The Commercial Conveyancing Process

The Commercial Conveyancing Process: How does it work?

This guide is a brief summary of the procedure for buying or selling your commercial premises and should provide you with a basic understanding of how the transaction works. It also lets you know what to expect from your solicitor and when.

STAGE 1

Buyer
When purchasing commercial premises, your solicitor should investigate the title to the property and commission any appropriate pre-contract searches. Once received, your solicitor should approve the draft contract supplied by the seller’s solicitor and raise any additional enquiries necessary in light of search results and answers to standard commercial property enquiry forms known as ‘CPSE Enquiries’. Any ancillary matters including mortgage finance and Stamp Duty Land Tax will also be addressed at this stage.

Seller
When selling commercial premises your solicitor will have a number of responsibilities at the outset of the transaction. After investigation of the legal title to your property, your solicitor will prepare the Contract for Sale and ask you to complete one or more CPSE enquiry forms depending on the type of transaction in hand. Details of fixtures and fittings may also be required.

STAGE 2- CONTRACT

Once the buyer is satisfied with his replies to enquiries and search results then, providing both sides have agreed the draft, the parties will exchange contracts and the Buyer will pay over any agreed deposit. It is at this point that the transaction becomes legally binding on each party.

STAGE 3

Buyer
Your solicitor will raise the necessary pre-completion searches and prepare the Transfer Deed for the Seller’s solicitor’s approval. You will be asked to prepare the balance of the purchase monies ready for completion.

Seller
Once your solicitor has approved the Transfer Deed received from the Buyer’s solicitor and given the necessary undertakings to discharge any mortgage to the property, you will be in a position to complete the transaction.

STAGE 4- COMPLETION

The Buyer will forward the balance of the purchase price to the Seller and the solicitors for the buyer and solicitor will complete the transaction.

STAGE 5

Buyer
Your solicitor will pay any Stamp Duty Land Tax that needs to be paid and, if necessary, register the transaction with the Land Registry.

Seller
Final completion matters will include the settlement of any charges on the property and the transfer of any remaining funds to you.

To discuss your plans for the sale or purchase of a commercial premises, contact our Commercial Property team.

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