When it comes to buying, selling, or leasing commercial property, there is a lot of talk about enlisting a commercial property solicitor. But who is that? What do they do? It’s hard to know what a vital role they play if you’ve never been introduced to one.
In the plainest terms, a commercial property solicitor provides legal advice and services concerning commercial property.
Property law is highly technical and hard to grasp alone. The role of a commercial property solicitor is to oversee transactions and legal issues surrounding a property used for business purposes.
Their role may be responsible for:
Without a legal background as well as training in Commercial Property, it can be difficult to comprehend, let alone conduct any of the duties above. For that reason, appointing a commercial property solicitor is vital.
Entering a commercial property lease is an exciting and expansive time for any business. However, you don’t want this career milestone to be shrouded in complications.
While engaging with a commercial property solicitor may seem like an unwanted expense, the value they add is undeniable. By mitigating risks and consequences, and managing legal complexities, you’ll save a significant amount of time and money.
There are many stages during the acquisition process of a commercial property that you need to engage a commercial property solicitor. Here are a few-
One of the most common issues with commercial properties is accurately identifying the property under the lease. Lots of commercial properties exist under one premises, like shopping centres, so determining what is a shared space and what you are liable for can sometimes be a cause for contention.
A commercial property solicitor can verify what parts of a property the landlord possesses and has the authority to lease. Doing a thorough check of the title deeds will ensure legal clarity moving forward.
Depending on the duration of a lease, rent review provisions may be required. Ideally, this should be drafted by a solicitor.
When it comes to rent review, it is typical that landlords and tenants favour different clauses. A disadvantageous clause may be something a business doesn’t wish to settle on, causing disputes and delays in proceedings.
By engaging a commercial property solicitor, they can mediate any disagreements and ensure the lease reflects any agreed terms before signing.
In a commercial lease, it is preferential for landlords to place all repair obligations on a tenant, regardless of the size and who attends to it, so they may retain the full rental income. This will likely be a stipulation of the lease agreement.
A solicitor will negotiate these terms and can ensure that the costs of repair do not become a huge implication to a business.
They can also ensure that a tenant is not liable for leaving the property in a better state of repair should the lease come to an end.
Often overlooked by tenants, Stamp Duty Land Tax is a necessary expense when acquiring a commercial lease. A solicitor will play a crucial role in ensuring the correct amount is paid and will even complete this on the tenant’s behalf.
Like with all taxes, it is necessary that this be completed accurately and on time, as missed payments can lead to penalties and further charges.
When it comes to a point where you need to engage a commercial property solicitor, why not consider Blacks Legal?
Our solicitors have over 30 years of experience in commercial property law. We deliver a client-friendly approach while providing professional services and overseeing every detail of the property acquisition.
We lend our services to buying & selling commercial property, property litigation, lease management and commercial property tenancy agreements.
If you’re looking for qualified legal advice from reputable solicitors, then Blacks Legal can help you. Contact us today and we’ll help with your exciting business expansion.