Commercial Conveyancing – Whats The Process?

Whilst every transaction is different, there is a number of stages that will happen in all commercial conveyancing transactions, whether you are buying or selling.

Stage 1

If you are buying a commercial premises, your solicitor will first need to investigate the title of the property and submit the appropriate pre-contract searches.

Your solicitor will then receive the draft contact from the seller’s solicitor and amend or approve this as well as raising any additional enquiries necessary in light of the search results and the answers to standard commercial property enquiry forms known as CPSE Enquiries. Mortgage finances and Stamp Duty Lan Tax will also be addressed.

If you are selling a commercial premises, your solicitor will have to investigate the title of your property, prepare the Contract for Sale and arrange for you to complete the CPSE Enquiry forms. You may also have to provide details of fixtures and fittings.

Stage 2

Once stage 1 has been completed satisfactorily, contracts can be exchanged and the buyer will then pay the agreed deposit. At this point the transaction becomes legally binding.

Stage 3

If you are the buyer, your solicitor will raise pre-completion searches and prepare the Transfer Deed and send this to the seller’s solicitor’s approval.

If you are the seller, once your solicitor has approved the Transfer Deed and given necessary undertakings to discharge any mortgage to the property, you will be in a position to complete the transaction.

Stage 4

The transaction will then complete and the buyer will forward the balance of the purchase price to the seller.

Stage 5

If you are the buyer, your solicitor will pay any Stamp Duty Land Tax (SDLT) that needs to be paid and, if necessary, register the transaction with the Land Registry.

If you are the seller, your solicitor will arrange for settlement of any charges on the property and transfer of any remaining funds to you.

If you're looking to buy or sell a commercial property, get in touch with our commercial conveyancing Solicitors in Rochdale on 01706 644187.