The commercial property team at Surrey Solicitors will guide you through the process of selling a commercial property. All of our commercial property services are on a fixed fee basis.
The conveyancing process can seem complicated at first glance. Here we will try to break it down into some basic stages:-
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Pre-Contract
We speak to you to find out what your aims and objectives for the sale are. Once we are all agreed they can be met by this sale, we will prepare and issue a contract pack to the buyer solicitors. This will include: land registry documents, a draft contract, and your replies to Commercial Property Standard Enquires (CPSE) enquiries.
We can do the above for you even if you haven't found a seller yet. It can increase the attractiveness of a property if everything is available in a concise package right at the beginning.
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Reporting & Signing documents
We will work with you to reply to any enquiries that the buyer solicitors might raise. Once they have been resolved we will likely need you to sign the contract and transfer deed. Depending on the facts of your case, we might also need you to sign a lease.
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Exchange and Completion
Once we have all signed documents back from you we can exchange contracts so that you know exactly when the property will be sold. We will usually receive the deposit from the buyer solicitors and must hold it in our account until the day of completion.
On the agreed completion date we will receive the balance of the purchase price in full, and your sale will be completed. If there is any outstanding lending against the property we will arrange for the accounts to be paid in full from the sale proceeds, and we will transfer the balance to you less our agreed fees and disbursements.
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Post Completion
We then send the completion paperwork to the buyer solicitors who will register the sale of the property with the land registry and with HMRC.
If you're intending to sell a commercial property, or land, feel free to give us a call to see how we can help you. We perform our commercial property work on a fixed fee basis, meaning that you can budget easily for legal fees. As we near exchange and completion we will send you a detailed financial statement explaining exactly what monies will be issued where.
I'M BUYING A COMMERCIAL PROPERTY
The commercial property team at Surrey Solicitors will guide you through the process of selling a commercial property. All of our commercial property services are on a fixed fee basis.
The conveyancing process can seem complicated at first glance. Here we will try to break it down into some basic stages:-
-
Pre-Contract
We speak with you to find out what your aims and objectives for the property are. Once we are all agreed they can be met by this property, we will ask the seller solicitors for a contract pack. When we receive it we will review all paperwork and submit our enquiries and Commercial Property Standard Enquires (CPSE) enquiries to the seller.
We also check the legal title of the property, and the terms and conditions of your lender too (if applicable). We will also advise you of whether you will have any VAT to pay, and what stamp duty will be due.
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Reporting & Signing documents
Once we are satisfied with the information we have, we will produce a report on the property for you setting out our findings and recommendations. At this stage we will likely need you to sign the contract and transfer deed. Depending on the facts of your case, we might also need you to sign a mortgage deed or finance agreement, and a lease.
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Exchange and Completion
Once we have all signed documents back from you we also request your deposit monies. Then we can exchange contracts so that you know exactly when you will legally take ownership of the property. On the agreed completion date we will transfer over the balance due to pay the purchase price in full, and your purchase will be completed.
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Post Completion
Once we receive the completion paperwork from the seller solicitors we will register your purchase with the land registry and with HMRC. We will also settle the stamp duty account for the purchase.
When we receive the updated land registry documents confirming your ownership, we will send a copy to you.
If you're intending to buy a commercial property, or land, feel free to give us a call to see how we can help you. We perform our commercial property work on a fixed fee basis, meaning that you can budget easily for legal fees. As we near exchange and completion we will send you a detailed financial statement explaining exactly how much is needed and what it is needed for.
