Commercial Conveyancing Solicitors
If you are acquiring or disposing of commercial real estate whether for investment or otherwise then we can help guide you smoothly through the process from start to finish.
We also have experience of auction sales and purchases, contracts conditional on planning and more complex transactions subject to options, overage or clawback.
“Very professional, knowledgeable and accessible lawyers.”
Chambers and Partners
FAQs – Buying and Selling
Due diligence is necessary to ensure you know enough about the property to be able to make an informed decision on whether the transaction is an appropriate investment for your business. You do the following before entering into the transaction:
- check title documents, leases and contracts currently related to the property
- carry out inspections of the site for any defects or maintenance issues
- check financing options available to you
- commission a surveyors’ and valuers’ reports to determine the value and condition of the property
Heads of terms set out the main terms agreed between the parties. They are used towards the beginning of the transaction to indicate an agreement in principle between the parties, and outline the timescales and each parties’ obligations in the process.
However, the parties are not legally obliged to enter into a contract on those terms or at all.
Following completion, you will need to pay any Stamp Duty Land Tax owed on the transaction, if any, and register it with the Land Registry, if capable of registration, within a specified period in most instances.
As the owner of a freehold interest, you are the owner of the land and the buildings and that ownership is not limited by time. A leasehold interest is not so simple. You hold an interest that is limited to the length of the lease.
The landlord retains ultimate ownership of the property, and the lease sets out the details of the relationship between the tenant and the landlord. Many property transactions are conducted on this basis.
