Commercial Conveyancing Process
When it comes to buying or selling a commercial property , it is very easy to get caught up in frustrating delays. It is not only down to the solicitor to ensure the process runs smoothly but the buyer or seller does need to be aware of a few things to ensure how to avoid conveyancing delays. Before you start the process of course, the first question that appears in mind is to find the right conveyancer or property solicitor.
Commercial conveyancing is the process by which commercial properties or land are bought and sold with the transactions carried out by a commercial property solicitor. This is how it works:
If you’re purchasing a commercial property you can expect your solicitor to do the following:
* Investigate the title to the property you’re buying and initiate all pre-contract searches.
* Raise any necessary enquiries that result from the searches to CPSE Enquiries (Commercial Property Standard Enquiries). If you are having Mortgage Finance the mortgage offer will be checked and the Transfer Deed drafted for approval. VAT may need to be considered for commercial transactions and also the involvement of Managing companies and Landlords and lease terms if the property is not Freehold.
* Once all issues and enquiries are resolved, a report letter will be sent to you along with the relevant documentation for signature; this is likely to include the Contract, Transfer Deed or Lease, Stamp Duty Form and Mortgage Deed if applicable.
* When your Solicitor has received all your signed documents and has a cleared deposit, they can then agree with you and the Seller a date for completion and the exchanging contracts. This is when the transaction is deemed as legally binding.
* Your Solicitor will provide you with a financial statement to enable you to provide the balance monies due to complete the transaction.
* Stamp Duty will need be paid if necessary and the transaction will be registered with the Land Registry if required.
If you’re selling a commercial property you can expect your solicitor to do the following:
* After the legal title of your property has been investigated, including any Lease if a Leasehold property, the Contract for Sale will be drawn up and you will be required to complete the necessary CPSE enquiry forms.
* You will need to supply details of fixtures and fittings.
* The Buyer’s Solicitors will draft a Transfer Deed if necessary and raise enquiries, and questions regarding the Lease and VAT, if it is a leasehold property.
* If there are no issues and your Buyer and their Solicitor is satisfied with the answers to their enquiries and they have received a cleared deposit, you can agree a date for completion and exchange contracts. This is when the transaction becomes legally binding.
* Final completion takes place and you will receive the balance of the purchase monies from the buyer.
The above highlights the main steps of the commercial conveyancing process and your solicitor is there to ensure that everything goes as planned. It may appear as a lengthy process but if you are dealing with experienced and qualified professionals they will keep you posted and make you aware of all the elements involved in the process which is from beginning which involves property searches to getting ready for the completion day.
We at HS Lawyers have dedicated team of licensed conveyancers and property law solicitors who are readily available to provide legal advice and assistance on commercial property matters. Our conveyancing solicitors have dealt with multi-million pounds worth of property transactions and we have experienced property law solicitors are based in Wolverhampton, West Bromwich (Birmingham) and Peterborough.
Our property law solicitors have we have many years’ of experience of managing commercial conveyancing transactions so please get in touch if you have any questions.You can also speak to one of our property law experts by calling our head offices on 0121 525 2555 or submit your contact details in the contact us form and one of our team members from property law department will be in touch.