Commercial Property Solicitors
Buying/Selling Commercial Property
Buying and selling commercial property can involve considerable legal matters around planning, insurance and so on. We Commercial Property Solicitors will work closely with you to make the process as straightforward as possible. Your convenience is important to us and we aim to minimise the amount of time you have to spend on the process. We offer video calls to save you from travelling to meet us and you can meet us at times convenient to you. When documents need to be signed we can come to meet you at your home.
Types of Commercial Property & Steps Involved
Commercial property is divided into four different types – Retail, Office, Leisure and Industrial. Each conveyancing process for these may vary. Large commercial properties often require more time and involve complex legal procedures.
You are usually liable to pay commercial rates if you occupy business premises. These rates are a tax based on the rateable value of the property, which reflects its rental value. The rateable value can be challenged though. It may change in any case if the premises are altered or if their value is affected by changes in the locality. Some limited classes of property are exempt from business rates. A revaluation is the production of an up-to-date Valuation List of all commercial and industrial property, within a local authority area. It takes account of the relative changes in rental value between properties over time, and is how all rateable valuations within a local authority are reassessed so that all ratepayers pay a fair share of the commercial rates to be raised.
Buyers making an investment in a commercial property should be aware that failure to complete a full and proper investigation risks a huge loss on investment. As a result, your Commercial Property Solicitors should through all the property documents and carry out pre-contract searches against the property. This can be the longest stage of the transaction if you are selling a commercial property. If selling, you may be asked for additional information about the property for example, business rates information.
If the searches come up with any issues when buying, your solicitor should investigate. When all investigations are then in order, a draft contract should be prepared. This will be sent to the vendor’s solicitor and once accepted by them, a deposit will be paid to their solicitor and a date will be set for the rest of the amount to be transferred.
Like a normal conveyance, Land Registry Searches, mortgage funds and Stamp Duty are all required to be dealt with before anything can by finalised.
The best thing was the efficiency of James’ service, he was always at the end of the phone for us and was so easy to talk too and we always felt comfortable asking any questions we had. Response times were excellent, and James was always very clear and reassuring when answering our questions. So easy to deal with, great communication by email, phone and WhatsApp. We’ll certainly be in touch again should we need any legal support or advice.
Friendly, easy to talk to, professional support from start to finish. The service was exceptional, communication was timely and never overbearing. Everything was explained clearly along with expected timelines for completion. The team went above and beyond to sort out any issues that may have arisen during the process. Overall, very satisfied with the service.
High quality service made the transaction easy from start to finish. Service was convenient, communications through email and a home visit for document signing.
On reaching the completion of the process, you can collect the keys from the auctioneers by paying the vendor’s solicitor the remaining amount. The transfer deed will be completed and the legal title in the property passes to the buyer at this stage too.
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