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Alexandra Hayward BA (Hons), Associate, Head of Holiday Complexes lists six key things holiday complex owners should take into consideration when they are considering selling their property.
Creating the best possible sale environment is about planning ahead. The availability and quality of the information that the seller is able to provide to solicitors and lenders is incredibly important. Planning ahead can help avoid unnecessary delays, or even potential fall throughs, which can become more likely the more protracted the transaction.
Stags Holiday Complex team suggests involving advisors such as solicitor, accountant, and estate agent at the pre-marketing stage of selling, to provide a property health check and to avoid any unexpected surprises.
How do your accounts look? Ideally show as much profit as possible.
Optimise your website, and if relevant, social media, as it is a window on your business. A seller who knows their business well is a confidence giver. Be prepared, with ideally 5 years accounts for potential buyers to view.
Run your plans past your accountant and check on the tax implications/liabilities or seek out a specialist.
Unusual scenarios can arise, for example, Stags recently had a holiday complex sale involving two new cottages that had VAT implications that the sellers were not aware of. Stags’ experienced holiday complex department worked with the sellers and their accountants, to ensure only a short delay resulted.
Are there any boundary anomalies or rights of way? Everyone likes clear access or a good solution to unusual access. Dealing with the solution prior to marketing will provide peace of mind and buyer confidence.
You may not think they are signification, but not having all the correct documents and certificates accounted for could result in delays. A common issue is gas safety certificates, electrical tests, boiler service records, wood burner installation certificates, private water test certificate and remedial work guarantees.
Private drainage regulations have changed in recent years and some now require discharge licences or need to be upgraded/replaced if not compliant with regulations.
If you have a private water supply, is it up to date with filtration and treatments and is there a recent test certificate? Seek professional advice if you are uncertain.
Review all buildings and ensure they are used correctly under their planning description. Stags Planning Department can assist in advising and handing regularisation if required.
Stags Holiday Complex team recently collaborated with the Planning Department where the team successfully gained certificates of lawful use on a property with 7 units, which created greater value and saleability.
If you are considering selling your holiday business, please contact our specialist department today to discuss or arrange a free market appraisal.
01392 680058 | [email protected]
If you are considering making the leap and buying a holiday complex of your own, our 7 Key questions to ask yourself when buying a holiday business article might be of interest to you.
