Specialists in Commercial Conveyancing
We are highly experienced in advising in all aspects of commercial property, acting for both sellers and buyers.
Katie Sammonds Finance Director, Care 4 Children
“We as a company have instructed Integra for a number of years now for pretty much all of our commercial law needs. They have advised us on, amongst other things, our £5.5m share acquisition of another children’s care business, multiple commercial property acquisitions and leases, our group restructuring and our shareholders’ agreement. The level of service has never dropped and we would highly recommend Moyen and the team.”
Umar Vanden Owner of Whiskey Jar, El Capo, Bandito Burrito, Behind Closed Doors
“My bar/restaurant business has expanded significantly over the last couple of years and Integra have acted for me on several leases and business sale and purchases. They are highly responsive and really know their stuff. The Integra team were unfazed by acting opposite large firms and were tough in negotiating key points for me. They are my first port of call for anything legal and I would thoroughly recommend their services.”
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Commercial Property Purchases and Sales
The commercial property solicitors in our team are here to provide legal advice and support to those who need to transfer interests in commercial real estate, draw up lease agreements and enter into commercial mortgages.
To get in touch with our commercial conveyancers, call us on 0161 791 0294 or fill in our online enquiry form.
What is Commercial Conveyancing?
Commercial conveyancing is similar to residential conveyancing – it is the process of transferring the title of a property from one person or company to another.
Seeking the assistance of a specialist real estate commercial solicitor is advised as the law surrounding buying and selling commercial real estate can be very complicated. Drafting related documents, including any lease agreements or applying for necessary planning permissions can take time.
Ensuring a business property is conveyed properly is one of the most important elements of the purchase process. Errors in the transfer of title can be very expensive to correct so it’s worth doing it right first time.
Specialist commercial lawyers with you every step of the way
‘We lay down the foundations for your every commercial need, making the transaction as smooth and swift as possible’
Are we right for you?
We work with all property divisions, whether large multi-nationals, PLCs or SMEs (small to medium enterprises). We have a variety of clients across a broad spectrum of industry including housing, industrial, manufacturing and hospitality.
Our solicitors will assist, advise and work with commercial property brokers, investors and developers. We also oversee work related pension schemes for the property sector.
Landlords and tenants can both have access to our services and we can provide them with the help and support they require with their legal documentation.
When buying commercial property, a solicitor can provide advice and expertise in dealing with the processes that follow to ensure your transaction runs as smooth as possible. But what happens next?
Your guide to what happens in a commercial property transaction once your offer has been accepted:
Stage one: Head of Terms
The Head of Terms are the first step in any commercial property transaction and are there to eliminate confusion. It is a set of non-binding intentions that precedes the main contract on a commercial property purchase. The document details all the main points of the sale agreement and is drawn up once an offer has been accepted by the seller.
The Head of Terms will include:
- Seller and buyer names
- Property details
- The rights granted over the property
- Buyers and sellers covenants (obligations)
- The purchase price
- The conditions of sale
- Proposed dates and timeframe for the exchange of contracts and completion
Stage two: property investigations
When buying a commercial property, your solicitor will investigate extensively ensuring there are no outstanding issues such as boundary disputes. This is an important step as checks must be made before a binding agreement to buy the property has been signed.
The main investigation will involve the property title. Research will be made into Land Registry to ensure the seller else has rights over the property. During this step, Commercial Property Standard Enquiries will also be carried out.
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.
What goes into a commercial property contract?
What is a commercial property contract? Why would you need one?
A commercial property contract is an agreement to purchase a commercial property. When you are buying a freehold commercial property, the contract will incorporate the ‘Standard Commercial Property Conditions’ (the ‘SCPCs’).
The SCPCs include the following matters:
- The date, which is to remain blank until the exchange of contracts
- The details of the seller and buyer
- The nature of the property, for example freehold or leasehold, and the boundaries
- The title number of the property (or the root of title if it’s unregistered land)
- Specified encumbrances, such as matters which burden the land. It’s important to exclude all existing mortgages as you don’t want to acquire the liability for such mortgages after the purchase
- The contract rate (if you are late in the monies being received on the day of completion)
- The purchase price
- Deposit (usually a 10% deposit is required unless you are able to negotiate otherwise)
- Special conditions – these are varied and will cover matters such as whether the property is being purchased with chattels, with a person in occupation, and whether VAT is payable.
Integra Solicitors is the trading name of Integra Solicitors Limited, a private limited company incorporated in England & Wales and authorised and regulated by the Solicitors
Regulation Authority with its registered office at Affinity House, 1 Station View, Stockport, SK7 5ER, United Kingdom.
Company number: 08934592. VAT number: GB 215 1007 67. SRA number: 624193. A list of the directors of Integra Solicitors is open to inspection at the registered office.
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