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There is a definite difference between the sale of a commercial property and a residential property. When it comers to residential property, the buyer has less power and ability to negotiate, it is a pre-contractual negotiation. Commercial property, on the other hand, has less buyers and therefore the buyer has more negotiating room.
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Why Do You Need a Commercial Property Sale Solicitor? Commercial property law is something many landlords will come across at some point in their careers whether you are leasing a retail unit, buying an office or purchasing a warehouse. These are legal activities where you will need the assistance of an experienced and knowledgeable commercial property solicitor. These legal professionals are guides for landlords, helping you navigate the commercial property sector saving you time, money and energy. Commercial property sale solicitors ensure their clients whether you are buying or selling a property, are protected. There are always legal risks associated with the sale or purchase of this type of property and your solicitor’s role is to ensure you understand the risks and help you mitigate them, where possible. There is a definite difference between the sale of a commercial property and a residential property. When it comers to residential property, the buyer has less power and ability to negotiate, it is a pre-contractual negotiation. Commercial property, on the other hand, has less buyers and therefore the buyer has more negotiating room. Due to the nature of the transaction, most parties will want more flexibility and sometimes a shorter lease term, if they are renting. This is because should the business fail, the owner doesn't want to be tied down by a long lease or paying off an expensive mortgage. Most commercial property sales involves the purchasing of a leasehold that are heavily negotiated. A commercial business is unlikely to purchase or sell a property outright unless they are very established in their industry. Commercial property sale solicitors assist clients with multiple aspects in the purchase, sale or rental of a property including negotiating the pre-contractual documents, they assess potential tax liabilities and advise their clients accordingly, this involves reviewing financial documents and negotiating the terms of the deposit. In addition to this, they investigate the title and negotiate the contract on behalf of their clients. They report to their clients for approval. There are very strict legal formalities that need to be followed when property contracts are exchanged. It needs to contain terms that the solicitor knows, understands and follows. Any undertakings made by your commercial property sale solicitor is enforced by the Court. Commercial property solicitors have experience dealing with post completion problems, such as registration. They negotiate lease agreements to ensure they contain provisions around rental payment, maintenance, break clauses, subleasing and more. Unlike residential agreements, commercial agreements are different and unique based on the negotiating strength of each party. Commercial property sale solicitors comply with local laws and regulations. They assist with the obtaining of licenses, planning permission and more. They know the commercial property market and what is required based on your business activities. They know what licenses are needed, such as if you intend turning a rural farmhouse into a modern and luxurious hotel, for example. They are also responsible for handling any disputes and potential litigation that can arise at any stage of the contract. Non- payment of monies often leads to disputes. Your commercial property sale solicitor can advise you on the best course of action to resolve disputes, be it through mediation or arbitration. Commercial property sale solicitors are essential for business clients to ensure you are not faced with problems that arise from your property transaction in the long run. There are many things that can go wrong but with the right legal team by your side, you can ensure your transaction goes ahead with the reduced risk of pitfalls along the way. About Us: Grant Saw Solicitors LLP is a London based law firm that caters to private and business clients. The firm has been operating since 1851 offering legal excellence and a modern and friendly approach. They are recognised for their excellence with numerous accreditations. Grant Saw Solicitors LLP are based in Blackheath and Greenwich, both offering disabled access. Their extensive range of legal services range from tenant and landlord disputes to residential property transfer, commercial property, insolvency, employment and dispute resolution.
