Commercial Property
Posted on 23rd January 2024
At MG Legal, our Conveyancing Solicitors in Preston specialise not only in residential property, but also commercial property transactions.
Fixed-fee Conveyancing Solicitors:
MG Legal's leading Commercial Conveyancing Solicitors offer all of our Conveyancing services on a clear, fixed-fee rate.
Our team put your first, and work with care to ensure that your wishes are met. Call us today on a free, no-obligation basis at: 01772 783314.
Get in touch today to speak to our Conveyancing Solicitors.
What is commercial property?
Essentially, commercial property is property that is not designed or used for residential purposes. Primarily, commercial property deals with office, retail, leisure, and industrial buildings, but can also be used to refer to plots of land which are going to be used for commercial purposes, such as building houses. This is where the work of your Commercial Conveyancing Solicitors in Preston come in.
The main reasons for buying commercial property fall into the following:
Occupiers:
Approximately 45% of commercial property is bought by individuals who require premises to operate their business from. For example, you may be purchasing a shop to run your clothing sale business from, or an office unit to run your solicitors’ business from. Whatever the need for your commercial property purchase, our Commercial Conveyancing Solicitors in Preston can help.
Investors:
It is estimated that the remaining 55% of commercial property is purchased by investors. Investors usually purchase commercial property to let the same out to potential occupiers as a form of rental income. For example, an investor may buy a shop premises, to rent this out to someone who wants to run a business from there, but doesn’t want to outlay the funds to buy the premises directly. This is much like when investors buy residential property to let out to private renters, or via the council.
Developers:
Developers are further individuals who have an interest in purchasing commercial property. Developers may purchase land or buildings, and renovate them into something different in order to then sell or let them out to investors and occupiers. The intention behind this is to create a steady rental income, or to make a profit on sale.
How much does Commercial Property Conveyancing cost?
The fees for commercial conveyancing can depend on the nature of the transaction, including the cost of the property, and the complexity of the transaction. Our legal fees start from £750.00 plus VAT. There will likely be the following disbursements payable in the course of a Commercial Conveyancing purchase:
Property Searches – Again, these can vary depending on the property, but you can find out more about them, here.
Anti-Money Laundering ID checks - £6.00 per client.
Bankruptcy Searches (via the Land Registry) - £2.00 per client.
Stamp Duty Land Tax – another variable disbursement, depending on the value of the property and other factors, find out more on gov.uk, here.
VAT – VAT may be payable on the transaction, depending on the nature. Our Commercial Conveyancing Solicitors can discuss this with you when we have more information about your matter.
There may be other disbursements payable, which our team will discuss with you on a case-by-case basis.
For an accurate quote, contact our Commercial Conveyancing Solicitors online, here, or call your Solicitors in Preston on 01772 783314.
How long will my Commercial Property Conveyancing take?
Our Commercial Conveyancing Solicitors in Preston always advise clients that residential conveyancing timescales can be between 8 to 12 weeks, however, commercial conveyancing takes longer, with a minimum estimate of 8 weeks. The complexity and nature of the transaction can impact any timescales, and our Commercial Conveyancing Solicitors will be able to advise of specific timeframes in your case.
Commercial transactions can take longer due to the legal investigations being more extensive, and there being the legal property title and the business aspects to investigate.
Can MG Legal assist with my Commercial Conveyancing transaction?
Our team of Commercial Conveyancing Solicitors can help with your commercial property matter. Simply call our Commercial Conveyancing Solicitors in Preston on 01772 783314 or email property@mglegal.co.uk.
Fixed-fee Conveyancing Solicitors:
MG Legal's leading Commercial Conveyancing Solicitors offer all of our Conveyancing services on a clear, fixed-fee rate.
Our team put your first, and work with care to ensure that your wishes are met. Call us today on a free, no-obligation basis at: 01772 783314.
Get in touch today to speak to our Conveyancing Solicitors.
Tagged as: Commercial Conveyancing, Solicitors in Preston
Share this post: