1. Sales and Purchases of Commercial Freehold, Leasehold and Commonhold Properties
We act for a variety of clients ranging from sole traders and small partnerships to large companies.
We understand that you require matters to be dealt with both quickly and efficiently and also to be able to raise queries with us as and when the need arises throughout the transaction.
When acting on a sale or grant of a lease, we aim to submit papers to the other party's solicitors within 2 working days of receiving instructions from you and receipt of all relevant documents.
When acting on a purchase, we aim to deal with any papers received within 1 working day. Our intention is that your matter progresses as quickly as possible to completion.
It is our intention to provide advice and assistance on not only the legal aspects of the transaction, but also practical advice to enable you to achieve your aims.
Often in these types of transactions, other matters arise for example queries with regard to employment or company matters. As we have departments dedicated to these, it is easy for us to refer them and for them to be resolved.
Whilst the basics of these transactions are similar to residential properties, there are a number of additional matters which will need to be taken into account.
For example:
- Is the property being sold with the benefit of an ongoing business?
- Is the property currently let to someone else and, if so, will such tenancy continue following the completion of the transaction?
- Does work have to be done to the property to make it suitable for your business and, if so, will this be done before or after you have completed your purchase and at whose cost?
If you are purchasing or selling a leasehold property;
- Is there to be any rent free period?
- Does the current planning use of the property cover the nature of the business you wish to run?
- Have all relevant planning permissions and building regulation consents been obtained?
- Are there any outstanding matters with the local authority relating to health and safety issues?
- Should you buy the property in your name or form a company to do so?
- If the property is leasehold will you be able to renew your lease when it expires?
- Will the landlord legitimately be able to require a rent deposit from you before agreeing to grant a lease to you or agree to a lease being assigned to you?
- What will your repairing obligations be both during the term of the lease and also at the end and is there anything you can do to minimise the potential costs/risks especially in relation to a schedule of dilapidations?
If you are a landlord:
- What are your legal obligations both under the terms of the lease and also statute in respect of the property itself, the tenant and people who attend at the property?
- What plans will be needed?
- Do you need to be concerned about what the tenant does at the property?
- Who is to insure the property?
- When should the rent be reviewed and what are the effects of the other terms of the lease in relation to what rent you can seek on a rent review?
- Will the tenant pay the rent? What can be done to try and ensure that he does do so and on time?
- Who is responsible for maintaining the interior and exterior of the property?
- What service charges should be levied?
- Should the provisions of Sections 24 to 28 of the Landlord and Tenant Act 1954 be excluded and what potential adverse affects might this have and what are the advantages?
- Should there be a guarantor and, if so, who is suitable?
- Should you have a rent deposit and can you insist on one?
- What is the status of the tenant?
- What are the risks in letting to a limited liability company and how can these be minimised?
- Do you need the consent of a third party before granting the lease; agreeing to its assignment or accepting a surrender?
With our experience and expertise we will be able to advise you on these and other matters.