We know how important it is that buying and selling commercial property goes quickly and without a hitch, which is why, with First4lawyers, you only get the best commercial conveyancers.
Business conveyancing can be expensive, but it can be even more costly if it’s not all done properly. Which is why it’s so important to enlist a knowledgeable commercial property solicitor to assist with the legal side of buying or selling a business property from the very start.
Whether you’re buying or selling an office or retail space, to discuss your needs and find out what we can do for you, contact First4lawyers and speak to our advisors.
What is commercial conveyancing?
Conveyancing covers the whole process that enables the transfer of title on a property from one person to another, and involves all kinds of legalities and official procedures.
Commercial conveyancing can be more complicated than residential conveyancing, for the simple reason that commercial properties often have a more detailed history that requires a larger amount of research before the transfer of title can go through.
Other issues, such as the termination or extension of lease agreements, or the licensing regulations for establishments such as pubs, restaurants, and bars, can also add layers of complexity to the process. As such, it is advantageous to work with a solicitor who has a history in commercial conveyancing, to ensure your transfer goes smoothly.
Commercial conveyancing is required for the sale or purchase of all kinds of premises, such as those used in hospitality (bars, hotels, guesthouses, restaurants, and night clubs) as well as off-licences, offices, shops, nurseries, care homes, and more.
What does commercial conveyancing involve for the buyer?
The first step of the process is a thorough investigation of the property and its title by your appointed solicitor, including any necessary pre-contract searches. The solicitor representing the property seller will provide a draft contract that your solicitor should review once the searches have been carried out.
If the searches raise any issues with the seller’s contract, these must be raised by your solicitor in the form of Commercial Property Standard Enquiry forms (CPSEs). Stamp Duty Land Tax and mortgage finance, where appropriate, will also be handled by your solicitor at this stage.
Once the contract has been amended as required and both parties are satisfied, the contracts will be exchanged, making the deal legally binding, and at that stage you will need to pay the deposit if one has been agreed.
The completion of the purchase involves sending the balance of the purchase price to the seller. Your solicitor will then pay any stamp duty land tax that is required, and register the transfer of title with the Land Registry where necessary.
What does commercial conveyancing involve for the seller?
The process for the seller involves enlisting a specialist commercial conveyancing solicitor who can prepare the contract of sale and assist you with the filling out of any CPSE forms that might be sent by the buyer’s solicitor. This process ensures the buyer is fully aware of the building’s history, and its fixtures and fittings.
Following the exchange of contracts, your solicitor will approve the transfer deed provided by the buyer’s solicitor, and the transaction will proceed towards completion.
If there are any outstanding payments to be made or charges on the property, these will need to be settled upon conclusion, including any payments that might be owed to you by lease holders or tenants.
How can First4lawyers help with the commercial conveyancing process?
The conveyancing process can be made more difficult if there are problems with the termination, transfer, extension or renewal of leases, but our solicitors are well versed in dealing with tenants and leaseholders and bringing these matters to a quick resolution.
We could also offer help regarding possession proceedings, dilapidations, rent review issues and development planning.
Whether you are buying or selling a commercial property by private tender or auction, First4lawyers can provide access to a team of property specialists with experience in all manner of business property transactions. Contact us to discuss your requirements with no obligation.