Buying and selling commercial property can bring huge rewards, but it also carries a lot of potential liabilities. Acquiring and disposing of commercial stock can be a highly complex process that involves many legal obligations and responsibilities. We represent commercial property clients of all sizes and take a very ‘hands-on’ approach to ensure that transactions stay within budget and timescales.
What happens with exchange and completion?
The process is very similar to buying a house. Once due diligence has been completed, the buyer and seller will exchange contacts through their solicitors. If you’re the purchaser, you’ll pay a deposit which is usually 10% of the purchase price. It’s important to know that at this point the sale becomes legally binding and neither party can pull out without being liable to pay compensation to the other side. On the agreed completion date the balance of the purchase price is transferred to the seller. Alternatively, you may agree to exchange and complete on the same date.
If I’m buying a bar, do I have to have a licence to be able to sell alcohol?
Yes, any commercial premises which sell alcohol needs to have a licence. We have extensive experience of applying for licenses and can help you with this as part of your purchase.
I’ve recently bought a commercial property and want to make alterations to it, can I do this?
If you’ve any such plans it’s important to talk them through with us before you purchase the property as there may be restrictive covenants which prohibit alterations. Also, if it’s a leasehold property, the terms of the lease may not allow it and even if it does, you may need consent from the freeholder before any alterations can be carried out. Another important consideration is whether you’ll need to get planning permission and /or obtain building regulations for your proposed alterations. We can advise on all aspects of this area.
I’m considering buying a property through my pension scheme; can Russell and Russell help me?
Yes, we’ve got extensive experience of assisting SIPPs purchase commercial property and dealing with the rules relating to this.
I’ve been approached by a developer which wants to secure an ‘option’ on my land, what are the implications?
You should be aware that most developers will want exclusivity and will look to place a restriction on your title. We’ve lots of experience in acting for both land owners and developers in option agreements and can provide valuable assistance in this area of law.
