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 firstname.lastname@example.org.
Our commercial property solicitors’ expertise
Whether your purchase involves a:
- 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
- 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
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.
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
- Ongoing maintenance