ground-breaking visions and ambition to improve life opportunities through structured mentoring programmes, crime prevention education with a particular focus on knife crime and anti-social behaviour, community mental health and wellbeing development and the promotion of sports and fitness in the local community to tackle obesity, build self esteem and teach the importance of self-discipline and dedication.

Just before the boxing began, there was a touching minute of applause led by the classmates and friends of Yousef Makki, showing a true testament to his character and the effect his death has had on the community. This was followed by celebrity endorsements from the likes of former unified light-welterweight world champion Amir Khan, which echoed their support for the boxing club and condolences to Yousef’s family and friends for their tragic loss.

The boxing then started, with six fights of three rounds. There were local amateur boxers of varying weights including a Welsh National Heavyweight Champion, Reuben Wall, fighting against boxers from clubs across the country who had come down to Manchester to show their support for both the sport and the Boxing Club. Longsight Boxing Club won a total of five out of the six bouts. It was clear from the young boxers of Longsight in attendance that night just how well the clubs teaching has worked so far, as there was nothing but utmost respect in the ring in each and every match. The fights enabled us to see the hard work and dedication put in by the head coach, Omar Al-Wandawi, the rest of the coaches, and of course the fighters who put on a spectacular performance, making the night one to remember.

By Kathryn McGeoghegan

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Located within the heart of Stockport town centre in Greater Manchester, X-Gen VR will provide customers with an immersive and escapist virtual reality escapade by giving customers a chance to experience arcade-style games such as motorbikes, go-karts and archery in a virtual reality environment.

In addition to the lease renewals of the current and longstanding commercial tenants, this is exciting news for Stockport as well as corporate and commercial business within the surrounding Greater Manchester area who will also benefit enormously for the Merseyway Shopping Centre’s new tenancy with X-Gen VR.

If you are a corporate or commercial business and are considering taking a lease or have enquiries on any landlord or tenant issues then feel free to contact us on 0161 870 6629 and a member of our highly trained and skilled legal property team would be more than happy to assist in answering and resolving your queries.

By Adam Moseley

The post From Virtual Reality to Reality: X-Gen VR Coming to Stockport’s Merseyway Shopping Centre appeared first on Integra Solicitors.

Impact of money laundering

The Home Office Media Economic Crime Factsheet dated 2017 states that the scale of money laundering impacting the UK is likely in the region of £90 billion a year.

Money laundering is not only a crime within itself, it is also a facilitator for other serious crimes such as drugs trafficking, fraud, terrorism, robbery, bribery and corruption.

The consequences of involvement in money laundering activities are severe, even if the professional or their respective firm are not aware of the illegal activities surrounding money that they are dealing with in a transaction. The repercussions include but are not limited to losing your license, paying a fine or even facing criminal prosecution.

A key Principal under the SRA Code of Conduct 2019 is ‘integrity’, this is paramount to your role as an administrator of justice and maintaining the trust of the public. One of the most valuable assets to a legal service institution is the reputation of integrity. Money laundering can have devastating consequences on a professional or a law firm’s integrity, once an allegation of money laundering is found to be true, it is very difficult to re-establish the key principal of integrity.

If you are suspicious, act now!

You are legally obliged under the Money Laundering Regulations 2017 to submit a Suspicious Activity Report (SAR) to the National Crime Agency, if you suspect a money laundering activity is taking place. A thorough SAR can alert law enforcement to potential instances of money laundering by providing information and intelligence that can assist in providing crucial intelligence for law enforcement. Investigations are often based on multiple SARs and your report could be key.

If you need any help with this or any aspect of commercial law, get in touch now.

By Zara Mahmood

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To invest in cryptocurrencies, buyers need to obtain currency through a third party and also have access to a cryptocurrency wallet: software where the currency can be “stored”.

Although there are a significant number of people who have bought into one of the various cryptocurrencies out there, it’s important to realise that in certain important respects, cryptocurrency isn’t like more traditional investment choices. Here we highlight some of the key differences between cryptocurrencies and other available investments.

Cryptocurrency is unregulated

Cryptocurrency is self-regulating, moderated through algorithms. Because it’s not under the jurisdiction of any government, it’s not subject to the regulatory frameworks which govern other investments.

For example, the conduct of financial institutions is governed by the FSA; investing in property is regulated through laws relating to property ownership. These regulatory and legislative requirements provide a degree of security for investors, including clear paths of accountability and responsibility. In the event that a cryptocurrency investment goes wrong for any reason, you may find that you have limited legal recourse.

Cryptocurrency is entirely online

Most other investments involve some sort of tangible asset: investing in property means you obtain a building; company shares are investments which involve a real-life company; even investing on the stock market involves calculated risk relating to real companies or goods.

Cryptocurrency is entirely virtual. You will have nothing to show for your investment, except possibly a profit when it’s time to sell. This isn’t necessarily a bad thing, but it does mean that investing in a currency such as Bitcoin, Ethereum, Litecoin or Ripple is significantly different to other investments.

Cryptocurrency is a new investment opportunity

There’s never been anything quite like cryptocurrency before, so it’s quite an unknown quantity in terms of its appeal as a long-term investment. Although some people have reported making a profit when they’ve sold their cryptocurrency, it’s unclear at this stage whether profit is going to be sustained in the longer term.

Other investments tend to have historical records available. Any investor can check how property prices or share prices have fluctuated over time. Although previous performance cannot be taken to indicate future success, the vast majority of wise investors do, at least, take historical records into consideration. Cryptocurrency investment is therefore very much a step into the unknown.

Cryptocurrency has limited use as a currency

Virtually every other investment option involves either goods or services – something which has a use. Property, companies or other assets all have some function.

Cryptocurrency is rarely used as a currency and is almost entirely traded by investors. There are very few things that can be bought with cryptocurrency, so it’s not as if it can be used in the same way as dollars or GBP. It’s possible that some cryptocurrencies might become widely used in the future but it is difficult to know which cryptocurrencies will prove useful and which ones will be forgotten.

Cryptocurrencies are a new investment opportunity which has attracted considerable interest over the past few years.

Given the several significant differences between it and other, more traditional forms of investment, we suggest that significant research is needed before deciding to invest in a cryptocurrency. While it may appear attractive in the short-term, it’s unclear at this stage whether cryptocurrency buyers stand a reasonable chance of realising a return on their investment.

To find out more about the legal situation as it applies to cryptocurrency as an investment, request your free, no-obligation consultation from Integra Solicitors on (0161) 870 6629.

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