The business end of conveyancing
With one in five people in the UK now running their own business, demand for commercial property is now higher than ever. From bijou business units to whopping warehouses, more and more UK citizens are looking to buy homes for their businesses. The demand for good commercial conveyancing solicitors have also risen dramatically over the years.
Going to work on conveyancing
Although you may have experience in buying residential property, the commercial world is a little different. For a start, there are all kinds of health and safety boxes that you’ll need to tick before allowing employees to set foot in the building.
The buying process for commercial property is also a little different – including conveyancing. Although you may have used a great Conveyancing Solicitor when you bought your last home, you will most likely need a specialist commercial lawyer when it comes to buying or even leasing your business premises.
A commercial solicitor is somebody who has specific experience in the purchase of commercial properties, commercial leases or even advising on the acquisition of existing businesses.
They will undertake the following tasks on your behalf:
* Investigate the title to the proposed property and conduct pre-contract searches, bringing any enquiries to your attention as necessary.
* Conduct searches and answers to Commercial Property Standard Enquiries (CPSE).
* Check your mortgage offer and draft a Transfer Deed for approval.
* Advise on VAT matters
* Advise on the existence of any third parties such as Landlords or Managing Agents
* Draft documents including report letter, transfer deed, stamp duty form and contract
* Provide a financial statement advising of monies needed to complete
* Registration with the Land Registry if necessary
When looking for a suitable solicitor it’s really important that you find somebody who is an expert in their relevant field.
Dependent on the type of transaction (and of course the complexities), websites such as the Legal 500 is a good starting point in shortlisting suitable experts. Unlike other branches of law, commercial conveyancing in particular goes hand in hand with Tax Law and getting in wrong now could cost you thousands and in some extreme cases, the business itself to the Tax Man.
In most cases, your Agent would also be able to recommend a local commercial conveyancer. That said however, it is always worth shopping around as you are likely to find a more cost effective service online.
Commercial property covers a vast range of buildings including offices, pubs, shops, warehouses, factories and more so you need to make sure that your solicitor has dealt with that kind of purchase before.
Though traditionally, it is hard to guesstimate the cost of legal fees with commercial property transactions, companies such as Express Conveyancing have introduced fixed fees to certain aspects of commercial property transactions. Similar to certain insurance products, it might be worth considering fixed fees as they might be cheaper in the long run, especially if your transaction turn out to be far more complicated later than you originally anticipated.
Before instructing a commercial Conveyancing Solicitor, don’t be afraid to ask for references and testimonials on previous commercial work.