Buying a commercial property can be extremely rewarding. However, there are risks involved, so you need to proceed with caution and get right legal advice from the outset. Otherwise the consequences could be costly.
Legal help when buying a commercial property
As soon as you find a commercial property that suits your needs, you should contact a commercial property solicitor. Having expert legal advice from the start will not only ensure that the process runs as smoothly as possible, but that your best interests are always protected.
After all, buying a commercial property is a big investment. Whether you intend to move into the business premises yourself, or you intend to let it out to tenants, chances are it is going to cost you a lot of money. If you are not thorough in your approach, it could prove to be disastrous.
For example, all commercial property is divided into use classes. If you want to alter the intended use of the property, you must get consent. If you cannot change the use and you have already exchanged or completed, you will have wasted a lot of time and money. A commercial property solicitor can help you avoid such issues.
Other potential problems can be uncovered by a solicitor during the due diligence checks. This will include a survey of the property to ensure it is structurally sound, along with a raft of other checks to expose any other limitations that you should be aware of. For instance, if the property is in a conservation area, has zoning restrictions or unfavourable lease terms.
This will guarantee that you know exactly what you are buying, and whether there are any concerns (legal or physical) that may affect your use of the commercial property. Again, it is best to know this as soon as possible, or you may expend a lot of energy investing in a property that does not meet your requirements.
Contact a commercial property lawyer
A commercial property lawyer can manage the entire conveyancing process on your behalf, starting with the sale agreement (known as the Heads of Terms) and ending with the property registration at the Land Registry.
This will remove a huge burden from your shoulders, as your solicitor can do everything for you, from the legal checks and survey reports, to explaining tax and insurance matters, and organising anything else that would be appropriate in your individual circumstances, such as an Exclusivity Agreement.