Buying and Selling Commercial Property
Buying or selling commercial property is often complex, involving substantial liabilities and restrictions. If you are putting together a commercial property deal, our commercial property lawyers can provide comprehensive legal advice to ensure that you fully understand the implications and can make the most of your opportunities.
How we can help with buying and selling commercial property
Property transactions are a big undertaking. Our commercially focused solicitors understand the importance of a well-structured deal that will allow you to achieve a good return on your investment.
We can also make sure any sale or purchase goes through as smoothly as possible and without avoidable delays.
Our team of commercial property conveyancing solicitors have experience across a range of sectors and in all aspects of commercial sale and purchase, including:
- Purchasing commercial property
- Selling commercial property
- Adding to property portfolios
- Commercial buy-to-let and investment mortgages
- Commercial mortgages
- Transfer of commercial property
- Purchasing or selling sites for property development
- Purchasing or selling commercial units
- Purchasing or selling retail property units
We can also represent and advise you in respect of any other related commercial property needs you may have.
Consult our commercial conveyancing solicitors in Eastbourne and Hastings
For assistance with any aspect of commercial property law or commercial conveyancing please contact a member of the team for a no obligation discussion:
- Call: 01323 434420
- Email: email@example.com
- Or pay us a visit at 28 – 30 Hyde Gardens Eastbourne East Sussex BN21 4PX
Our commercial property sale and purchase services
Selling commercial property
If you ask us to represent you in the sale of a commercial property, we will start putting the paperwork together straight away so that as soon as a buyer is found we are able to send out a comprehensive contract package to your buyer’s solicitor.
As well as obtaining your title deeds, we will assist you in filling in the Commercial Property Standard Enquiries and putting together other documentation that your buyer will need to see such as planning consents, information about use classes, lawful use certificates, energy performance certificates and information about business rates and Stamp Duty.
We will draw up the heads of terms, the document which will form the basis of the sale agreement and which will include issues such as any rights which you will retain, the preferred timescale, a definition of the property and land being sold and any special conditions.
Once you have found a buyer, we will respond to any enquiries they may raise and negotiate the sale agreement or contract with their solicitors.
Both parties will agree on a date for completion and we will exchange contracts, at which point the sale will become legally binding.
Buying commercial property
If you ask us to represent you in the purchase of a commercial property, we will investigate the title on your behalf to ensure that it is sound and raise enquiries with the seller’s solicitor in respect of any issues of concern.
We will also carry out any necessary searches and report to you on the results.
We will ensure that all of the financial issues are clear at this stage, advising you on the terms of any mortgage finance and the amount of Stamp Duty and other expenses that will be payable on completion.
The agreement for sale document will be agreed between you and the seller and we will negotiate this where necessary to ensure that your interests are protected. Contracts will then be exchanged and a date set for completion.
Our commercial property sale and purchase advice fees
We aim to give you certainty with regard to our fees as well as ensuring our prices are competitive while maintaining the highest standards of legal advice and client service.
In some cases, we are able to offer fixed fees, agreeing on a price with you in advance. For more complex matters we will let you know the hourly rates of the solicitors dealing with your case and give you as accurate an estimate as possible.
Commercial property sale and purchase FAQs
The length of time taken depends on the complexity of the transaction as well as the other party’s willingness to proceed quickly.
At Stephen Rimmer Solicitors, we always work proactively to ensure there are no delays on our part and we do all we can to push a sale or purchase through as fast as possible. However, in some cases, it could take months to complete if there are extensive negotiations or complications regarding the title, use or other details, or if the other party is not in a hurry to finalise the deal.
If the property comes with a sitting tenant we will talk through your liabilities and obligations in this respect. Depending on the lease, the tenant is likely to have the right to stay in the property, even after you have purchased it.
The lease may also give them the right to sublet or assign the lease to someone else, although you would usually have the right of approval in respect of a new tenant.
Before you go ahead with the purchase, we will explain the terms of any lease to you to ensure that you are fully aware of the implications of taking this on.
There is a threshold above which Stamp Duty is payable. For commercial property or property which is part commercial and part residential the rates are as follows:
|Property or lease premium or transfer value||SDLT rate|
|Up to £150,000||Zero|
|The next £100,000 (the portion from £150,001 to £250,000)||2%|
|The remaining amount (the portion above £250,000)||5%|
It is always recommended that you have a survey carried if you are buying a commercial property to ensure that the property is a sound investment. If the survey reveals problems, you can decide whether to pull out or renegotiate the price to take into account the works required.
All commercial land and buildings have a designated ‘permitted use’. There are different classes including the following:
- Class B2 – industrial uses not included in Class E
- Class B8 – wholesale warehouses and distribution centres
- Class E – shops, restaurants, professional services, indoor sports facilities, healthcare premises, day care, offices and light industrial
We will advise you on the class assigned to the premises you are buying to ensure that you will be able to carry out the business that you wish there. We can also advise you in respect of applying for change of use if appropriate.
Speak to our commercial property solicitors in Eastbourne and Hastings
Our commercial property lawyers can advise you in respect of all aspects of a sale or purchase to make sure that you fully understand the implications of the deal.
Based in offices in Eastbourne and Hastings, our commercial property law solicitors work with clients all across East Sussex, including in Bexhill-on-Sea, Hailsham, Polegate, Battle, Pevensey and St Leonards-on-Sea.
For advice and guidance in respect of the purchase or sale of commercial property, please contact our expert team now:
How can we help you?
Call us today on 01323 644222 to get the specialist help you need.