The Title Checks And Commercial Searches Involved In Buying A Business And Commercial Property

Are you looking to buy a business that includes the purchase of a commercial property? In which case, this is the blog post for you. If you are buying a business which includes a commercial property, either leasehold or freehold, you will need to complete a commercial property investigation. This needs to run alongside the purchase of the business. It is a crucial step that is in place to identify and mitigate risks that related to the land and buildings.

Here at Burgh Thorpe Solicitors in Peterborough we have team of experienced commercial lawyers and commercial property lawyers. They will work together to ensure that you and the business are protected when buying a business than includes the purchase of a commercial property.

Your commercial property solicitor will conduct a thorough review of the title register and all documents. This is done to confirm legal ownership. They will identify any third-party rights or obligations that bind the commercial property. For example, this could include rights of way or shared maintenance duties. There may even be restrictive covenants that impact that impact how the land can be used.

If the commercial property is leasehold, and not freehold, the lease agreement must be reviewed meticulously. There will be some key focus areas that our commercial property lawyers will carefully review. This will include repair obligations, rent review schedule and presence of any break clauses for example. Our commercial property solicitors will also obtain consent from the landlord before the purchase of the business, so the lease can be transferred to you.

There are a number of essential commercial property searches that need to be completed too. These should be done before you sign any contracts to buy the business. These specific pre-contract searches will help to uncover vital information about the property and the surrounding area. This will include things that the title register along cannot reveal.

Your commercial solicitor will obtain a local authority search on your behalf. This will reveal past, pending or refused planning permissions. It will also highlight any road schemed, building regulation approvals and local land charges. You will also need an environmental and flood risk search. This will assess the risk of historic land contamination to your business premises. Searches will also be completed on highways and utilities. These searches will confirm whether the nearest road is publicly maintained. It will also verify the location and ownership of essential utility connections.

If you are buying a business that includes a commercial property, call our commercial lawyers. Our commercial law experts will work together to ensure that you and your investment are protected.