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Buying or selling commercial property can involve considerably more than transferring the legal title. Problems with title, leases, access, planning, finance or documentation can affect value, delay completion or leave you with restrictions you did not anticipate.
We have a large and highly experienced commercial property team, with a particularly strong presence in London and lawyers nationwide. We advise businesses, investors, developers, landlords and property owners on acquisitions and disposals ranging from straightforward premises to substantial investment, development and portfolio transactions.
The size and depth of our property practice is an important advantage. Commercial property is a major area of work for the firm rather than an adjunct to a small corporate or general commercial team.
Our lawyers have extensive experience of acquisitions, disposals, commercial leases, development, investment property and property finance. This means we can usually identify the issues which genuinely matter to a transaction and concentrate on solving them rather than simply reporting a long list of legal risks.
We also have corporate, banking and finance, construction, planning, tax, insolvency and dispute specialists who can become involved where needed. This can be particularly valuable where a property is being bought or sold as part of a business transaction, restructuring or financed deal.
Despite the scale and experience of the team, our fees are generally positioned at competitive mid-market levels rather than City-firm rates.
Legal fees depend upon the value and complexity of the property and transaction rather than simply the purchase price.
A vacant commercial unit with a straightforward title should require less work than a multi-let investment, development site or property with complicated financing or title issues.
We will normally establish the scope at the outset and provide a clear fee proposal. Where additional work becomes necessary, we will explain why before significant extra costs are incurred.
The important comparison is not simply the lowest conveyancing quote. Commercial property transactions can involve significant capital and continuing liabilities. The legal work should be proportionate to the value and risks involved.
The legal work required will depend significantly on what you are buying and why.
A property being acquired for your own business premises raises different issues from a tenanted investment, development site or property being purchased through an SPV.
Our role typically includes:
agreeing and reviewing heads of terms and identifying issues which should be addressed before significant costs are incurred;
investigating title, including ownership, restrictions, covenants, easements and other rights;
carrying out and reviewing searches and raising appropriate enquiries;
checking access and services, including rights of way, parking, drainage and utilities;
reviewing planning and permitted use, particularly where you intend to alter the property or operate a particular business;
investigating occupational arrangements, including leases, licences and other rights of occupation;
considering environmental and other property-specific risks where relevant;
negotiating the contract and transfer and other required documents;
dealing with lender requirements where the purchase is financed; and
handling completion, SDLT requirements and Land Registry registration.
Good due diligence is not simply about identifying every conceivable technical issue. We focus on whether something affects value, intended use, finance, future saleability or exposes you to a material liability.
Where a problem is identified, we consider the solution. That might involve changing the contract, obtaining missing rights or consents, indemnity insurance, retaining part of the purchase price or requiring the seller to resolve the issue before completion.
If you are buying an investment, the leases can be just as important as the title.
We can review rent and rent review provisions, remaining lease terms, break rights, repairing obligations, service charges, guarantees, rent deposits, assignment and subletting provisions, alterations, licences, concessions and existing disputes.
The objective is to establish whether the legal documentation supports the income, liabilities and flexibility you believe you are acquiring.
Preparation can make a significant difference to the speed of a sale.
We advise on sales of vacant and tenanted commercial property, development land and investment assets. Our work can include preparing the contract package, responding to enquiries, dealing with title issues, assembling lease and occupational documentation, obtaining required consents, negotiating the sale documents and arranging discharge of existing finance.
Where appropriate, we can review the property before detailed buyer enquiries arrive. Resolving a missing document, defective title provision or inconsistency in lease documentation at that stage can be much easier than addressing it when exchange is being delayed.
A buyer will usually investigate the leases and management documentation closely.
We can assemble and review leases, licences, rent deposits, guarantees, service charge information and related documentation and respond to the buyer's enquiries.
If there are existing arrears, breaches or disputes, our property litigation lawyers can assist where required.
The lender's lawyers may have extensive requirements concerning title, searches, leases, insurance and security.
Our commercial property lawyers regularly handle financed transactions and can anticipate many of these requirements rather than waiting for them to emerge late in the transaction.
Where necessary, our banking and corporate lawyers can advise on loan agreements, guarantees, debentures, financial covenants and other security documentation.
Sometimes the property is only one part of a wider deal.
You might be acquiring premises alongside a business, transferring property during a restructuring or selling a company together with its freehold or leasehold premises.
Our property lawyers can work directly with our corporate, employment, banking, tax and other specialists so that the different elements of the transaction are dealt with together.
There is no standard timescale.
A straightforward vacant property transaction can progress relatively quickly. A financed acquisition, tenanted investment or development property may require considerably more due diligence.
Searches, lender requirements, third-party consents and the speed at which information is supplied by the other party can also affect the timetable.
We will identify any important deadline at the outset and advise on what is realistically achievable.
Whether you are buying business premises, acquiring an investment, selling commercial property or undertaking a more complex transaction, early legal input can identify issues before they affect price, funding or your timetable.
Contact our commercial property team to discuss the property, proposed transaction and likely legal work.
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We have a mix of employed lawyers and highly experienced Consultants. The lawyers below may not be all lawyers offering this service. You can find Consultants who specialise in this area of law by using the search function below.
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