Commercial Conveyancing Solicitors in Southampton

Owning commercial premises may result in saving money on rent, even more so if you are buying without a loan. Similarly to residential property, business mortgage repayments are often cheaper than paying rent to a landlord.

Additionally, you will have the advantage of having full control of the premises, which is especially important if your business requires elaborate equipment or expensive installations. Otherwise, can be problematic if you rely on the decisions of your landlord.

Our commercial conveyancing solicitors will take into consideration your business objectives and will always advise on whether such an enterprise is right for you. There is a lot to consider when buying a commercial property. From location to size, and facilities to permissions. Even as a freeholder, there are special permissions and licences required for certain business activities. Of course, we will check these for you and can apply for licences on your behalf.

Additionally, we recommend that you commission a building survey to identify any structural problems. Some mortgage lenders make this as a condition of their lending requirements, as well as having business building insurance. It is worth knowing that some business insurance provides comprehensive cover that includes buildings and contents.

Once we have done all the searches, and our reports satisfy all parties, you’ll be ready to complete the purchase of your business premises.

When selling the freehold of a commercial property, you will need to negotiate the Heads of Terms between all parties. These aren’t legally binding but instead referred to for legal drafting when the transaction takes place. Here is where you will need to consider things like the value of your commercial property, any rights which you wish to retain and the timescale.

It’s worth knowing that as a part of these terms you will need to provide the Energy Performance Certificate unless your property is exempt from having one.

Once you’ve agreed on the terms with the buyer, our commercial conveyancing solicitors can begin selling your property on your behalf. We obtain documents such as the Title and prepare a contract package to send to the buyers’ solicitor, where we will await their due diligence and subsequently terms of sale contract.

If you have a secured loan against the property, we will contact your lender and ask for a settlement figure, and make sure that the sale monies exceed the amount due to your lender.

Depending on the contents of the Heads of Terms, your buyer may be liable to pay a deposit upon exchanging contracts, which they will lose if they fail to complete.

Again, if you have a secured loan against the property, we will obtain a final redemption figure from your lender, so we know exactly how much is required to discharge you from the mortgage on completion.

On completion, the purchase monies are sent to us and deducted from the outstanding mortgage balance which is sent directly to your lender. Any remaining sale proceeds are sent to you and the transfer deed will be completed and the title transferred to the buyer.