In many ways, buying or selling a commercial property has much in common with buying or selling a residential property. However, there are additional matters that need to be taken into consideration and hurrying into the purchase or sale could leave some of these matters neglected or overlooked. In order to avoid expensive mistakes, it is important to seek out the advice of reliable legal experts who will be able to guide you through the process.
Selecting Your Commercial Property
Once you have decided to purchase or lease a commercial property, you must then decide the kind of commercial property that is best suited to your business. There are a variety of factors that you need to consider, including both the amount and type of space that you require. Location is also important - for example, if you have employees, you may need to ensure they will be able to reach the new premises without difficulty. Depending on the business type, you may need to place yourself in a location that is within easy reach of potential customers, or you may be able to reduce costs by placing yourself in a more remote area.
Buying or Leasing Your Commercial Property
Once you have selected a suitable commercial property, it is time to think about the legal aspects of the transaction – our experienced Solicitors at Jackson Barrett & Gass can help with every step, from drawing up the Contract, paying any Stamp Duty Land Tax or Land Registry fees, to recommending other professionals such as Surveyors.
If you are leasing rather than buying, you will need a Solicitor’s help to approve the draft Lease. Some types of businesses, pubs and restaurants for example, also need you to arrange licensing. In all of these circumstances, legal advice can make the process more straightforward.
Selling Your Commercial Property
What if the boot is on the other foot and you have a commercial property that you wish to sell? One decision you may have to reach is whether you are willing to accept less money for a quick sale or are prepared to hold out for a higher price.
The first step in either case is to have the property valued, as this will help you ascertain the correct sale price of the property. As with buying, selling a commercial property involves a great deal of paperwork, and the advice of a Solicitor with up to date knowledge of what is legally required is essential.
Re-mortgaging your property is an option that many business owners consider today, rather than selling. Your Solicitor can also guide you through the paperwork if you decide to proceed down this route.