Your Step By Step Guide To A Commercial Property Transaction

The world of commercial property law can look complicated from the outside. This is why our clients rely on our experienced commercial property solicitors in Peterborough. We offer and support with guidance on complex commercial property transactions and legal matters.

When agreeing to a commercial property lease there are some terms that are more important than others. The most important terms to consider are of the commercial property lease are rent. Term, user, break clauses and the definition of the property to be leased.

Businesses often overlook terms including whether a tenant can assig or sub-let the property. They may also overlook the level of repair requirement. This can result in nasty surprises later down the line, especially at the end of the lease term. This is why you need a commercial property lawyer to assist with the transaction. They can also look into whether you have a right to renew your lease at the end of the term.

There are typical steps that you can expect when it comes to your commercial property transaction. Our commercial property lawyers can support you throughout these steps. The steps you can typically expect are as follows:

Step 1 – The head of terms of the lease. This will usually be prepared by an agent. It will include a list of the key terms of the lease.

Step 2 – Once these terms are seen and approved, each party will instruct their commercial property solicitor to move forward with the process.

Step 3 – At this point, the solicitor of the landlord will prepare the first draft lease. They will also create any supporting documents. This could include rent deposits or agreements for lease, for example.

Step 4 – The landlord will then provide a copy title. This will be done with replies to standard CPSE enquiries as appropriate for the transaction and the commercial property lawyer for the tenant.

Step 5 – The solicitor for the tenant will carry out due diligence on enquiries and titles. They will also complete any property searches that are required. From this, the required amendments will be made to the lease and any associated documents.

Step 6 – Both parties and their solicitors will agree to a final version of the lease. Solicitors will then report to clients and arrange for the lease to be signed, along with any associated documents that also need to be signed.

Step 7 – Solicitors will then complete the lease and any associated documents. This is when the keys to the commercial property can then be release.

Step 8 – The commercial property solicitor of the tenant will deal with any post completion requirements. This includes documents such as SDLT and registration, as an example.

Do you need a commercial property lawyer to help with your commercial property transaction? Contact our team of property lawyers now to see how we can help you.