Buying or Selling a Commercial Property

We act for a range of clients, both individuals and companies, in connection with the sale and purchase of a commercial property.

This could involve buying a building from which to run your own business or buying an investment property which is currently let to an occupying business and/or a residential flat owner so that you will receive the rental income.

We can assist you whether you are a buyer or seller and, in the case of a buyer, we can also assist you if need to obtain finance through a mortgage lender for your purchase.

How can we help you?

When buying or selling a property, the legal work is split into various stages. These include:

1. Investigating the Title

To check that the seller has the right to sell the property, and to highlight any other interests that may affect the property.

2. Obtaining Searches of the Property

To reveal whether any potential legal risks affect the property and your use of the property.

3. Raising Enquiries for Buyers or Responding to Enquiries for Sellers

The seller must disclose detailed information about the property. If acting on a purchase we will raise questions of the seller about the property and pinpoint any legal issues which are likely to affect your use of the property. If acting on a sale we will deal with any questions raised by the buyer’s solicitor.

4. Exchange of Contracts

This is when you become legally bound to buy or sell the property.

5. Completion

The transaction is finalised.

6. Registration

The transaction is registered at HM Land Registry.

The cost will depend on your specific requirements, the services needed and the complexity of the transaction. However, we aim to be transparent with our fees throughout the process. When we provide an estimate for you, we try to provide as much information as possible, so that you have a clear understanding of what the transaction will cost from the start.

For a free and bespoke Commercial Property quote, please contact us:

+44 (0)20 8852 4433
enquiries@beverleymorris.co.uk

If calling or emailing, please provide us with the following information:

Buying A Property:

  1. Property address
  2. Purchase price
  3. Type of property (e.g. shop, office)
  4. Amount of any mortgage or other borrowing
  5. Your intended use of the property (e.g. café, offices)
  6. Whether you are aware of any existing commercial or residential leases being in place at the property

Selling A Property:

  1. Property address
  2. Sale price
  3. Where you have a mortgage, the approximate amount outstanding
  4. The current use of the property and the buyer’s intended use
  5. Whether there are any existing commercial or residential leases in place at the property
  • If you are selling a property via an agent you will need to consider any associated fees.
  • When buying a property we would always advise you to have a survey carried out.
  • If you are proposing to carry out works to the property for which planning permission may be required, or if you propose to change the use of the property, then you will need to cover any costs payable to the local planning authority.
  • You will need to cover the cost of any search fees.
  • Consider whether Stamp Duty Land Tax is payable.

Stamp Duty Land Tax (SDLT) is payable to the Government if you buy a property or take a lease of land over a certain price in England, Wales and Northern Ireland. The amount you will need to pay depends on the price you pay for the property.

The following link will help you to calculate the stamp duty payable. There are a number of factors involved in calculating stamp duty and please feel free to discuss this with us.

www.stampdutycalculator.org.uk

The length of a transaction differs from case to case. We don’t want to raise false expectations by promising a precise time frame at the outset, as it’s impossible to predict any issues that may arise. That said, we aim to deal with your matter as efficiently as possible and we will always bear in mind any particular time frame to which you may want to work.

We pride ourselves on our honesty, and will always let you know if we think your goals may not be achievable.

Surveys

If you are borrowing from a lender, whilst the lender might provide you with a valuation report, this simply confirms to the lender that the property is worth lending against. It will not reveal any other issues that may affect your desire to purchase the property, such as structural problems. We strongly advise our clients to obtain a survey of a property before they purchase.

Planning

If you are purchasing a property but wish to use it for a different use to that for which it is currently being used or wish to make any changes to the property you may need planning permission. We can advise you further about this but you might need to engage the services of an architect or a planning firm. This could involve additional fees including fees payable to the local planning authority.

 

If you have a query about a commercial transaction that is not shown on this page we may still be able to help. Please call or email us to discuss your query further.
+44 (0)20 8852 4433
enquiries@beverleymorris.co.uk

Commercial Property Team

Richard Hutson

Head of Commercial Property
Lewisham Office
Email Richard

Louise Bate

Lewisham Office
Email Louise

Martin Hopkins

Lewisham Office
Email Martin

Angela Stanton

Head of Conveyancing
Blackheath Office
Email Angela