Legal issues buying part of property

[HappyBudda]

Hi there,
Are there any issues i should be alert to if i wish to purchase a property.
I wish to buy the business, which has basically been built up by somebody.
Problem is it is basically a detached house. It is for sale less a first floor apartment. Anything i should be wary of.

 

[Vanilla]

Just the usual. Buying a business means your solicitor and accountant will have to perform due diligence on both the business side of things and the title side before you purchase.

 

[Brendan Burgess]

Are you buying a limited company which owns a poperty?

Or are you buying the goodwill of the business? In which case you are presumably buying the property separately?

If you are buying a house less an apartment, there will have to be some agreement on maintaining the fabric of the house, the common areas, the roof etc. It sounds messy to me.

If it's the business you are interested in, try to buy it separately. However, they might want to sell it all together for tax reasons.

Your first call should be to a good accountant to give you tax planning advice on what you are buying.

Brendan