MG Legal, Leading Commercial Property Conveyancing Solicitors. The team that put you first. Contact us to speak to a solicitor today: 01772 783314 or email at: property@mglegal.co.uk
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Commercial Property Sales Conveyancing Solicitors near you.
When selling a Commercial Property, there are numerous factors to be aware of, including lots of legislation.
MG Legal's property solicitors have full knowledge, expertise and understanding of the legislation surrounding commercial property sales, local property values, and an awareness of what commercial property buyers are looking for.
As a result MG Legal can ensure that your commercial property sale will be as easy and stress free as possible.
Stages of selling a commercial property.
#1
After the legal title of your property has been investigated, your property solicitor at MG Legal will draw up the Contract for Sale and request that you complete the necessary CPSE enquiry forms. You will also be asked to supply details of fixtures and fittings.
#2
The Buyer’s solicitor will draft a Transfer Deed and raise enquiries. You will be asked to sign the Transfer Deed if your solicitor approves the document, and you may also be asked to assist with the replies to enquiries.
#3
If there are no issues and your Buyer (and their Solicitor) is satisfied with the answers then you can begin to set dates for exchange and completion.
#4
Exchange of contracts is when the transaction becomes legally binding.
#5
Once final completion takes place, any fees will be paid, any mortgage redeemed, and you will receive the balance of the purchase monies.
Most common commercial property terms
7 day notice
Notice period required before exchange of contracts on a repossessed property.
Best & 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.
Commercial Conveyancing FAQs
Before you market the property, it can be a good idea to prepare a buyer pack so that they have everything they may need to make a decision as to whether to purchase the property.
Items to include:
Planning Permissions, Use Classes and lawful Use Certificates
Commercial Energy Performance Certificates (your agents will be able to help with this)
Business Rates details
You may also include an asbestos survey if you think it is necessary.
Commercial Agent Fees
Solicitors Fees
Mortgage Redemption or early repayment fee
Capital Gains Tax
Removal Costs
Your Agent or a Surveyor will be able to help you with this however they will consider a range of factors including the price of recently sold properties in the surrounding areas, market trends, availability of similar properties and the condition of your property.
Replies to Commercial Property Standard Enquiries – a set of standard questions sellers are asked to provide answers to when they sell their commercial property.
Planning and Building Regulation Documentation
Asbestos Survey
Fire Risk Assessment
Energy Performance Certificate
Any other documentation relevant to the property
This process is otherwise known as assigning. Essentially this is the same process as selling a freehold commercial property, the only difference is that you must inform the Landlord that you intend to sell/assign the lease. You will also have to check the lease to check if you are entitled to see the lease.
When you complete on the sale of a commercial property it will always be necessary to repay any mortgage you have taken out on the property. Before you complete your Solicitor will request a redemption statement from the bank which will outline how much you owe the mortgage lender and any fees that may be incurred as a result of paying off the mortgage early.
This is the first document involved in the sale of a commercial property, the document will state the terms of the sale which both the seller and purchaser agree to. The Heads of Terms usually cover the following points:
- Time limits on completion
- Conditions of the proposed purchase
- Sale price of the property
Whilst not legally binding, the Heads of Terms are useful as an initial understanding and the main points of the sale agreement.
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