Commercial Sale and Purchase
This can cover any type of commercial property, from pubs to warehouses, offices, industrial units, shops and hotels, whether a stand-alone unit or part of a larger complex. Quick turn-around times are often required, and the complexity may vary. At Barton Legal we adopt a collaborative approach, to ensure the sale or purchase is completed as quickly and as smoothly as possible. A general overview is set out below, although this can vary depending on the specific details of the sale/purchase:
What is the Commercial Sale Process?
1. Contract Pack
Drafting the contract of sale and agreeing this with the buyer’s solicitor. Obtaining and providing the buyer’s solicitor with key Land Registry documents (official copies and title plan and any other documents referred to), and an energy performance certificate (EPC).
2. Mortgage Lender
Confirming the requirements to redeem any charges.
3. Enquiries – questions, questions, and more questions…
The buyer’s solicitor will conduct searches (environmental searches, commercial property standard enquiries, and other safety assessments), review the contract pack and raise enquiries about the property, which the seller’s solicitor will need to respond to.
4. Exchange
Contracts will be exchanged, which means a completion date has been agreed and the buyer will pay the deposit.
5. Completion
The buyer pays the balance due and the property is officially sold. Where a mortgage exists, this will have been redeemed with the lender.
What is the Commercial Property Purchase Process?
The buyer’s solicitor reviews the draft contract and associated documents provided by the seller’s solicitor and raises enquiries on these and anything arising from the searches, as set out below.
2. Mortgage LenderWhere a lender is involved, there will be additional reporting requirements and potentially additional searches required. The lender will require a survey even where the buyer doesn’t consider this to be necessary. The buyer’s solicitor will liaise with the lender to ensure that funds are available in time for completion of the purchase.
3. Enquiries – questions, questions, and more questions…The buyer’s solicitor will conduct searches (environmental searches, commercial property standard enquiries, and other safety assessments), review the contract pack and raise enquiries about the property, which the seller’s solicitor will need to respond to.
4. ExchangeContracts will be exchanged, which means a completion date has been agreed and the buyer will pay the deposit.
5. CompletionThe buyer pays the balance due and the property is officially sold. Where a mortgage exists, this will have been redeemed with the lender. Post-completion the buyer’s solicitor will deal with payment of any SDLT due and registration of the buyer as owner of the property at the Land Registry.
Why Barton Legal?
At Barton Legal we have a wealth of expertise to guide you through the whole process of buying or selling any type of property, whether a stand-alone industrial unit or an office block.
We deal with everything from agreeing Heads of Terms through to carrying out searches and raising or replying to commercial property standard enquiries (as appropriate), to agreeing and finalising documentation, including satisfying the requirements of any funder.
We deal in plain English and we are prepared to take the time to provide you with the advice and support that you require.
DIRECTOR
- 0113 202 9550
- 07720 844 012
- trishbarton@bartonlegal.com
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