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Advise with gaining shopping centre shop lease

eric mckenzie
Posts: 13
25/06/2008 17:49:18
We are trying to buy a lease hold coffee shop in a shopping centre, we have been told by the seller the hardest part will not be raiseing the funds but will be convincing the owners of the centre to take us on as tennents, does anyone know the process this involves ? We are 1st time buyers & we are 100% committed to making this venture work for us. Tha business is very healthy, We would apprieciate any help & tips to help us over this obstecle. Is there a business or company we could use to help us through this process ? Hope this makes sense.
Thanks Eric

2 Replies
David Rhodes
Posts: 266
26/06/2008 07:28:57
Basically you will need a bank status report (reference) and two trade references. But if you have not been in business before character references would have to suffice.

If your bank does not give you a good reference you can forget all about it as you would have no chance of being accepted.

Even with good references the chances are that the landlord (or his solicitor) will want a large deposit which can equal one years rent before they would allow an assignment of the lease. It depends on how reasonable they are.

If may be worth asking the vendor to sound out the landlord before you instruct solicitors as this could cost you thousands in legal fees simply to find out that despite having the money, the landlord will not allow you to buy the business.

Horizon Business Agents www.horizonbusinessagents.co.uk
eric mckenzie
Posts: 13
26/06/2008 16:44:38
www.horizonbusinessagents.co.uk Thanks for the reply.

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