Stage three: contract negotiations
Issues that arise from the steps above will be resolved by your solicitor. Pricing and conditions will then be determined accordingly. Your solicitor will then negotiate the contract changes with your seller to form new terms of an agreement.
Any negotiations in terms due to the outcome of the property inspection will take a couple of weeks to complete. These negotiations usually involve the price you are willing to pay.
Stage four: exchange of contracts
Once the new agreements have been made and deposit is paid (typically 10% of property purchase price), contracts are exchanged. At this point you are legally bound to buy the commercial property and will incur financial consequences if you break the deal. It takes an average of one to two weeks to complete the sale and purchase arrangement.
Stage five: completion date
Once the contract is agreed, then a completion date can be arranged. The transfer of money signals the transaction is complete (whether via mortgage provider or not).
From here, final administration tasks will be completed such as paying Stamp Duty Land Tax within 30 days and registering the ownership with Land Registry.