Commercial conveyancing, which is different from residential conveyancing, is the process of making someone the new legal owner of land, buildings, or property that is used for business purposes. Commercial conveyancing is usually carried out by a solicitor or licensed conveyancer.
It is very important that you employ a qualified, experienced and reputable conveyancer who can guide you through each stage of buying or selling a commercial property. There are several areas in the process that are vital to people wishing to make a purchase. These include Post sale overseeing of title change preparation of all post sale legal documentation, arrangement and attendance of settlement, revenue Law, Contamination issues, the assignment of leases, presale examination of Contracts, writing of any amendments to pre-sale contract and arrangement of exchange of contracts. If you have a commercial property for sale or you’re looking to move into new premises you need to work with a strong firm of conveyancing solicitors. They will make the whole transaction much easier and smoother.
Here are some things you need to know about commercial conveyancing.
- It is highly specialised: Conveyancing is always complex, however commercial conveyancing is even more complex. You need a highly experienced expert to handle the transaction because there are no ‘simple’ or regular cases. Each case is unique and will need someone with proper knowledge to handle it. It also means that your chosen commercial conveyancing partner must have good links with business lenders and understand exactly what they need. Experience is the key here, and your partner must have good instincts and sound judgement so they can make proper decisions. This will also make it easier for you to trust them.
- It takes more time: Commercial conveyancing takes much longer than residential conveyancing. The time taken depends on the case – there is no average timeframe you can assume for your case. Some cases are simpler than others. Certain cases require lots of legal processes and legwork. As a rule, commercial conveyancing cases take a longer time to complete.
- You will have clients that need it: If you have clients that run their own business, it’s likely they will require these services at some point or another. Make it a rule to ask them if they need one. But first make sure you have a good commercial legal partner, that you are genuinely happy to suggest they use. Your clients will be happy and satisfied if you do.
- There is greater to it than meets the eye: Legal work isn’t only carried on commercial property purchases and sales, but also on other commercial transactions. This includes the sale or purchase of a business, lease drafting, remortgage, negotiation of a new lease, or the detail of a lease to a new tenant. While all of it may not be conveyancing, it is all commercial legal work and you may get a referral fee for introducing them.
- The rewards are greater: Although commercial mortgage business is more time consuming for brokers, and solicitors, it is more lucrative. Once you consider the mortgage fee, and the conveyancing referral fee, it becomes clear that a few cases can have a big impact on your business’s bottom line. Despite the time and all the work it takes, the fees and popularity the business brings in will make it more than worthwhile.
For those operating in the commercial world, a good commercial conveyancing firm is very important. It is difficult to find a conveyancer that understands the commercial sector properly, has the experience needed to handle these, often complex, cases, and has proper the links. Therefore you must choose carefully. Certain commercial cases can involve other areas of the law, so a full service law firm will be well placed to accommodate any potential legal issues that come up. A good commercial partner will come in handy whether you need to use their services or recommend them to someone else.