Here is a guide on the process of commercial conveyancing along with the things to be aware of, if you're thinking of buying or selling a commercial property!
What is Commercial Conveyancing?
Commercial conveyancing is when a property or land is bought and sold with the transactions made by a commercial property solicitor.
If you're thinking of selling or buying a commercial property, the commercial property solicitor will guide you through anything from employment and license to planning, VAT, landlord and tenant and environmental licensing.
Why is the process different to residential conveyancing?
- One big difference between the two conveyancing processes is that for commercial, contracts get exchanged at an earlier stage. The agreement will be signed, and then investigations will start with opt-out clauses included in the event something is discovered that was to change the transaction.
- It is also a longer process than residential conveyancing, there is no exact time frame, however, due, to the complexity of the process, it can take longer to complete.
- The rules on payment of VAT for commercial conveyancing transactions are complex and require specialist advice.
Things to be aware of:
- One delay that may occur during the conveyancing of commercial properties is the need to fill out a commercial Property Standard Enquiry (CPSE) form. This document gives a detailed overview of the property from the perspective of a seller and is a necessary part of commercial conveyancing.
- For commercial conveyancing, you need a highly qualified and experienced solicitor because it is profoundly complex. Every case is different, you need someone, with the knowledge to tackle this.