Here you will find answers to the most popular questions related to commercial conveyancing. If after reading this guide, you still have unanswered questions, feel free to book a consultation with one of our commercial conveyancing solicitors (0161 491 3933).
What is commercial conveyancing?
Commercial conveyancing refers to legal work required when transferring ownership of a business premises through a sale or purchase. It also refers to transferring occupation of the business premises through transferring a lease. In many senses, commercial conveyancing is like residential conveyancing in that it is the process of transferring the title of a property from one person or company to another.
Commercial property is split into four categories:
- retail (e.g., shops, shopping centres, supermarkets, etc.)
- leisure (e.g., hotels, pubs, restaurants, etc.)
- industrial (e.g., warehouses, industrial estates, etc.)
Whenever an individual wants to buy, sell, or transfer the lease of a commercial business premises, they will require the help of a specialist real estate commercial conveyancing solicitor. The solicitor will draft commercial conveyancing documents, which include lease agreements, applying for relevant planning permissions and so on. It is vital that a business property is conveyed correctly during the purchase process because errors in the transfer of the title is a costly mistake and therefore it’s important to find a reputable commercial conveyancing solicitor.
How long does commercial conveyancing take?
The commercial conveyancing process generally takes 6-8 weeks from receipt of the contract documentation from the sellers’ solicitors.
What can a commercial conveyancing solicitor help me with?
A commercial conveyancing solicitor will be able to help with the following matters:
- Buying, selling, mortgaging, or re-mortgaging a business premises
- Due diligence
- Drafting or negotiating leases
- Transferring a business property lease
- Commercial mortgages include liaising with advisors
- Issues related to rent reviews
- Termination of leases
- Renewing or extending existing business leases
- Planning permission
- Development of business premises
- Repossession proceeding
- What is a conveyance agreement?
A conveyance is usually performed using a conveyance instrument. This is a written instrument or contract that summarises the commitments and responsibilities of both the buyer and the seller which includes the purchase price, date of transfer, and any other terms and conditions related with the sale.
What is the reason for seeking a commercial conveyancing solicitor?
Conveyancing is the legal practice of transferring ownership of a property from one person to another. When buying a commercial property, your conveyancer’s job is to secure title, together with all the rights of the land, and make sure you’re aware of any limitations before you become legally obligated to the purchase.
What is the difference between a deed and a title?
A deed is a conventional written document that has force in law to change the rights and duties of the parties to it. A Conveyance (or Deed of Conveyance) is the legal document by which the sale of a plot of unregistered land is affected.
What is the legal transfer that takes place during the commercial conveyancing process?
Conveyancing is the legal transfer of a property from one owner to another. The process involves a conveyancing solicitor or licensed conveyancer who acts on behalf of the buyer to ensure their client receives the title deeds to the property and the land it sits on.
What will my commercial conveyancing solicitor do pre-contract when I’m buying commercial property?
Initially, your commercial conveyancing solicitor will investigate the property title and carry out any pre-contract searches. During this stage, CPSEs or Commercial Property Standard Enquiries will be carried out and any problems that appear will be investigated by your solicitor.
If you are using a mortgage to fund your commercial property purchase, the mortgage offer you have received will be verified. For commercial property purchases, VAT may need to be dealt with, and your solicitor will be able to advise you if this is necessary. For leasehold purchases, lease terms and landlord information will be recognised at this stage too. Once all the above is completed, the commercial conveyancing solicitor will draft a deed to send to your sellers’ solicitor for their approval.
How do I begin the commercial conveyancing process with a trusted solicitor?
If you’re looking to buy or sell commercial property or land, be sure to get in touch with one of our commercial property solicitors, who can assist you with the commercial conveyancing process. Call our office to book a consultation on 0161 491 3933 or email us on firstname.lastname@example.org