Buying and Selling Commercial Property Solicitors

Buying and selling commercial property can be a complicated process, whereby multiple factors need to be considered and adhered to in order to succeed. To reduce the stress and ensure a smooth transaction, the experts at Merriman Solicitors (incorporating AB Family Law) are highly qualified to help guide you through from start to finish. Contact us today for expert legal advice!

What is buying and selling commercial property? 

Commercial property provides a different set of buying and selling procedures to that of domestic property. Defined as being real estate primarily used for business or income-generating purposes rather than residential living, there are usually higher financial stakes involved. Examples of typical commercial premises include retail spaces, industrial warehouses, restaurants, hotels and office buildings.

What is the process of buying and selling commercial property? 

There are multiple steps to buying and selling commercial property that are the same as that of domestic, but plenty of specific tasks that need to be addressed too. Below, we have provided more details on the process for each. 

Buying commercial property for business 

1. Negotiations: Once you have found a suitable commercial property, as with any sale, you will need to negotiate a price with the seller. A commercial mortgage offer will also need to be secured. 
2. Survey: It is recommended to obtain a survey on the property to ensure there are no nasty surprises after you move your business in. 
3. Searches: A qualified solicitor will obtain the necessary searches that are associated with the property. This will include title checks, which will need to be thoroughly inspected. 
4. CPSEs: The seller will need to provide answers to the CPSEs: ‘Standard Commercial Property Enquiries’, along with supporting documentation. During this process, it’s imperative that you ask the right questions as the buyer does not have to divulge information if it is not asked of them. This is where help from a qualified solicitor is paramount. 
5. Legalities: There will be certain legal and financial obligations to meet before contract negotiation takes place, such as whether any directors need to enter into personal guarantees against the loan, or supporting documents that show the board authorising the lending. This will depend on the size and status of the organisation making the purchase. 
6. Exchange of contracts. 
7. Arranging completion, stamp duty and Land Registry applications. 

Selling commercial property for business

Similar to buying, selling commercial property involves beginning with negotiations on price. Following that, the key steps are as follows: 

1. Important information: Prepare a documentation pack that provides all relevant information about the premises, including asbestos surveys, fire risk assessments and gas and electrical certificates.
2. Survey: Your buyer will highly likely instruct a surveyor to conduct a thorough survey of the property, of which you should allow access to continue with a successful sale. 
3. Liaise with a trained solicitor: Your solicitor will work to put together information packs and relevant documentation, answer enquiries from the buyer’s solicitor and work towards drafting a contract of sale. If any issues arise during this stage, you will have the opportunity to negotiate further with the buyer to reach an agreement. 
4. Exchange contracts. 
5. Arranging completion, and any tax implications, such as capital gains tax. 

How long does buying and selling commercial property take? 

There are multiple factors that can affect the time it takes to sell or buy a commercial property, such as the market conditions, price and the condition of the property. However, once the negotiations have started, generally you can expect to have completed within 12 weeks (unless there are any outstanding enquiries or issues waiting to be resolved). 

Why choose Merriman Solicitors (incorporating AB Family Law)?

Our team is highly experienced when it comes to buying and selling commercial property. Over the last 250 years, we have helped many clients complete their purchase, ensuring that throughout the process they are kept fully informed and are more than satisfied with the service we provide. Should you wish to speak to one of our professional lawyers, please call us on 01672 515846, or visit our offices in Marlborough, Chippenham or Gloucester.