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Buying a Commercial Property – Stage 1: Doing Your Research
This blog is the first in a series we are running around “Buying a Commercial Property”. This article will cover what research you will need to do and some aspects you will need to think about in the early stages of the process.
Some great questions you can begin to ask yourself are:
- What do I really need this commercial property for?
- What size does my future property need to be to accommodate what I am planning?
- What is the best location for me to buy a commercial property in?
- Do I need any new permissions to use the building for commercial purposes?
At WSP Solicitors, we have a dedicated team of Commercial Property Solicitors who can help with your Commercial Property transactions. In the early stages we will help you with the following research too:
The legal title states who is the owner of the property on the deeds. This will either be registered, and be referenced by way of a title number at the Land Registry or it will be “unregistered”.
If unregistered, the seller’s solicitors will need to produce an “Epitome of Title”. This will provide evidence as to how the seller has acquired the property, and will hold copies of any other key legal documents which will affect the site.
Searches are enquiries made by a solicitor in order to find out more about the property you are looking to purchase. We can identify which searches are needed for the transaction and will arrange these on your behalf.
We generally recommend a minimum of a Local Authority Search for all property purchases but depending on the circumstances, a water and drainage search or an environmental search may also be recommended.
If you are obtaining bank financing, these are often mandatory. Depending on the location of the site, we may need to consider a coal search or maybe a specific geographical search.
From our discussions with you, analysis of the legal title and the results from the searches, enquiries will be raised with the sellers’ solicitors. These will aim to answer any blanks in the information that we have received. These enquiries will then help provide a full picture of the land to be acquired.
A number of our clients also buy commercial property buildings for investment purposes or due to business expansion. Again, we will review the title, obtain searches and raise enquiries all to ensure you are best advised before you proceed with the purchase.
How else can we help?
Our experts act for a number of builders and developers and can assist with plot and site acquisitions. All transactions involve a review of the legal title; and a discussion as to the proposed use and any future plans for the site.
The next blog in Buying a Commercial Property series will be looking at “Knowing the Market”.
As all commercial property transactions vary, our commercial property team offer a bespoke service and we are happy to help. Please reach out to our Commercial Property team and we can make your life less complicated.
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