Buying Commercial Property
When would you use a solicitor for buying commercial property?
- Buying a business
- Buying sites and property for development
- Buying commercial units e.g. a warehouse, factory or an office
- Buying retail property units
- Building property portfolios
- Buying a charity or not-for-profit organisation
Our commercial property department is based in Birmingham, where each of our specialist commercial property solicitors has extensive experience in buying commercial property.
The steps below are a guideline, to give you an idea of the process involved in buying commercial property and what you would need a solicitor for:
- The first step is often an initial meeting but can be a telephone conversation with one of our commercial property solicitors to discuss your purchase and any specific requirements. We like to communicate with our clients in plain English without using lots of legal jargon, so this meeting should not take any longer than necessary
- Once we have understood your aims, we can give you an indication of the timeframes and expense involved
How long does it take to buy a commercial property?
As you would expect, all cases vary. This depends on the type of commercial property you are buying; the complexity of the deal and possibly your commercial property funding requirements. Normally, however, commercial property transactions will be completed in around 3 months from start to finish, although we will always try to work to your timescale if at all possible.
What fees are involved in buying a commercial property?
Our specialist commercial property solicitors have many years of experience in purchasing commercial property and will be able to give you a realistic estimate of costs at the beginning of your transaction. This will not change unless the circumstances of the transaction or your instructions significantly alter.
What is the role of a commercial property solicitor in a property transaction?
To ensure a smooth purchase, which is both time and cost effective, we will:
- Liaise with the relevant parties involved in the transaction e.g. solicitors and agents
- Review the commercial property sale agreement and explain the terms to you
- Carry out the property searches, which include the local search; environmental search; water and drainage search and any other relevant searches for the particular property
- Review the land registry title and identify any defects or areas of concern
- Report to your lender if applicable
- Prepare and submit the stamp duty land tax return at HMRC
- Register the property in your name at the Land Registry
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