Posted on 9th November 2018
At MG Legal, your conveyancing solicitors Preston, we not only specialise in residential property, but also commercial property transactions.
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. This is where the work of your property solicitors 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 wish to contact your Preston solicitors, MG Legal, to assist in purchasing commercial property to conduct your new catering or hairdressing business from.
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 income, provided by the rent payable for the same.
Developers: Developers are further individuals who have an interest in purchasing commercial property. Developers may purchase land/buildings and renovate them into something different in order to then sell/let them out to investors and occupiers.
Recent reports, carried out by Cass Business School, have found that, in early 2018, commercial property lending increased by 27%, at £22.5 billion, highlighting the rising demand for such property, along with demand for the services of your Conveyancing Solicitors Preston, MG Legal.
Whether you are buying or selling commercial property, our specialist team of conveyancing solicitors Preston have many years’ experience in dealing with such transactions, and are on hand to answer any questions you may have.
Contact MG Legal, your Preston solicitors, today at firstname.lastname@example.org or on 01995 602 129.
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