hi im looking into buying a cafe. i have seen several that take my fancy but im still totally confused about how i go about this? ive seen many where the leasehold is like £25,000. But does that mean i have to front that money? Also if i had to pay that money where would i get the loan? i see many many loan sites for new starters but im unsure? I have been advised to see a accountant. I do know to get a business loan they would wanna see there last 3-5 years net profits etc.. anyway i was wondering if anyone could help??
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Many companies don’t want to buy freehold premises, preferring to take a lease for a set number of years or ‘term’. SmallBusiness a Heaney of Sherrards Solicitors explains what to look out for when taking a leasehold premises
There are essentially two ways to acquire leasehold premises: buy an existing lease or enter in to a brand new lease. Unfortunately, it is not as simple as saying ‘I’ll take that one’ and moving in the next day. Three things need to be achieved before you can collect the keys and set up shop: completion of legal documents; title investigation; and (where necessary) obtaining planning consent.