When planning to expand a business, it’s often done by leasing or purchasing a new building. This might sound easy, but the reality couldn’t be further from the truth. There are numerous legal factors that come into play when purchasing a commercial building. Excellent marketing and an affordable price might draw you to unideal establishments, but you should try your best to avoid such distractions. It is imperative that you maintain a good sense in decision making or avail help from a reputable commercial conveyancing solicitor.
Even though such a solicitor will cost more, they will help you make a sound decision. They will ideally save you from the burden of the legal work and inspection which you probably have no experience or knowledge in. A commercial conveyancing solicitor is an expert who will help you in every stage of acquiring your new premises. They will ideally save you time in the errands that you will have to run when you do not hire one.
Here are some of the things that a conveyancing solicitor will do for you:
1. In the event that you wish to purchase commercial premises, the solicitor will ask for the pre-contract package that your seller is offering. Once it is checked and satisfies your needs, the solicitor will them apply for a local authority search in order to find more about the building you are considering.
2. Any other inquiry needed to be sure of the building in question will be raised and ascertain that are questions are answered. If you’re depending on a loan to purchase the property, the solicitor will ideally be the one to ensure that the necessary paperwork is done.
3. When everything is ready and you’re satisfied, they will give you a legal report on the building that you wish to purchase.
4. Contract signing is what follows. You will ideally be asked to make a deposit payment. Once the contract is exchanged between you and the seller, the purchase will finally be legally binding.
5. After the contract exchange, the next step is to prepare the final account.
6. Searches will again be conducted against you and the building.
7. The conveyancing solicitor will ensure that the funds are given to the sellers and in -turn, hand over the property title deeds to you.
8. Finally, a stamp duty will be paid for and the commercial building will be registered under your name. The evidence of registry transfer will be sent to the lender and if you did not purchase through a loan, it will be sent to you.