What is commercial conveyancing?
A: It is defined as the process of making someone the new legal owner of land, buildings, or property that is used for business purposes. The conveyancing is usually carried out by a licensed conveyancer. It covers a wide area such as purchasing and selling commercial property, leases and commercial mortgages.
What is the difference between residential and commercial conveyancing?
A: The main difference between the two is the type of property involved. Commercial conveyancing involves commercial property that are generally acquired for business purposes. For example buying or selling a piece of land that is meant for opening a shop or market. Also, leases are common during commercial conveyancing. On the other hand, residential conveyancing involves private property, to be used for buying and selling homes and flats. Moreover, leases are not very common for residential conveyancing.
Is conveyancing required for the leasing property?
A: Even if you are simply planning on simply leasing commercial property instead of purchasing it, you need a conveyancer to handle the transaction. This is because commercial conveyancing is even more complex and intricate than regular conveyancing and requires an expert to deal with it. Also, any loss incurred during a commercial transaction is bound to be huge and risky. A conveyancer will help you make the right choices and protect you legally in case of any trouble.
How will a commercial conveyancer assist me?
A: If you are buying or leasing property or land, you will realize that the services of a conveyancer are not just useful but vital. Commercial property involves a significant investment, and therefore it is important to make sure the investment is sound. By using a conveyancing solicitor, you can minimise delays and also be ready for any future problem that could arise with the property.
How do I choose the best commercial conveyancer?
A: It is important to consult with an experienced conveyancer in order to get the best service possible. There are various committees that comprise of a panel of qualified and specialised conveyancers who will provide the best service available. Your mortgage company can also help you contact a conveyancer suited for your needs. Your conveyancer plays a major role in the success of your commercial transaction and so it is worth paying more for a good conveyancer.
What are the common issues of commercial conveyancing?
A: Many aspects in residential conveyancing are very similar to those in commercial conveyancing. However, in commercial conveyancing there are additional considerations which need to be addressed. Most of the commercial properties are bought leasehold and an annual rent is agreed upon. In certain circumstances, especially with office buildings, these can then be sublet to others for a fee. These buildings are effectively open to the public and so they must not contravene any local authority laws. They may be subject to any energy efficiency schemes the Government is presently involved in to reduce carbon emissions and pollution. There are several local laws that must be followed for commercial property. Consideration even needs to be given as to whether you are allowed to play music in the property, and in most circumstances you will need a license to do so. Furthermore, you may want to change the nature or purpose of the property you have bought or let.
What are leasehold agreements?
A: There are many consideration that must be addressed before drafting a leasehold agreements. There are certain terms and clauses included for these agreements. These include the term or length of the lease, rent and insurance policies. The lease also states whether the tenant is allowed to sublet the commercial properties to others. Furthermore it also decides if the property can be shared by other companies in the same commercial group as them. This can get pretty complicated and so, you will need a conveyancer to sort it all out.