Michael Rose & Baylis are a young, vibrant law firm based in the iconic Liverpool City Centre setting of the Royal Liver Building.
For commercial property, the conveyancing process is generally the same, irrespective of whether you are making a freehold or leasehold purchase.
About the Process
An initial investigation into the property title will be conducted, and any pre-contract searches will be carried out. Commercial Property Standard Enquiries (CPSEs) will also be carried out and any issues which arise from this will be investigated.
On commercial property purchases, VAT may need to be factored in, but we will be able to advise clients as to whether this is necessary. For leasehold purchases, lease terms and landlord information will be established at this point.
Once legal enquiries have been satisfied by the seller’s solicitors, the buyer’s solicitors will then report to the buyer, citing documents which need to be signed, such as Contracts, Transfer Deeds, Lease, Stamp Duty form and Mortgage Deed (if applicable).
When the necessary documents have been signed and the buyer has paid their deposit, all parties can then agree a date for the exchange of contracts and completion. Once the exchange of contracts has taken place, the seller and buyer have committed to the transaction, at which point backing out or altering the terms would result in financial penalties.
On the completion date, the buyer’s solicitor will send the purchase money to the seller’s solicitor, and when the money has been received, completion takes place and the keys are released to the buyer. Following completion, the buyer’s solicitors will report to HMRC, pay Stamp Duty and register the purchase and mortgage (if applicable) at the Land Registry.