Are you buying or selling a Commercial Property?
“I have used KLR for numerous years on a variety of matters. They were very professional, gave great advice and were reasonably priced. I would highly recommend their services.”
At KLR Solicitors, our Kent and South London-based Solicitors can handle all aspects of the sale and/or purchase of commercial property. We advise investment companies, trustees, developers, and business owners on buying and selling office space, warehouses, retail units, manufacturing plants, and property for commercial development, ensuring that the transaction runs smoothly, and the title and property searches are meticulously examined. For sellers, we will negotiate Heads of Terms, draft the sale agreement, and ensure relevant contractual agreements such as options and overage are in place.
We will work closely with your accountant and any other professionals involved in the sale or purchase transaction to ensure our work does not negatively impact on theirs. Furthermore, we are happy to visit the site if required. Often this helps us to quickly identify any potential issues so we can resolve or address them in advance of any negotiations.
What are the legal steps in buying or selling a commercial property?
Although the process can vary depending on the size and type of commercial property being brought or sold, the basic steps are as follows:
Buying
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Instruct a commercial property Solicitor. Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special, or a unique service that you offer.
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You and your Solicitor will assess the Heads of Terms. Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special, or a unique service that you offer.
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Agree Heads of TermsList Item 3
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Your solicitor will undertake the necessary due diligence on the property, including title and property searches (such as local government, environment, flooding, and water and drainage). At this point, you may need to appoint a surveyor/valuer and have a structural engineering report completed.List Item 4
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If you are obtaining a mortgage your solicitor will review the lending agreement and comply with any of the lender’s requirements. Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special, or a unique service that you offer.
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Negotiation and agreement on the sale and purchase contract. You will sign the contract, mortgage papers (if applicable), transfer deed, and any other necessary documentation. At this point, the deposit will need to be paid. Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special, or a unique service that you offer.
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Completion day – your Solicitor will pay the remaining balance of the property and any stamp duty owed, and complete the transfer deed. You will be able to collect the keys from the agent. Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special, or a unique service that you offer.
Selling
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Meet with commercial property Solicitor and discuss objectives for the sale. Solicitor will visit property if necessary. Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special, or a unique service that you offer.
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Draw up the Heads of Terms which will include the details of the property and the key terms to be included in the contract. This may be done by the property agent; however, it is best practice to have them checked by your Solicitor. Although they are not legally binding, the Heads of Terms will form the bases of the sale and purchase contract. Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special, or a unique service that you offer.
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Agree Heads of TermsList Item 3
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Your Solicitor will send a contract package to the buyer’s legal representative. This normally contains a draft sales contract, the title documents, the energy performance certificate and replies to Commercial Property Standard Enquiries (CPSEs).List Item 4
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Negotiation and agreement on the sale and purchase contract. Your Solicitor will receive the deposit and agree a completion date. You and the buyer are now legally obliged to complete the sale and purchase. Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special, or a unique service that you offer.
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Completion day – your Solicitor will receive the remaining monies owed on the property and the ownership of the property will pass to the purchaser. Write a description for this list item and include information that will interest site visitors. For example, you may want to describe a team member's experience, what makes a product special, or a unique service that you offer.
Our commercial property lawyers will take the time to understand what you want to achieve, including any timescales and Heads of Terms that must be met. We pride ourselves on our responsiveness – you can trust that your phone calls and emails will be quickly returned/answered, should you choose to instruct us. You can be confident that our experience and strong relationships with lenders and estate agents in the Kent and South London areas will ensure your commercial property transaction completes within the required timeframe.
Our team can advise and represent you on buying and selling commercial property. For a free consultation please call us on 0208 300 6666.
