We provide advice relating to a full range of commercial property issues and act for landlords and tenants of all types.
Our experience in commercial property law is extensive and varied.
We are able to deal with many types of transactions, including but not limited to:-
- Shop and retail leases
- Restaurants
- Pubs
- Industrial units
- Office leases
- Hotels
- Cafés and sandwich bars.
We can advise on the following issues:-
- The sale, purchase and remortgage of freehold business premises
- Drafting, negotiating and advising on transfers (assignments) of existing leases
- Drafting and negotiating short term lease/licence arrangements
- Sales of assets/share of business, which typically includes commercial property aspects
- Advice on commercial mortgages
- Extensions or renewals of existing leases
- Negotiating and advising on the termination of leases (lease surrender)
- Possession proceedings
- Advice and negotiation on rent reviews
- Advising on dilapidation issues and litigation
- Service charge issues.
Most property in England and Wales is registered on a public register, at the Land Registry. Registration provides evidence as to the identity of the owner and the owner's title to the property. The register also provides details of the extent of the land and the rights benefiting and affecting it.
Property can be held on a freehold or leasehold basis:-
Freehold: This is an interest in land that is not time limited. The owner of a freehold generally owns the land itself and any buildings/structures on it, the subsoil below and the airspace above it.
Leasehold: This is a time limited interest in land, although leasehold interests can be almost perpetual (long leases are often granted for 999 years). Generally, flats and most central London property are held on a leasehold basis.
When calculating the purchase of a property, acquisition costs must be quantified. Typical acquisition costs include:
- Valuation and survey fees
- Legal costs plus value added tax (VAT)
- The cost of searches and enquiries of public bodies (carried out as part of the legal due diligence process)
- Land Registry registration
- Stamp duty land tax.
It is also advisable to take advice on applicable tax charges prior to purchase. Capital gains tax is chargeable on gains made by UK resident individuals.
