Found a new commercial property to buy and wondering what to take into account before making an offer? If you make an offer on a property, you may assume that everything in relation to the property is in order such as the condition, any work...
Top Tip when selling your commercial premises - Instruct your solicitor first.
Looking to put your commercial premises on the market? Make sure you instruct your solicitor first.
If you don't you’ll waste a lot of time. You might think, "I’ll save costs and only instruct my solicitor when I’ve accepted an offer" but, that means you will cause a delay on the issue of the contract pack.
Here is what your lawyer has to do before being able to issue documents:
Step 1 - Open a file, send out a client care letter and terms, verify ID and have funds on account for title disbursements. Only then can they move to step 2.
Step 2 - Check whether your property is registered or unregistered. Download updated title from the Land Registry or receive and check the unregistered deeds. If there are any restrictions on selling without a third party consent that needs looking into.
Step 3 - Go through replies to commercial enquiries with you. These are called CPSEs. If these are answered fully and with lots of detail for the buyer, it saves time later on and avoids the buyer solicitor from having to raise lots of additional enquiries. There are some enquiries which need input from your accountant too. At Nowell Meller, we spend the time needed to complete these with you.
Step 4 - Prepare the sale agreement and this includes checking some tax provisions with your accountant.
Step 5 - Issue the contract pack.
Just from looking at the steps above, you’ll see how much time can be saved if you’ve gone through all of this before an offer is accepted. It also gives time to troubleshoot if there are issues regarding the title or in replies to CPSEs that you’re not aware of.
So, want to get things moving quickly when you have accepted an offer? Instruct your solicitors before you go on the market.
Solicitor, Commercial Property