Commercial Conveyancing Solicitors

At Homeward Legal, we work with expert property law firms across England and Wales who have vast experience in commercial property conveyancing. Our partner firms can help with sale or purchase conveyancing, drawing up new leases and help to transfer existing leases. They will offer expert legal advice and support to all commercial clients in every transaction. 

Similar to residential freehold, a freehold commercial property means the title (ownership) of the property and land belongs to the freeholder (owner). Leasehold is an interest in the land or property created by a lease. The leaseholder is a tenant who pays rent and has the right to occupy the land or property for a fixed period. Many commercial properties are occupied by tenants with a lease, meaning anyone buying or selling that property must take account of the leaseholders' rights.

On top of the legal costs of conveyancing, there are a number of other commercial conveyancing fees to consider when purchasing business-related property. Anyone buying commercial property can also expect to pay Stamp Duty Land Tax on the transaction. There might also be fees for any building survey you might instruct. Buyers can also expect to pay for property searches, bankruptcy search fees, Telegraphic Transfer fees (bank) and Land Registry fees. The property searches might include a local authority search, drainage and water, environmental, HS2 and mining. Commercial property searches are more expensive than their residential equivalent. When you get a no-obligation quote from Homeward Legal for commercial conveyancing, we will detail the cost of all searches and additional charges that you might expect to pay, giving you full information on the expected total cost of your transaction.

Yes, you should always take professional advice on leases. Leases are a complicated area of the law, and any change to the condition of one could have expensive consequences if not done properly. Specialist commercial conveyancing solicitors can help negotiate new terms correctly, ensuring your interests and those of the lessees are protected. You can get a no-obligation quote from Homeward Legal for creating new leases and transferring a lease, ensuring you have an expert professional by your side.

Instructing a building survey when buying commercial property will give you peace of mind that the property is worth what you are paying. A survey carried out by a RICS chartered surveyor will give you an expert opinion on the condition of a property and identify any structural or other issues. Talk to your commercial conveyancing solicitor about your building survey options.

Depending on the value of the commercial property or land you are buying, you may be liable for Stamp Duty Land Tax (SDLT). This is a land levy payable to HMRC on completion of a purchase transaction. SDLT is paid on a sliding scale depending on the value of the property. For example, all transactions up to a value of £150,000 in England are exempt from SDLT. For transactions between £150,001 and £250,000, purchasers will pay 2 percent of the purchase price in SDLT. Your conveyancing solicitor must file a return for SDLT with HMRC within 14 days of completion. You can find out more about SDLT rates here.

In the commercial property market, purchasing a commercial unit with tenants in place is referred to as “in situ”. Where the property is known to be leasehold, your conveyancing solicitor will receive details of any tenancies from the seller's solicitors. The tenants' lease agreement with the previous owner remains in place until a new agreement is drawn up with the new owner. Where the property is freehold, your solicitor should check at the Land Registry for any registerable leases. These are leases that run for more than seven years. Short leases that run for less than seven years are not registerable and will not be included on the Land Registry charges register.

Anyone selling commercial property will be asked to complete a set of Commercial Property Standard Enquiries (CPSEs), which are a standard part of pre-contract conveyancing. These comprehensive enquiries were introduced in 2002 to help speed up commercial conveyancing. The information contained in the CPSEs will allow the buyer to make an informed decision about the property's value. The seller does not have to complete the CPSEs, but where they are completed, the seller has a legal duty to answer truthfully and accurately in replies and not misrepresent the property. The seller must also disclose any latent defects affecting the property.