If you are looking to buy or sell commercial property, then it will involve commercial conveyancing and you will need to appoint a conveyancing solicitor. There are many legal procedures and protocols to follow including inspecting the property and also commissioning a surveyors report. Good marketing and affordable prices do not necessarily equate to appointing a good solicitor and/ or law firm. Therefore before deciding to appoint a solicitor, make sure you carry out a background check of their credentials with the Law Society and also ask to see some testimonials from previous clients. |
Although appointing a conveyancing solicitor will incur a fee for their time, it should be a worthwhile expense, since their expertise should expedite the time for completing the transaction and they should be able to identify any risks associated with the transaction and advise accordingly. A specialist commercial conveyancing solicitor should possess expert knowledge to assist with completing the various steps in the transaction in a smooth and timely manner. Overall, they should ensure your acquisition is conducted and completed in a professional and legally compliant manner.
In the event you want to buy a commercial building, your commercial conveyancing solicitor will need to review the pre-contract package that the seller should disclose to you at the outset of the transaction. Once you and your solicitor have reviewed the package and providing all is in order, your commercial conveyancing solicitor should apply for searches including property title searches and local authority searches to assess the nature of the title to your property and any associated risks. Your solicitor should also send certain standard land transaction enquiries regarding the property to the seller to complete
Once the searches have been undertaken and replies to the enquiries have been received, your solicitor should produce a legal report on the property and title to that property. Once you have received this you can make an informed decision as to whether to buy the commercial property, and if so proceed to exchange contracts and pay a deposit. Once you exchange contracts then subject to certain conditions there is a legal obligation to proceed to complete the transaction.
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