Buying a Commercial Property

Whether you are looking for your next business premises or you want to expand your investment portfolio, we can assist with all aspects of buying commercial property.

As well as expertise in property law and commercial law, we apply a genuine understanding of our clients’ requirements, goals and budget to produce positive results in their commercial property transactions. Our depth of experience and down to earth approach to communication allows a working relationship tailored to your specific needs.

If you wish to speak to someone regarding selling commercial land/property, please give us a call or email us at info@lewisdenley.com.

Commercial property acquisitions can be an expensive investment but we will use the breadth of our expertise to help you secure your purchase at the very best value. We pride ourselves on fostering long term relationships with our commercial clients.

Our pricing is intentionally designed to be transparent and affordable and is based on the reasonable costs for our service, not the size of your business.

If you wish to speak to someone regarding buying commercial land/property, please give us a call or email us at info@lewisdenley.com.

Our commercial property solicitors’ expertise

Whether your purchase involves a:

  • Freehold
  • Leasehold
  • Auction property
  • Portfolio or SIPPs investments or
  • Acquisitions through special purpose vehicles

our commercial property team is here to assist.

We work very closely with clients, lenders, independent financial advisors and surveyors to ensure transactions run as smoothly as possible.

We can also offer expert corporate and commercial law services in conjunction with our commercial property service to help you with a wide range of associated matters, including taxation, company structuring and commercial contracts.

Buying commercial property – the process

We can handle the entire process of buying commercial property on your behalf. Every transaction is unique so we will tailor our advice to suit your individual situation. However, a typical purchase may work as follows:

Finding your commercial property

Whatever type of purchaser you are – whether you are a business owner, developer, or investor – finding the perfect property or piece of land is the first big step. Factors you should take into consideration include:

  • Use – such as office, industrial, or retail space. If you want to change the use of a property, you may be able to make an application to your local authority but this will incur further costs.
  • Tenure – whether it is freehold or leasehold
  • Size
  • Location
  • Transport links
  • Parking facilities
  • Local amenities, such as shops and cafes

Negotiate an offer and Heads of Terms 

Once you have agreed on a purchase price with the seller, their agent will usually provide Heads of Terms to set out your agreement. Your agreement is not yet legally binding so you can still back out of the purchase if further investigation reveals the property is not suitable.

If you require finance to purchase the property, you should negotiate this with your lender as soon as possible to prevent any delays affecting the transaction. We will liaise with your mortgage lender and review the terms of your mortgage.

Contract and Commercial Property Standard Enquiries (CPSEs)

The seller’s solicitor will send us the contract and other important documents such as:

  • Title Deeds
  • Lease (if necessary)
  • Commercial EPC (Energy Performance Certificate)
  • CPSEs – these are forms which set out important information about the property

Due diligence

Once we have received all the preparatory information from the seller, we can carry out our investigations. We will review the documents and make further enquiries on any points that need clarification.

We will also conduct property searches, including:

  • Local authority searches
  • Environmental searches
  • Water and drainage searches

Depending on the property’s type and location, we may also recommend further searches, such as coal mining searches.

Exchange of contracts 

Once you are satisfied with the condition of the property, we will be ready to exchange contracts. At this stage, you will need to sign the contract, mortgage documents, transfer deed and any other documents, and transfer the deposit monies to us.

Once contracts are exchanged, the transaction will become legally binding. At this point, you cannot back out of the purchase without losing the deposit and incurring other costs and penalties.

Completion

Upon completion, the property will officially become yours. We will transfer the remainder of the purchase monies to the seller, register you as the new owner at the Land Registry and pay any Stamp Duty Land Tax.

Costs for buying commercial property

When you buy commercial property, you will need to take into consideration costs such as:

  • Your solicitor’s fees – we offer flexible payment options designed to work with your budget. Wherever possible, we can offer fixed fees and we are always clear and transparent about the costs of our services.
  • Stamp Duty Land Tax – all commercial property purchases over £150,000 will attract Stamp Duty. We can provide advice about how much you can expect to pay and arrange the payment and tax return on your behalf.
  • Business rates – these are rates charged by your local authority on most commercial properties, including shops, offices and factories.
  • Mortgage arrangement fee – this is an administrative cost for your lender to sort out your mortgage. Depending on the type of product you choose, you may or may not have to pay a fee, but you should always consult an independent mortgage broker to ensure you are getting the best deal.
  • Insurance – the type of insurance you need will depend on the purpose of your commercial property. For example, for business premises, you will likely benefit from commercial property insurance which covers both the building and the contents. If you have a mortgage, you will likely be required to at least take out buildings insurance. 

As well as the costs associated with the purchase of commercial property, you should also take into account the costs of maintaining the property, such as:

  • Refurbishment and fittings
  • Waste management and collection
  • Cleaning
  • Security
  • Ongoing maintenance

Get in touch with our commercial property solicitors in Horsham 

If you would like further information or advice on selling commercial property, contact us today by giving us a call at our offices in Horsham, West Sussex, or by emailing info@lewisdenley.com.

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    We recently used Lewis Denley to purchase a property and would enthusiastically recommend them. Every member of staff we dealt with was great, but in particular Carrie Foley was impressive from start to finish. She was efficient, friendly and very helpful. Always there when we needed her, often ten steps ahead, and she was patient and adaptable when other solicitors in the chain were causing tremendous problems. Cannot recommend this firm highly enough!
    Laura
    Lewis Denley Solicitors have been great to work with. They are highly professional, always kept us in the loop and updated on where the sale of our property was at. They kept the process moving and we were able to complete the sale in a short space of time. Awesome solicitors who actually get the job done and to top it off they don't charge the earth!
    Brigitte
    Fair price, transparent in their dealings. A bit slow to respond on occasions but have been hampered by Covid restrictions. On the whole a satisfactory experience - but then it wasn't a particularly testing conveyancing job.
    Christopher
    I am very satisfied with how Lewis Denley handled my house purchase, as the process was adapted in order for completion to go ahead, despite the COVID-19 pandemic. For example, the use of an ID recognition app and use of email to reduce the risk of face to face meetings. I will be using Lewis Denley in future.
    Rosie Inman
    Lewis Denley came highly recommended when searching for a solicitor. The entire process was faultless. Mabelline Appaiha was my solicitor and Anna Stoneham my paralegal. Both were extremely efficient and thorough. Managed to exchange and complete within 6 weeks. I will definitely use LD again
    Derrick Barendse

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