Selling Retail Property

Retail property can be anything from a small corner shop through to a major shopping centre, but regardless of the size, there can be some extra hurdles involved with selling.

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Your top questions when selling retail property

✅ What is covered by the definition of retail property in the UK?

Although there is no overarching regulatory or legal definition of the term "retail property" in the UK that applies in all cases, generally the term refers to any property that is used for a number of purposes through which goods are sold. These include, but are not limited to, goods for hire, selling cold food for eating off-premises, hairdressers, funeral directors, and other examples.

✅ What's the average timeline with selling a retail property?

It depends entirely on the approach that you choose for finding a buyer. If you gamble on an auction, it will take at least several months to complete all of the required steps. With an estate agent, you might be waiting more than an entire year to get a serious offer. But selling to a fast buyer is very swift, and the entire process can be finalised within just a few short weeks.

✅ What commission will I have to pay when selling my retail property?

This also will vary based on the method that you opt for to find a buyer, because using a speedy property buying company won’t cost you anything, and you can count on keeping the full proceeds. By contrast, you’ll pay commission based on your retail property’s sale price to an auctioneer or estate agent.

✅ How do I know that I can trust a quick buyer with my retail property?

Ask them if they are registered with a third-party organisation known as The Property Ombudsman (TPO), which issues rules to protect owners against bad practice in the fast buying sector. All TPO members are required to adhere to these regulations, which gives you extra peace of mind, and all genuine TPO members are listed on the organisation’s website.

✅ What's the most accurate way to decide the asking price for my retail property?

The ideal asking price for your retail unit will depend on a wide range of factors, some very specific to your location. But for a general idea of a price that will attract many offers, look at prices of units like yours on property sales websites, and ask fast buying companies and estate agents for free sale price quotes, then calculate the average of all those values.

✅ Should I prepare a buyer's pack when preparing to sell my retail property?

It’s not required, but it can potentially help your prospects of finding a buyer on a speedier timeline. Buyer’s packs include a lot of information that potential buyers are looking for, including details on any planning permission restrictions, Energy Performance Certificate rankings, and more, and having this data upfront can help to accelerate the selling process.

✅ Are there any limits on selling a retail property if there's a flat above it?

No. If you are the owner of a retail property and there is a flat located directly above it owned by someone else, there is nothing by law to prevent you from seeking a buyer for your shop. But if you own both the retail property and the residence above, you might want to consider selling both at the same time if possible.

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