In any commercial transaction, it is important for both parties to understand exactly what rights and obligations they have.
At Hubbard Pegman & Whitney LLP, we tailor our advice and working relationship to the needs of each client, rather than simply going through the legal procedures.
We make sure our clients are fully informed and in control of the progress of their transactions at all times. Our Hammersmith commercial property solicitors provide practical and proactive advice through our comprehensive understanding of the commercial property and real estate market.
We are passionate to ensure that our clients’ best interests are always protected. We review documents thoroughly, ensure documents accurately depict the agreement between parties and comply with all legal requirements and are proactive to discuss problem issues with all stakeholders.
We have experience solving problems in the most complex of transactions and against the most demanding deadlines. Whether a large or small transaction, we understand that all clients differ, and we deliver a personal hands-on approach to ensure the stress is taken out of the situation whilst achieving our clients’ ambitions at affordable costs. Our experience includes:
When it is necessary, we work closely with our specialist property department and other professionals to offer a seamless service.
Our solicitors are able to offer commercial property services in a number of other languages.
If you have any property issue you wish to discuss, please contact us for a without obligation discussion. We are happy to explain the costs involved and the likely timelines that would be taken to meet your needs. We can be reached online or by calling 0208 735 9770.
Property transactions relating to properties used for commercial purposes or mixed use (both commercial and residential – like shop below and a flat above on the same title) are generally called Commercial Conveyancing. The transactions include Transfers of existing freehold or leasehold titles or grant of long or short term leases or underleases or assignment of an existing lease, even when it is not registered (because it does not require to be compulsorily registered being of short duration.
A difficult question to answer, just like a similar question about any conveyancing transaction. Length of transaction depends on various factors and can take anything from a few weeks to months. The promptness of all concerned parties and their solicitors and clarity on the transaction and the titles from the beginning enable to progress matters reasonably quickly.
If a transaction is in the name of a company, the client will be the company and file will be opened in the company name, but directors/secretaries or authorised officers will instruct and act on behalf of the company. We will need details of such persons behind the company as well as their beneficial owners, if different from directors, as part of the client due diligence.
Typically commercial conveyancing solicitor is required to act in matters like buying or selling or leasing of a shop or other business premises, transfer of a business and or business premises, sale of a company, its goods and good will, renewal of an existing commercial lease, surrender of a lease, licence for alteration or licence to assign a lease. In short if you have anything to do with a business or business property, do get in touch so that we can understand the requirement and advise required action.
Stamp duty rates for commercial transactions are different from that for residential properties. There are different scales for different values relating to the transaction. Stamp duty is calculated based on purchase price or premium as well as rent payable. Both price and / or rent will be applicable depending on the specifics of the transaction. We can advise the expected stamp duty once we know the details of the transaction.
Again the fees and costs of the transaction are dependent on the nature and value of transaction as well as the related documentation. We provide a fixed fee quote when we have the specifics of a transaction, unless there is uncertain aspects of the transaction which require hourly rates.
That is up to you. Conveyancing Solicitors can act on properties within the jurisdiction they are registered for and do not necessarily be near the location of the transaction. The benefit of a local solicitor is that they may be aware of the general factors of the area and properties and may have acted on similar properties which make it easier to progress a transaction rather than someone who is completely unaware of the area.
Freehold property, whether commercial or residential, is the one where land and building, if there is one, belong to the owner and there is no one superior in title to the proprietor. Leasehold property assumes that there is at least one superior title holder (Freeholder) as well as the owner of the leasehold title. There could be several leasehold titles under a freehold title like many commercial units under one freehold title or several leases and underleases under the freehold title for the same property.
First of ensure proper heads of terms detailing all relevant aspects of the transaction (like price, rent, duration, rent review period and any other specific agreement between parties are recorded and provided to both parties solicitors. Follow up with solicitors, within reason to ensure what they require to progress your matter is available as quickly as possible and provide information and documents sought by them as soon as possible
These are very generic responses and cannot be treated as specific advice. If you have a transaction in mind, please contact us for an initial free consultation about the matter.
Peter Augustine pa@hpwsolicitors.co.uk Tel 0208 735 9794
Gurpal Soni gs@hpwsolicitors.co.uk Tel 0208 735 9789
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