Our firm has many years of experience in helping small and medium-sized business owners with the purchase and sale of commercial premises, including shops, offices, industrial units, storage facilities, factories, hotels and pubs.
The process of transferring the title to a commercial property from one person or legal entity to another is known as commercial conveyancing, and is generally more complicated than the transfer of title to residential properties.
Every stage of the transaction needs to be approached cautiously and thoroughly, while at the same time, both the seller and buyer are usually keen to conclude the deal as swiftly and efficiently as possible.
Choosing the right solicitor is the first step to ensuring that the process reaches a successful conclusion.
Customer Review: ‘James was excellent. Thorough, helpful and very professional throughout. Fees were made clear from the beginning and no hidden extras.’
Commercial Conveyancing – Replying to a Buyer’s Enquiries
One of the most important aspects of commercial conveyancing for property sellers is dealing with the pre-contract enquiries from the buyer, known as CPSEs (commercial property standard enquiries). Despite the legal principle of caveat emptor – ‘let the buyer beware’ – the seller of a commercial property has a legal duty to disclose their personal knowledge of any ‘latent defects’ affecting the property by completing the necessary CPSE forms.
Providing comprehensive and accurate replies can be time-consuming and complicated, while a failure to disclose or inaccurate disclosure may constitute misrepresentation, and ultimately lead to rescission of a contract (where the seller has to buy the property back) and/or a claim for damages being made on the part of the buyer.
Commercial Conveyancing – Completing the Transaction
A commercial conveyancing solicitor will carry out the necessary investigations into the title to the property, perform other related searches, and help the seller to fully and accurately complete the required CPSE forms. The draft contract of sale can then be prepared, and after this is agreed with the buyer’s solicitor, contracts can then be exchanged and the transaction will become legally binding.
After that, the transfer deed from the buyer’s solicitor will need to be examined and approved by the seller’s solicitor, and the transaction can then be completed once the purchase price has been paid in full. There are various other issues that may require consideration at different stages during the process, as each commercial property transaction has its own unique characteristics.
Specialist Commercial Property Conveyancing Solicitors
Bartletts can assist with every aspect of the commercial conveyancing process, from preparing contracts of sale, to handling related documentation, and negotiating and drafting leasehold agreements.
