Selling a Shop

Trying to sell a freehold or leasehold shop can sometimes be complicated – Read our complete guide to learn more.

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Your top questions when selling a shop

✅ Which types of properties are defined as shops in the UK?

The Town and Country Planning (Use Classes) Order 1987 defines what constitutes a shop in the UK, designated as one of several use classes of different types of businesses. Some commonly found examples of shops that you might own including funeral directors, clothes repair and cleaning services, travel agencies, cold sandwich makers, and more.

✅ How do I know whether my shop property is freehold or leasehold?

If you own both the building in which your shop operates, as well as the land on which that property is located, then you are the freehold owner of your shop. By contrast, if you only own the building where the shop is housed for a set number of years, and in exchange you pay a freeholder an annual ground rent, then you are the leaseholder owner of your shop.

✅ What is the quickest option to find a buyer when selling a shop?

Contact a fast property buyer, because these companies can typically complete the purchase of any shop within a handful of weeks, and that covers the time it takes to exchange contracts and pay the owners their sale proceeds. The other methods of selling, which include auctions, using an estate agent or selling on your own, can all take at least several months or more.

✅ Should I repair any physical problems with my shop before selling?

It’s possible that you might want to spend the time, money and effort on fixing any physical problems that your shop might have, such as dry rot or damp, before trying to sell it. Some buyers might want to reduce their offers on your property if you do not correct the problem. But you’re not obliged to do any repair work, and you might still be able to get a fair offer.

✅ Which options for selling my shop will require that I pay commission?

If you use an estate agent or auctioneer to sell your shop, they will charge you commission based on the final sale price they’re able to get for the property. But you won’t pay any commission if you either sell on your own or sell to a quick property buyer.

✅ What assurances do I have when selling my shop to a quick buyer?

Honest quick buyers, like LDN Properties, will be members of The Property Ombudsman (TPO), which is an independent entity that publishes rules to protect property owners against fraud in the quick buying industry. All TPO members must follow these rules, which should give you extra peace of mind about the safety of selling your shop to a quick property buyer.

✅ How can I know whether a quick buyer is truly a member of TPO?

Start by asking quick buyers whether the belong to TPO, then visit TPO’s website and click on the Find a Member tab and type in the name of the individual quick property buying company. If they are genuinely registered with TPO then you will be shown their membership details. Be cautious of selling your shop to a company that can’t prove it’s a TPO member, as it may be a scam.

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