Even in uncertain times, commercial property remains a good investment opportunity, from small local shops to large office blocks.
Commercial assets can provide very stable and sustainable investments, especially if there is already an established tenant in place providing you with rental income. They can also offer an opportunity for redevelopment, including conversion to residential usage under permitted development rights.
The Commercial Property team at Braddon & Snow can provide specialist advice and support in helping you to purchase property, including:
- Undertaking conveyancing searches and reviewing these in light of your business interests
- Reviewing the terms of any commercial or residential leases to which the property is subject
- Supporting you in an application for a commercial mortgage
Want to know more about how commercial conveyancing works? Read our guide to how commercial conveyancing works.
Why trust our team with your commercial property conveyancing?
Our team is highly experienced in all types of commercial property transactions. We have helped businesses and investors to buy and sell commercial property for many years, with an excellent track record of completing transactions on time and with minimal fuss.
We have handled commercial property sales and purchases including for shops, offices, restaurants, warehouses, factories, hotels, sports facilities and nursing homes.
We consistently achieve high customer satisfaction, with a very good rate of returning clients and recommendations from previous clients.
Our team believes in providing clear, practical real estate advice, with a keen eye for our clients’ business priorities and the commercial realities they need to deal with.
Speak to our commercial property solicitors in Hoddesdon or Broxbourne
For a free, no obligation commercial property conveyancing quote or to find out more about how we can help you, please get in touch:
Making or accepting an offer
The first step is for an offer to be made by the buyer and accepted by the seller. At this stage the terms of the deal may be quite general, covering the sale price and the key items included in the sale (e.g. fixtures and fittings within the property).
The agreement will not be legally binding at this point, meaning either party remains free to pull out or renegotiate if they wish to do so. The seller will be free to accept a higher offer if another potential buyer is interested in the property.
Due diligence for commercial property sales & purchases
It is essential that the buyer ensures a proper due diligence process is carried out before signing any contract of sale on a commercial property they wish to buy.
The buyer’s solicitor will look at the property deeds and carry out various searches to see if there are any potential issues with the property or that could affect the buyer once the sale is final. They will also raise any potential issues with the seller’s solicitors, for example, clarifying exactly what is included with the sale.
At this stage, it is also normally sensible for the buyer to have a chartered surveyor carry out a survey of the property to ensure it is structural sound and that any remedial work that may be needed is identified. If any work is needed, the buyer made need to renegotiate the sale price to reflect this, which will normally be handled by their solicitor.
Negotiating and drafting contracts of sale
The buyer’s solicitor and the seller’s solicitor will negotiate the exact terms of the sale and the seller’s solicitor will then draft a contract of sale setting out these terms.
Contracts of sale for commercial property will typically cover:
- The sale price
- When the sale will be completed
- The property boundaries
- Exactly what is included in the sale (e.g. fixtures and fittings)
- Any legal restrictions, rights of way etc. that affect the property
- Any planning restrictions in place
Once the buyer’s solicitor receives the draft contract of sale, they should go through this line by line with the buyer to ensure they fully understand the terms of the deal. Any concerns the buyer or their solicitor have can then be raised with the seller’s solicitors and any amends needed to the contract can be agreed.
Exchanging contracts on a commercial property
Once both parties are happy with the contract of sale, two copies will be produced, one for the buyer and one for the seller. Their respective solicitors will go through the copies line by line to ensure they are identical. Their clients will then sign their copy and the solicitors will then exchange copies (usually by recorded post).
Once contracts have been exchanged, the sale will be legally binding. The buyer will normally pay a deposit at this point.
As part of the contract negotiations a ‘completion date’ will be agreed. This is the final stage in the process, where the buyer pays the outstanding balance and the seller hands over the keys to the property. Once this is done, the sale is complete and the buyer is now the owner of the property.
At this stage, the buyer’s solicitor will need to pay any Stamp Duty Land Tax (SDLT) owed on the property. They will also need to update the property title to reflect the change in ownership.
Our commercial conveyancing fees
We offer fixed fees for buying and selling commercial property where appropriate. This covers both our fees and the costs we pay to third parties (known as ‘disbursements’).
In the unlikely event that any unexpected complexities or other issues arise during the course of your transaction, or there is a change to your instructions, we will agree any resultant change in fees with you in advance.
To request a commercial conveyancing quote, please get in touch.
Our other commercial property services
As well as helping with buying or selling commercial property, our Commercial Property team can assist with matters including:
You can also find out more about our general commercial property expertise.