Commercial Property – How different is it to buying Residential Property?
Commercial Conveyancing requires expert knowledge in commercial transactional work. It differs significantly from the legal Work required in residential conveyancing work. How? you may ask.
Firstly, a different set of Standard Contractual terms are used Standard Commercial Property Conditions (SCPC Third Edition) which are more tailored to a commercial transaction. Furthermore, insurance risk passes at Completion unlike the standard (residential) conditions of sale, and issues such as Capital Allowances and VAT need to be considered at an early stage. The overall structure of the transaction should be considered, and depending on the nature of the transaction, it may be an option to acquire shares in a company rather than just the Property, providing a significant SDLT saving. There are also differences in regards to the energy performance of a commercial property. The Energy Performance Regulations 2012 have recently been amended and the first wave of changes hit on the 1st April 2018. The changes mean that Commercial Property owners and Investors need to be extra careful when negotiating contract terms and Leases. If acting for a Pension Fund, knowledge of the requirements of the corporate trustee is vital. Often limitation clauses will be required as standard as well as full unqualified reports on title. It is vital that the Lawyer has an in-depth knowledge of legal title investigation and can deal with any problems arising both in respect to any legal title issues and in connection with any adverse search result(s).
At O’Donnell Solicitors our Commercial Property team, comprises expert Lawyers in this field. Equipped to handle the most complex of Commercial Property transactional work. Acting on behalf of Lenders, individuals and Corporate clients alike we offer Straight Talking Advice whilst at the same time having a keen eye for detail.
Working with other leading professionals we are able to facilitate the quick progress of a deal to help deliver the goal of the parties involved.
Recognised as a leading firm in the North West and one to watch, O’Donnell Solicitors offer straight talking Legal Services from modern offices in Saddleworth, Greater Manchester.
To access our Commercial Property services please contact James O’Donnell or Suzzanne Gardener at our head office at Appleby’s Business Centre, 1-3 Mossley Road, Saddleworth, Grasscroft on 01457 761 320 or email James O’Donnell at [email protected] or Suzzanne Gardener at [email protected]