Selling a Takeaway
If you follow some easy tips then you can help to increase your prospects of receiving a competitive and quick offer when selling your takeaway shop.
Your top questions when selling a takeaway
✅ How are takeaway shops classified as properties under UK law?
Takeaway shops, which serve hot food that people buy and eat off-site such as fish and chips, Indian, Chinese and Italian cuisine, are defined as leisure facilities under The Town and Country Planning (Use Classes) Order of 1987, along with restaurants, gyms and other businesses.
✅ Are takeaway shops considered freehold or leasehold properties?
They can be either freehold or leasehold – if the property is freehold this means that you own the takeaway shop and the land on which it was built outright. If your takeaway shop is leasehold then you will have the legal ownership of the property for a specific number of years in an agreement with the freeholder, and you will pay them an annual ground rent.
✅ What are some factors that can help with selling my takeaway shop?
One of the most important issues with trying to sell a takeaway shop is the profitability of the business, because if you can show potential buyers that the property can make a consistent profit by selling hot food, they might be more interested in owning it. If there’s a residence above the takeaway shop or otherwise attached to it, this can also increase interest from buyers.
✅ Are there any issues that can make a takeaway shop harder to sell?
Yes, there are several factors that might complicate the sale of your takeaway shop, including an unenviable location. If the property is in an area where it’s hard for people to reach by foot or car then this will likely make some prospective owners lose interest. This is because the potential buyer may be concerned that it will be hard to attract customers to the business.
✅ Do I need to fix any structural problems with my takeaway shop before selling it?
It is not required that you repair any physical damage to your takeaway shop, and indeed it might be beyond the time, effort or funds that you are willing to invest before seeking a buyer. Thankfully, you can still get a fair and swift offer for your property as is in its current condition without spending any money on fixes if you get in touch with a fast property buyer.
✅ How can I ensure a quick sale of my takeaway shop?
Your best option is likely contacting LDN Properties or another honest quick property buyer because these companies are able to complete the purchase of most types of property within a few short weeks. Using an estate agent, a property auction or selling on your own can all be very lengthy processes that will take at least several months to finalise every step.
✅ Which methods of selling my takeaway shop will include fees?
If you decide to sell your takeaway shop by using an estate agent or trying your luck with a property auction, then you will have to pay them commission if they find a buyer, and this will add to your selling expenses because the fee will be taken out of the sale proceeds right away. But if you sell using a quick buyer or without any help then you won’t pay any commission.
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