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.

To dis­cuss com­mer­i­cal prop­er­ty, please get in touch with Luke Hewitt on 01625 523988 or mail@​JBGass.​com