Property conveyancing solicitors near you.
MG Legal are experienced and qualified Property Law Solicitors who know what questions to ask to ensure that you have the information you need to be satisfied that you are making the right choice in your purchase. We are with you every step of the way ensuring that you have the legal advice and assistance on your commercial property matters from the property searches to completion.
Get in touch and talk to an expert property conveyancing solicitor today.
MG Legal's expert property solicitors are experienced in dealing with all aspects of residential and commercial property sales and purchases.
Why choose MG Legal?
Whilst selling your commercial property may seem a lengthy process, when you are dealing with our experienced Solicitors, we can assist to ensure that everything goes as planned, keeping you up to date and make you aware of all the elements involved in the sale.
Stages of buying a commercial property.
1. Once you have found a commercial property you wish to purchase, you will need to make a written offer to the Vendor or the Vendor’s Commercial Estate Agent. Read our 10 Tips for Buying your first Commercial Property.
2. Remember that you should only make an offer, once you know how you will fund the purchase.
3. If you offer is accepted, you should look to request that the property is removed from the market.
4. Instruct a Solicitor, your Solicitor will send you various documentation, which you will need to sign and return. If you are buying a commercial property in the name of a company then the Solicitor will act for the Company rather than you as an individual.
5. A sale agreement with the main points of the sale agreement will be drafted once your offer has been lodged and accepted. This is called the Heads of Sale agreement.
6. Your Solicitor investigate the title of the commercial property and arrange the pre-contract searches.
7. On the back of these investigations, your Solicitor will raise any necessary enquiries that have appeared as a result of the Searches, the title and the CPSE Enquiries (Commercial Property Standard Enquiries). Along with the Enquiries, the Solicitor will draft a Transfer and if you are obtaining Mortgage Finance the Mortgage Offer will be checked.
8. VAT may also need to be considered for commercial transactions.
9. If the property is not Freehold, your Solicitor will consider the Lease Terms or the Property and raised enquiries with the Landlord
10. Once all issues and enquiries are resolved, a report letter will be sent to you along with all the documentation that will require your signature.
11. When your Solicitor has all your signed documents and cleared deposit funds, then you can look to begin to set dates for exchange of contracts and completion.
12. When the contracts have been exchanged the transaction will be deemed legally binding.
13. Your Solicitor will provide you with a financial statement to enable you to provide the balance monies in order to complete.
14. On Completion, Stamp Duty will be paid and the transaction will be registered with the Land Registry.
Frequently asked questions about buying a commercial property.
Who is buying the Property?
What should you consider if you are purchasing a property with a Long Leasehold?
What Stamp Duty is payable?
Will VAT be payable?
What is Service Charge?
What are the costs to consider when buying a commercial property?
What are VOA valuations?
Most common commercial property terms
7 day notice – Notice period required before exchange of contracts on a repossessed property
Best and final – When a property has several interest parties, the agents may ask for sealed bids, “best and final” is the agents term for this.
BMV – Below market value
Broker – Mortgage broker who offers finance
Deposit – Amount of deposit you have to put down against the purchase price
DIP – Decision in Principle (for a mortgage)
AIP – Agreement in Principle (for a mortgage)
Freehold – the land the property sits on
Freeholder – the person who owns the land that the property sits on
Gazundering – they have an offer reduced at the eleventh hour
HMO – house of multiple occupancy
Leasehold – a property where the land it stands on is owned by someone else
LO – Lease Option
LTV – Loan to Value
Part Exchange – a property is taken in a part payment for another property
Peppercorn Rent – relates to a ground rent or service charge of a leasehold property
Shared Ownership – the percentage of the property is retained by the builder or housing association and rent is paid for this share
Vendor – Seller of the property