Commercial Property 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.
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 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.
Frequently asked questions about selling a commercial property.
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