What is Commercial Conveyancing?
When it comes to buying and selling commercial properties, the process tends to be more complex than for residential transactions. There are many details and finances involved that can make a commercial purchase seem like a legal minefield. That is why you should use the services of a specialist lawyer to assist with commercial conveyancing on your behalf. A first-rate lawyer will know the property conveyancing process inside out and will meet and fulfil all obligations required. So, let us look at exactly what the commercial conveyancing process involves.
What Does Commercial Conveyancing Involve?
When it comes to property conveyancing, you need lawyers who specialise in the transaction of property. They will know how to handle legal matters, as well as any related queries and finances. The conveyancing process involves processing contracts for leases or mortgages. It also deals with arranging cash transfers and the signing of related documents. The lawyer will help clients understand complex processes and advise them of any financial issues. The last crucial act the lawyer will be involved with is the final payment. This includes the date of this payment and the handing over of the keys to the buyer. All these are difficult for buyers or sellers to try and do on their own. As such, it is crucial to use the services of a top-class solicitor.
The Commercial Conveyancing Process
While not every case of property conveyancing is the same, many of them will follow this path:
- When a buyer has chosen a premises to purchase, the conveyancing lawyer will investigate the title of property and arrange any pre-contract searches. At the same time, the vendor’s lawyer will need to explore the legal title and prepare a Contract of Sale and any related CPSE forms. Once complete, the buyer’s lawyer will approve this draft contract provided by the vendor’s lawyer and raise any issues revealed in the pre-contract searches.
- If the buyer is happy with the answers and results, and if both sides agree to the draft contract, then contracts will be exchanged and the buyer will pay an agreed deposit. This makes the transaction legally binding between the two parties.
- The buyer’s lawyer will discuss any pre-completion searches needed and prepare a Transfer Deed. The seller’s lawyer will approve the deed and arrange to discharge any mortgage to the property. The buyer will also prepare to pay the rest of the money owed.
- The buyer forwards the balance of the overall purchase to the seller’s lawyer to complete the transaction. The buyer’s lawyer will handle any stamp duty or land tax and register this with the Land Registry if needed. The seller’s lawyer will settle any remaining charges and transfer the remaining funds to the seller.
Working with Norton Peskett Solicitors
Depending on the type of commercial conveyancing involved, there may be different fees you will need to pay for your lawyer to conduct their work. If you require assistance in a property transaction, contact Norton Peskett’s specialist commercial property team today.