Commercial property - frequently asked questions
I own several commercial properties. Where should I source a tenancy agreement, at fixed price, and what terms should it include?
There are templates available online for tenancy agreements, but we strongly recommend that these are avoided, as using them can cause serious issues and subsequent costs in the future. Instead, you should source a solicitor who offers a fixed price service, agreed at the outset.
This means that you are able to include your own terms and ensure they are legally enforceable, along with receiving a report on the lease. This ensures you are fully aware of your obligations and those of the tenant. Your solicitor can also arrange for completion of the lease, all for a fixed price.
The terms that should be included will greatly depend on a number of factors, such as the type of premises; is it retail? Industrial? Is it part of a building or a letting of the whole property?
Seeking advice from a specialist solicitor will help you to choose the right form of lease as well as making sure that other provisions such as repairing obligations, service charge payments and rent review are also incorporated. In addition, while it may not seem relevant at the moment, other issues to consider include provisions to enable either party to vacate the property or pass the lease to another party before the end of the lease term.
As a landlord, you may need to incorporate flexibility for your tenants to ensure that properties remain occupied, which may include more favourable terms within your lease. A commercial property solicitor can help you decide what you can afford to compromise on and what you should try to ensure remains.
The property is your investment and a good commercial property law solicitor will not only ensure that the lease best protects your immediate interest but, at the same time, protect your long term commercial interests.
How do you charge for the work you do?
Our charges will be made up of two parts; the costs of the legal services that we provide to you and monies payable to third parties, for example, local authority, search fees, land registry fees and statutory payments, such as stamp duty.
Where we are able, we will agree a fixed fee for the costs of the legal services that we provide. If this is not possible, our costs will be charged at competitive hourly rates, and at the outset we will provide you with an indication of such likely costs.
We are also happy to discuss other fee-paying arrangements, such as the capping of legal services and costs to suit your requirements and budget.
I am not located in the North West; can you still act for me?
Our current client base is spread all over the United Kingdom and further afield. With modern technology, we are able to provide speedy and seamless legal services to clients almost anywhere.
When I have used solicitors in the past, the person I am dealing with often changes. Will this happen if I instruct you?
At Stephensons, we are pleased to have a very low turnover of personnel. Our recruitment policy is to seek local talent that is committed to enhancing the provision of legal services from the areas in which our offices are based. Consequently, it is very unlikely that the person will change.
Many of our current partners joined the firm as trainees. This is a testament to our secure workforce.
Where possible, transaction work is senior solicitor/partner lead and they are supported by another fee earner. Our team structure approach ensures there is always someone familiar with your matter.
As well as needing a solicitor, I will also need to instruct a property agent and other property professionals. Are you able to assist me?
At Stephensons, we pride ourselves on our expertise and bringing business opportunities to our clients. As a result, we have excellent relationships with many property and other professionals across the United Kingdom.
We will therefore be able to assist by introducing you to which ever property professional you may need.
In some property transactions, there may well be government or other grant funding available to assist purchasers and developers. In the past, we have been able to source such funding and assist our clients in obtaining the same, so will be happy to investigate this on your behalf.
Grant funding schemes are varied and their availability does depend on the location of the property and nature of the transaction. We will be happy to advise and assist, should you require.
What does a commercial property solicitor do?
A commercial property solicitor handles all of the legal requirements in relation to the sale or lease of a commercial property, building or land. It is a specialist area of law, requiring expertise in leases as well as commercial property transactions.
How to value a commercial property
Accurately valuing any commercial property can be challenging, as the market shifts constantly and there are many factors that can affect the value of this kind of property. The valuation will take into account the potential income of the property as well as the bricks and mortar value of the building itself.
A specialist commercial property agent will be able to provide you with an up-to-date valuation of the property. You can also use our commercial property lease calculator for a quote of what the fees might be.
How to buy a commercial property
Buying a commercial property can be complex, depending on the circumstances and whether it’s a purchase of the property outright or a property lease that is being bought. Getting the assistance of a specialist commercial property solicitor is essential.
Once you have found a commercial property that you want to buy, finances will have to be arranged if it isn’t a cash purchase, before an offer can be made. Once the offer on a commercial property is accepted by the current owner, a commercial property lawyer will be needed to handle the conveyancing process and readying the contracts. Similarly to a residential property purchase, once contracts have been exchanged, the sale is legally binding and the final stage of the process is completion, when the commercial property legally changes hands to the new owner.
Contact a commercial property solicitor
Whether you have questions about a potential commercial property purchase, sale or lease, our team of experienced commercial real estate solicitors can help. We’ve been involved in numerous successful commercial property transactions and can provide accurate advice, along with the level of support that you need at every stage of the process.
Use the form on this page to submit an enquiry or call our team on 0161 696 6174 to speak to a specialist today.