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Thomas
Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7617
Experience:  BA (Hons), PgDip, Practising Solicitor
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I have a buyer who is looking to buy a business (restaurant)

Customer Question

Hi, I have a buyer who is looking to buy a business (restaurant) I am running the business under a limited company and all bills are in my name. As well as the premises license. But the things is I don't on the lease and nor do I have any legal documents to state that. My uncle is the lease holder of the property where I operate my business. He is willing to assign the the lease to the new owner. Is it fine like this to sell or I'm I suppose to have some legal documents in order to sell the business?
Submitted: 1 year ago.
Category: UK Law
Expert:  Thomas replied 1 year ago.

Hi

Thanks for your.

Although, it is a little unusual you should still be able to proceed with the sale of the business provided that your uncle agrees to the sale and will sign the necessary documents prepared by your solicitor.

Effectively you will have to say that your uncle held the property on Trust for your limited company and ask him to sign the sale contract and the land registry transfer form necessary to transfer the lease to the buyer upon completion.

The buyers solicitors should accept the position and will likely proceed provided that your solicitor confirms that they are instructed by both you and your uncle for the purpose of the sale of the business.

Kind regards

Tom

Expert:  Thomas replied 1 year ago.

Hi

Is there any further information you require?

I just want to ensure that you are satisfied, so please let me know if you have any further queries on the information I have provided. If you have no further questions then please do leave feedback.

Kind regards,

Tom