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Commercial Lease Solicitors

What does selling a commercial property entail?

Selling a commercial property involves transferring ownership of the property from a seller to a buyer.

Step 1

Selling a commercial property is much the same as selling a residential property in that you will have to prepare your property for viewings. Your property will have to be cleaned and tidied to make it presentable and professional looking.

Step 2

Most commercial properties are sold through a specialist estate agent; as such, any offers you receive should be handled through them. Once you have an accepted an offer, your agents will contact your solicitor and commence sale proceedings.

Step 3

Buyers have the legal right to back out of a property sale at any point before contracts are exchanged. Your contract will contain important information about the sale, including which fixtures and fittings you have decided to include in the purchase, any planning regulations that apply to the property, and the price you have agreed to sell for.

Step 4

After contracts have been exchanged, money will be transferred from the buyer to you and the transfer will complete.

Why do I need a solicitor?

A solicitor will help you sell your property by:

-          Guiding you through the selling process

-          Drafting the contract (drafting the contract is the seller’s responsibility)

-          Assist with responding to the buyers enquires

-          Liasing with the buyer’s solicitor

-          Arranging for contracts to be exchanged

-          Confirming that monies have been transferred and the sale has completed

 

Are you looking to buy, sell or lease a commercial property? Then let Pabla & Pabla Solicitors guide you through the process. Get in touch with our experience team today!

 

What does buying a commercial property entail?

Step 1

Find a property that best suits your business's needs. Once you've found a property, put an offer in through the property's estate agents and, if you aren't buying in cash, arrange your finance.

Step 2

In all property transactions, it is the responsibility of the buyer to practice due diligence and ensure the property is satisfactory. The seller is not legally obliged to inform you of any defects with the property. You will need to instruct a surveyor to carry out searches on the property and its surrounding areas to determine its suitability. You retain the right to back out of the sale at any point before contracts have been exchanged should the surveys reveal liabilities. At this stage enquiries regarding the Title and the land itself will be raised with the Sellers Solicitor

Step 3

This is the stage at which contracts are exchanged between both parties. The seller is responsible for drawing up the contract, but the buyer has the right to question its term and negotiate with the seller if necessary. Once contracts have been exchanged, you cannot back out of the sale without incurring costs.

Step 4

On completion of the purchase, the agreed funds will be transferred and the keys to the property released to you.

Why do I need a solicitor?

Regardless of whether you are the buyer or the seller in a commercial property transaction, you will need to employ a solicitor. Solicitors can help buyers by:

-          Helping you though the buying process and answering any questions you have

-          Negotiating the terms of the contract with the seller’s solicitor on your behalf

-          Carry of investigation of the title and carry our any searches required on the land

-          Arranging for contracts to be exchanged

-          Helping you complete any post-sale obligations such as registration of your purchase and Stamp Duty submissions

What does leasing a commercial property entail?

This depends entirely on whether you are the property's landlord or its tenant.

Landlords

For landlords, leasing a commercial property involves allowing a tenant to use the property for his/her own business needs in return for a monthly rental payment

Tenants

For tenants, leasing a property entails paying rent to a landlord in return for use of the landlord’s property.

Regardless of whether you are a tenant or a landlord, you will be expected to adhere to the terms of a lease. The lease will contain important information about the tenancy, such as when it began and when it will end, and any tenant or landlord obligations.

Why do I need a solicitor?

Both the tenant and the landlord should enlist the help of a solicitor when it comes to signing the lease. Leases are legally binding documents, so it’s worth getting them checked out by a legal professional. A solicitor can check the lease for any inaccuracies, ambiguities or conflicts of interest that may cause problems in the future and act on their client’s behalf to have them settled.

How can Pabla & Pabla Solicitors help?

Whether you are a seller, a buyer, a landlord or a tenant, our expert team of commercial property solicitors can help you with your property needs. We have a wealth of experience in the field of commercial property and can guide you through any issue you may be facing, offering unlimited help, advice and support. Contact us today to discuss your needs with one of our solicitors.

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