What Can a Commercial Conveyancing Solicitor Help Me With?
Whether you’re a landlord or a business owner, if you’re buying, selling, or leasing a commercial property, you’ll need the services of a commercial conveyancing solicitor.
Much like their residential conveyancing counterparts, commercial conveyancing solicitors handle the legal process required to formally transfer ownership of any property that has a business purpose. This covers a broad array of property types, including:
· Offices and office buildings
· Land
· Retail units such as shops and shopping centres
· Leisure facilities, including hotels, gyms, and health clubs
· Industrial properties, for example warehouses and factories
When do I need a commercial conveyancer?
The process of buying or selling commercial property can be intensely complex. The same can be said of transferring a commercial lease from one party to another. There are multiple considerations to be made, checks to conduct and due diligence tasks to complete to legally complete the transfer of a lease or the ownership of the property from one party to another.
A reputable and experienced commercial conveyancing solicitor doesn’t just manage the practical aspects of drafting key documents. They’ll also conduct vital tasks such as applying for any necessary planning permissions, carrying out pre-contract searches to verify ownership, and guiding you through any problems or issues that may arise during the purchase process.
What can a commercial conveyancing solicitor handle on my behalf?
When you decide to take over a lease or purchase commercial property or land, your appointed conveyancing solicitor will act on your behalf. They can lend their expertise at multiple points in the purchase or lease process:
· Assisting with mortgage or re-mortgaging matters
· Drafting of a new lease agreement
· Extending an existing lease agreement
· Terminating a lease agreement
· Assisting with development matters such as environmental regulations
· Preparing planning permission applications
· Handling of repossession matters
· Conduct pre-contract searches
· Investigate the property title
· Investigate any discrepancies, errors, or problems brought to light by the pre-contract and title searches
· Drafting of the property deed
How does residential conveyancing differ from commercial conveyancing?
While both residential and commercial conveyancing cover the legal process of transferring ownership of a property, commercial conveyancing will often entail properties of a higher value and be more complex. That complexity arises due to the many compliance requirements imposed on commercial properties.
Commercial conveyancing may take longer to conduct than residential conveyancing, so it can also be more expensive.
What is the commercial conveyancing process?
The conveyancing process is broken down into a series of specific steps.
Step 1: You’ll appoint a commercial conveyancing solicitor to represent you throughout the purchase process.
Step 2: Your chosen conveyancer will then begin due diligence checks. This stage can be the most nerve-wracking for the buyer because it may bring to light planning restrictions or other legal issues that could set your purchase plans back.
Step 3: Your conveyancer will work with the seller’s representative to draft the contract of sale. This will formalise the price and any other conditions applicable to the sale of the property.
Step 4: If necessary, your solicitor will provide guidance and assistance to obtain the finance required for your purchase. This could involve applying for a loan, a mortgage or re-mortgaging an existing property.
Step 5: Once all terms are agreed, contracts will be exchanged, and the sale becomes legally binding.
Step 6: The agreed purchase amount is transferred to the seller, completing the transfer of ownership.
If you’re buying or selling a commercial property, our experienced and helpful team can help you to navigate the process with complete peace of mind. Get in touch to find out more.