This guide is a summary of the procedure for buying or selling your commercial premises and should provide you with a basic understanding of how the transaction works. It also lets you know what to expect from your solicitor and when.
Buyer – When purchasing commercial premises, your solicitor should investigate the title to the property and commission any appropriate pre-contract searches. Once received, your solicitor should approve the draft contract supplied by the seller’s solicitor and raise any additional inquiries necessary in light of search results and answers to standard commercial property inquiry forms known as ‘CPSE Enquiries’. Any ancillary matters including mortgage finance and Stamp Duty Land Tax will also be addressed at this stage.
Seller – When selling commercial premises your solicitor will have several responsibilities at the outset of the transaction. After an investigation of the legal title to your property, your solicitor will prepare the Contract for Sale and ask you to complete one or more CPSE inquiry forms depending on the type of transaction in hand. Details of fixtures and fittings may also be required.
Contract – Once the buyer is satisfied with his replies to inquiries and search results then, providing both sides have agreed to the draft, the parties will exchange contracts and the Buyer will pay over any agreed deposit. At this point, the transaction becomes legally binding on each party.
Buyer – Your solicitor will raise the necessary pre-completion searches and prepare the Transfer Deed for the Seller’s solicitor’s approval. You will be asked to prepare the balance of the purchase monies for completion.
Seller – Once your solicitor has approved the Transfer Deed received from the Buyer’s solicitor and given the necessary undertakings to discharge any mortgage to the property, you can complete the transaction.
Completion – The Buyer will forward the balance of the purchase price to the Seller and the solicitors for the buyer and the solicitor will complete the transaction.
Buyer – Your solicitor will pay any Stamp Duty Land Tax that needs to be paid and, if necessary, register the transaction with the Land Registry.
Seller – Completion matters will include the settlement of any charges on the property and the transfer of any remaining funds to you.
60 Borough High Street,
London Bridge
Southwark, London SE1 1XF
“Ola Leslie Solicitors LLP is a limited liability partnership. Registered in England and Wales. Registered no: OC374424.
Regulated by the SRA and registered under SRA ID: 612672”
Copyright 2024 Olaleslie | All Rights Reserved
