| Commentary

217 Assets and liabilities: premises

| Commentary

217 Assets and liabilities: premises

There are common problems in dealing with the appropriate transfer of premises, whether the seller is a corporate business or a ‘small business’, such as a corner shop or a shop unit. For example, if the premises are currently held by the seller under the terms of a lease or tenancy (perhaps of an industrial unit or shop), a licence to assign will normally be required from the landlord. If possible this licence should be obtained before the exchange of contracts. If this is not possible for some reason, the seller should ensure that the

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