News0 min ago
Selling A Business But Not Selling A Business
Just had a chat with a friend from home.
His wife had her business valued (her name is on the business)
A few days ago she was sent a bill for £11,000 for pulling out of the sale.
But as far as she was concerned she had no intention of selling the business and signed some papers ... well because she is not the sharpest knife in the drawer.
Now the sale (non sale) was for the business and the building. She doesn't own the building her husband does and he has signed nothing.
Where do they do they stand?
His wife had her business valued (her name is on the business)
A few days ago she was sent a bill for £11,000 for pulling out of the sale.
But as far as she was concerned she had no intention of selling the business and signed some papers ... well because she is not the sharpest knife in the drawer.
Now the sale (non sale) was for the business and the building. She doesn't own the building her husband does and he has signed nothing.
Where do they do they stand?
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On the face of it, she made a contract with the company to sell the business and of course a valuation would be part of this process.
Without seeing the contract or knowing what she said to company it is impossible to answer with certainty.
How much was the business and property valued for? Need to know this so the per centage of the charge can be established.
Without seeing the contract or knowing what she said to company it is impossible to answer with certainty.
How much was the business and property valued for? Need to know this so the per centage of the charge can be established.
If her husband has not signed any Contract to sell the premises then there is no contract -no sale so no one has 'pulled out'.
She must be very thick (sorry) to have signed over her business and agreed to a price without her even realising it. However, if the deed is done she must get her Solicitor onto it asap to see how far she has got into the deal,
It is quite plausible that she has accepted to sell the business, but she could not have sold the property which does not belong to her, therefore if the valuation included the premises , and the buyter gave her a price for her business based on this, then she has the upper hand as the buyer will now be liable to purchase a business without premises, way over market price.
She must be very thick (sorry) to have signed over her business and agreed to a price without her even realising it. However, if the deed is done she must get her Solicitor onto it asap to see how far she has got into the deal,
It is quite plausible that she has accepted to sell the business, but she could not have sold the property which does not belong to her, therefore if the valuation included the premises , and the buyter gave her a price for her business based on this, then she has the upper hand as the buyer will now be liable to purchase a business without premises, way over market price.
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