Legal considerations when buying a Commercial property
This is the first thing that must be asked of your lawyer before getting into a commercial property. Both types of tenure come with a lot of risk as well as reward. There must be proper due diligence, which reveals the potential issues like any restrictions or obligations to the landlord.
Tenure (Freehold Or Leasehold)
Tenants are a huge factor that must be taken into consideration when buying a commercial property. You must be aware of the tenants’ rights under leases or licenses and it is important to familiarize yourself with the Landlord and Tenant Act 1954.
Tenants
When buying a commercial property, it is best to always get a free estimate from your Lawyer. Fee estimates are prepared on the information given to you that includes a breakdown of legal fees, the Land Registry fee, a stamp duty calculation plus any other costs that are anticipated.
Costs
Other than these, there are many legal aspects to consider before signing a contract and taking possession of the property.