We work closely with a wide range of clients to provide specialist, commercial advice when they are buying commercial property.
Our team has a wide range of expertise and experience in handling all types of commercial property law, especially regarding buying commercial property. We aim to understand your objectives from the earliest days of the transaction and offer our best technical and commercial expertise throughout the process.
We endeavour to ensure that purchases proceed smoothly to completion within your requisite timescales. In this way, we are able to develop a worthwhile and productive relationship with you, which enables us build our knowledge of your requirements and learn how you like to work.
This means that buying commercial property and undertaking future transactions can be completed smoothly and with the benefit of this knowledge.
We can assist with all aspects of the purchasing of commercial property including the following:
- Advising on the agreement of comprehensive heads of terms;
- Advising on the structure of the transaction, whether it would be best to purchase in your own name/joint names, a company or an LLP (we can also assist in setting these up if required) or for example, via your private pension scheme;
- Where property is leasehold, assessing which consents/licences we might need and from whom;
- Carrying out a thorough investigation of the title to the property, including:
- carrying out requisite property searches after considering the nature of the area in which the property is situated and the proposed use of the property;
- raising appropriate enquiries of the seller and considering their responses in the light of the nature of the property and the proposed use;
- considering and reporting on any leases to which the property is subject and how these may or will affect you in the short or long term, for example, break clauses and capped service charges will limit income for the purchaser;
- Acting for the lender on a transaction or dealing with the lender’s solicitor’s requirements;
- Ensuring that Stamp Duty Land Tax requirements are dealt with, including that the relevant forms are completed and monies submitted;
- Ensuring that any required notices are served upon completion of the transaction;
- Registering the purchase (and any security) at the Land Registry following completion.
- Ascertaining the client’s ongoing requirements with regards to the property. This will include considering whether the deeds would be best held with the client or safely in our archive with the documents scanned onto our online storage facility, which enables access for the client whenever required.
We also work closely with our corporate commercial solicitors to deal with the property aspects of corporate acquisitions. We fully investigate the property position and carry out due diligence on the documentation provided by the seller’s solicitor.
We always keep the commercial reality of the deal at the forefront of our minds when dealing with the property aspects of a corporate transaction. Unlike many other property solicitors, we understand that it is vital that the property support is focused on achieving your commercial aims, whilst still ensuring that a thorough review is carried out and that any issues are identified and resolved.
We also assist individuals and businesses regarding the sale of commercial property.
Examples of our recent work include the following:
- Acting in relation to the purchase of a substantial freehold property in Salford for a private client who, after receiving advice, purchased in a newly incorporated company. We specifically had to deal with issues for this property relating to its status as a listed building and Council orders which had previously been made when the building was actually unsafe and considered a danger to the public. This included advising the client fully of the powers that the local authority have in these types of situations and the limitations the client may be subject to as a result of the building being listed. The property was also affected by a number of very old restrictive covenants which may or may not affect the future use of the property. We ensured that proper measures were put in place to minimise the risk of these issues becoming a problem in the future
- Acting for a client who wished to purchase some offices in Altrincham. We were able to carry out several site visits which enabled us to form a clear picture of the site and the boundaries. Thorough checks on the title for the property, including checking plans and dimensions, eventually revealed that parts of the property were subject to risks that we advised our client were potentially onerous. The client, after being thoroughly advised by us, made an informed decision to withdraw from this transaction. This meant he did not incur further costs on trying to remedy a situation and was able to move on to another, more successful, purchase venture.
- Acting for a client in relation to the purchase of a very large office building in Eccles. We carried out appropriate searches, advised on all aspects of the contract, including some employment issues that arose at a late stage in the transaction. There were a number of tenants in the property, some of whom were very longstanding and some who were without proper documentation. We reported and advised on the leases and on the status of the various tenants, so that the client was fully aware of any circumstances that might affect his future proposals for the building.
- Acting for clients in relation to the purchase of a company which operates a hotel in Manchester. We dealt with not only the general property due diligence process but also the complex finance documentation and ensured that the operational lease arrangements were satisfactory to both the client and the funder.
How We Can Help
A member of our specialist team will be happy to help.
To discuss Buying Commercial Property issues, please either use the contact form on the right, email us at firstname.lastname@example.org or call us today on +44(0)161 941 4000 to speak to a member of our team.