Understanding The Commercial Conveyancing Process For Buyers

A business needs to be in possession of suitable premises to ensure their commercial success, whether this is an office, warehouse or industrial facility.

If you’re looking to buy a new commercial property, then it is essential that you engage the support of a solicitor as soon as possible, where this can help you to navigate the intricacies of the conveyancing process.

Once you’re working alongside a conveyancing solicitor, the buying process should be fairly straightforward, where some key steps will need to be completed before you’re established as the new owner.

Read on to find out more about the process involved for buyers of a commercial property.

Research & Due Diligence

A certain level of research must be undertaken at the beginning of the conveyancing process, so that all parties understand the various limitations and costs involved. This will include checking the HM Land Registry for information about the property, where any legal restrictions could affect the offer price.

Contract Negotiations

Once your solicitor has completed the due diligence process, then they will then begin to negotiate the terms of the contract with the seller’s solicitor. This will cover the asking price, when the property will be vacated, and other conditions such as utilities, parking and access.

Financing

Not all commercial buyers will have liquid funds with which they can purchase a new property. You may be waiting on the sale of your current building, where delays can also come from loan or mortgage applications. As such, securing this financing is an integral part of the buying process.

Exchange of Contracts

Once everything is in order, a set deposit will be put down by the buyer, whilst formal contracts are signed and exchanged. The exchange of contracts means that the sale is legally binding, where this will be a key milestone for the buyer.

Completion & Final Formalities

The conveyancing process is completed once the purchase price is received by the seller, where you will then be able to occupy your new property. In order for the sale to be finalised the buyer must be registered as the new owner, and any stamp duty must be paid.

PJE Solicitors: Guiding You Through The Conveyancing Process

Property conveyancing can be a complicated process, especially if you’re looking to invest in a commercial building. As such, having expert legal advisors in your corner can help to keep things straightforward.

Our property solicitors can provide conveyancing support throughout Cardiff and Pontypridd, helping to keep the entire process stress free. Get in touch with us today to find out more about our areas of expertise.