Commercial conveyancing can include the buying or selling of any type of business or industrial building and would therefore include shops offices and industrial premises. The premises can be dealt with on a freehold or leasehold basis. Freehold transactions most often occur on behalf of private or corporate investors. Occasionally such property is owner occupied by the proprietor of the business in question.
The most common type of property transaction for commercial property involves a leasehold interest. This can be on a very long lease the equivalent of outright ownership that has been set up in this way because the particular property forms part of a larger development. In these circumstances the leasehold interest is likely to be on behalf of a private or corporate investor although occasionally such property might be owner occupied by the proprietor of the business in question. More typically it will be a short term lease upon payment of a commercial rent for the use and occupation of the premises for a particular period of time.
What is suitable will depend upon your particular requirements and the terms that have been negotiated in connection with any particular transaction. Terms relating to commercial property will most often have resulted from commercial agents being involved in the original marketing of the property and following the negotiations will produce Heads of Terms.
Work involving a leasehold property is generally more complex and time-consuming as the Lease will need to reflect the type of development and property involved.
The legal work required will be tailored to the particular transaction and we will identify what title investigations searches enquiries and investigations need to be carried out. If a mortgage is required we will also undertake the necessary legal work in accordance with the Lender’s instructions.
Please contract Partner and Solicitor Tony Mellowes at our office for further information and to discuss your requirements.