Property and commercial law - what you need to know
From financial matters to specialist IT services, there are times when businesses need to utilise the skills and expertise of external experts. One such area is commercial property law.
As a business, it is essential that the process of buying and selling property is undertaken properly and legally if the business is to maximise its investment or minimise any losses.
Commercial property comes in many shapes and sizes and includes property such as:
- industrial units
- schools and colleges
- public houses.
A specialist commercial property solicitor will deal with much more than commercial property purchases and sales and will use their expertise to help businesses with a wide range of legal matters including:
- drafting, negotiating and reviewing premises leases
- property finance
- preparing legal documentation for commercial property at auction
- purchases through commercial pension funds
- land purchased for development.
What does conveyancing involve?
Conveyancing is an important aspect of any property transaction and works to ensure your investment is legally protected.
When purchasing a property, whether a commercial property or a residential home, the conveyancing process is the same and includes:
- undertaking searches including for local authority, environmental and drainage
- land registry matters
- drafting and negotiating contracts
- organising stamp duty
- transferring funds.
The role of the solicitor in the conveyancing process is to ensure all relevant searches are done and that the contract is correct.
Ensuring the contract is accurate is essential to prevent future problems. From the outset your commercial property law solicitor will review the draft contract, checking for anything which could impede your ownership.
As part of the conveyancing process, your solicitor will also establish where the boundaries are of the property you intend to buy and check for guarantees for any work/additions to the property such as an extension, new doors and windows or boiler.
What costs are involved in a commercial property purchase?
Much like with a residential property, there are fees incurred when purchasing a commercial property. These include land registry fees, conveyancing fees and stamp duty. The amount of stamp duty required will depend on the value of the property purchased.
Expert law advice when you need it…
At Smith Partnership we have a wide range of expertise that sees us covering all aspects of commercial property law as well as experience of dealing with commercial lenders. We work with businesses from across a whole host of sectors including the licenced trade, residential care and the airline industry. Contact us to find out more.