There are a few costs associated with selling your commercial property to bear in mind. There are fees which must be paid to ensure you are legally complying with your duties and other fees on which you can save on.

Like with anything, it is a good idea to write down every possible cost (in the worst-case scenario) and work backwards to see if any of these costs can be reduced throughout the process of selling your commercial property.

Costs to sell your commercial property:

• Marketing and agent costs
• Legal fees
• Mortgage redemption fees
• Mortgage arrangement fees
• Removal costs
• Bills

Marketing and agent costs – traditional commercial estate agents, usually charge around 2% of the property value and usually have a small commercial buyer pool. Consider whether selling via a modern online auction for free may be the route for you. Please see our page to see if auction is right for you here. We offer our service completely for free with a 0% sales fee, with a fewer than 1% buyer back out rate and we can sell your commercial property in as little as 28 days. Send us an enquiry to explore selling with us.

Legal fees – these will vary depending on the value of your commercial property, complexity of the transaction and experience level of solicitor.

This will be more if you are selling and buying another property at the same time.

We can recommend a No Sale No Fee Solicitor who will be able to conduct the legal conveyancing work for you for a fixed fee. Please note we do not receive any commission by recommending a solicitor to you.

Mortgage redemption fees – if you currently have a mortgage on the property you are selling, there may be redemption fees to take into account.

Mortgage arrangement fees – if you are also purchasing another property, you may have fees associated with the next mortgage.

Check the mortgage redemption and arrangement fees with your bank or mortgage advisor if this is relevant for you.

Removal costs – different businesses have different amounts of equipment and stock needed, to conduct their business. Factor in whether a van may be appropriate for small office contents, or whether a large removal truck will be needed for large commercial settings such as restaurants or factories.

Bills – you will need to come to an agreement with the buyer in relation to the bills of the commercial property, when the cut off point is and when they take them over. Until the buyer takes them over formally, they remain the responsibility of the seller.

Conclusion

There are many types of costs to bear in mind, and the amount of which will depend entirely on the commercial property and its own specifications and circumstances. There are some costs which must be paid, and some you will be able to save on, like the marketing and estate agent fees.

If you would like explore selling your commercial property via online auction, please give us a call on 0330 223 6118 or send us an enquiry today for a free consultation.