When would you sell a commercial property?
Situations where a person selling a commercial property would need a solicitor include:
- Selling a business
- Selling sites and property for development
- Selling commercial units e.g. a warehouse, factory or an office
- Selling retail property units
- Selling property portfolios
- Selling a charity or not-for-profit organisation
Process of selling a commercial property
Our commercial property department is based in Birmingham, where each of our specialist commercial property solicitors has extensive experience in selling commercial property.
The steps below are a guideline, to give you an idea of the process involved in selling 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 sell a commercial property?
As you would expect, all cases vary. This depends on the type of property that is being sold; the complexity of the deal and your buyer’s commercial property funding requirements. Normally though, commercial property transactions will be completed in around 3 months from start to finish. We will always, however, try to work to your timescale, if at all possible.
What are the fees involved with selling a commercial property?
Our specialist commercial property solicitors have many years of experience in selling and purchasing commercial property and will be able to give you a realistic estimate of cost at the beginning of your transaction. This will not change unless the circumstances of the transaction dramatically alter.
What is the role of a commercial property solicitor in a property transaction?
To ensure a smooth sale, which is both time and cost effective for you, we will:
- Prepare the commercial property sale agreement and compile the necessary documentation to send to the buyer’s solicitor
- Prepare replies to standard enquiries and reply to any specific enquiries raised
- Liaise with your lender if applicable, in relation to repaying any mortgage
- Arrange completion and transfer your funds to you