Investing in commercial property is a big step and can be very exciting for your business. Whether you are a landowner, developer or public sector body, you may have to deal with leasing, buying or selling commercial property. Commercial property also includes a wide range of legal matters, from planning and environmental to construction, litigation and tax law. Therefore, it’s important you have the right team on your side. You may be unsure whether you need to use commercial property solicitors, but they are there to offer you the support and guidance needed to tackle any legal matters you may run into.
Commercial property solicitors can assist you with a new lease, assignment of lease and sale and purchase of freehold. So whether you’re planning on owning a shopping centre, an infrastructure project or offices, here’s how a commercial property solicitor can help you.
The benefits of using commercial law solicitors
Usually, buying commercial property is a big investment and therefore, comes with some degree of personal or professional risk. There are even more legalities involved when you own or run a commercial building, and it is therefore much wiser to get a solicitor involved. This is also the case if you intend to sell or lease your commercial property. They are able to bring knowledge, skill and experience to the table to help you successfully carry out your business venture.
Commercial property lawyers have specialised in this area and have a commitment to commercial endeavours. This means that they are able to assist you with business transactions and ensure that deals and arrangements are valid and legal. This may include drafting and analysing leases or checking property contracts and assisting with the sale of your property. When you have a legal professional assisting you with a large investment or contract, you are much less likely to run into issues that could cause you to lose money or business. This will help reduce any risk that comes with buying, selling or leasing commercial property or any other related legal matter.
Makes the process quicker and simpler
With commercial property solicitors, you won’t be spending all your spare time filing paperwork, reading contracts or forming emails because the solicitor is on hand to help you out. Legal processes can be confusing and complicated, especially if you’re unfamiliar with the terminology. If you don’t understand your obligations, you may run into problems further down the line. An experienced solicitor will be able to guide you through the process, help you understand everything and make sure it gets done correctly. This will reduce the chance of errors and ensure the process is much more efficient.
With you every step of the process
Whether you are leasing or buying a commercial property, you may find the process daunting. But having an experienced solicitor on your side will help take you through each step of the process, explain everything clearly and handle any matters you don’t have time for. When you’re a busy entrepreneur, landlord or CEO, you won’t have time to comprehend every aspect of the legal process, so you can pass that responsibility on to your solicitor. If you have a property law solicitor working with you, you can ask them any questions you may have throughout the process, making it much clearer and easier for you. This gives you more time to focus on other aspects of your business.
They are up-to-date with the legal process
No matter how long you have been in the commercial property industry, there are always changes with laws that you must be aware of in order to be successful. Laws are always evolving and if you don’t have the insights of a solicitor who is constantly studying and understanding these changes, you may find yourself with an agreement that doesn’t quite meet the requirements of the law. Any commercial property solicitor you choose should be well informed of any legal updates and understand the impact that these changes will have. They will ensure that any consequences from these legal changes, that could affect your business, are brought to your attention and dealt with promptly.
What services do commercial property solicitors provide?
Now you understand the many ways that commercial property solicitors can help you and your business you may be wondering what a commercial solicitor can do for you. Here are some of the services a property solicitor can help you with.
Leasing a commercial property allows other businesses a location to operate their business from. This could include offices, workshops, retail premises, factories and storage facilities. If a business chooses to rent this location, an agreement must be formed and market rent must be paid. In order to arrange this, the lease must outline detailed provisions that affect the tenant named in the lease. The lease will explain a number of obligations for the tenants and the landlord which requires a lot of information. A solicitor can provide the advice necessary to help each party fully understand their rights and obligations, as well as assist in creating the lease for the commercial property.
Assignment of lease
An assignment of lease is a way for a tenant to exit the lease based on the terms set out in the contract. This usually means that the lease is passed on to a third party that meets the individual requirements originally set out. As a commercial property tenant, your contract will likely include a clause that allows you to sign the lease to a new tenant. You will likely need the landlord's permission before the assignment can be completed. A solicitor can help with this process by ensuring that all measures meet the requirements of the lease and assist you with this complex process. A solicitor can also make you aware of any key considerations and potential pitfalls early on.
An underlease is a lease that is not owned by the freehold owner, but by the tenant. Ultimately, it is a lease granted out of another lease. The individuals involved in this lease are the landlord (the freehold owner), the tenant (the tenant under the existing lease) and the undertenant (the tenant under the underlease). As this is a complex process, it’s important to have a solicitor that has a firm understanding of the law to help you, whether you are a tenant or a landlord.
Sale and purchase of freehold
As with any property sale or purchase, it requires a lot of advice and guidance from the solicitor. This helps with negotiations, contracts and funds to ensure that the process goes smoothly without any hiccups. If you are planning on buying or selling a commercial property, a commercial solicitor is there to guide you through every step of the process with their extensive knowledge and experience.
Trent Law: Law Practice Specialising in Commercial Law
Are you involved in commercial property in Derby, Sheffield or Nottingham? Trent Law is here to help ensure it goes smoothly. Whether you need assistance with buying, selling or leases, get in touch today. We are a team of expert lawyers able to assist you with any aspect of commercial law. If you’re also looking for residential property solicitors, we can do that too. Our services cover conveyancing, employment law, wills and probate, personal injury, family law and a range of other matters. Whatever you need, we’re sure our experienced lawyers will be able to guide you through the process, so you can focus on other matters. To learn more about Trent Law, get in touch today by visiting our website or calling us on 0333 3444 397. No matter is too big or too small.