Do I need a solicitor to buy a piece of land?

• Posted onApril 10, 2024

At WSP, our commercial property solicitors handle all matter associated with buying a piece of land.

Commercial Property Solicitors will have responsibilities such as: reviewing the contract for sale, preparing and eventually lodging legal documents, dealing with client money, calculating tax, representing the clients’ interests with the seller, managing the financial aspects of the transaction, counselling a client on their concerns and conducting title searches on the land.

Below are some of the reasons why using a Solicitor to make a land purchase is essential.

Title Searches and Due Diligence with land purchases

Title searches and due diligence are incredibly important when it comes to buying a piece of land or a property. Conducting title searches will confirm ownership, uncover encumbrances and detect restrictions or defects in the properties title. Due diligence will go further than this. It will ensure legal compliance, evaluate financial aspects of a purchase and identify environmental or physical risks. These processes will safeguard our clients’ interests, ensure legal compliance and facilitate a smooth property transaction by uncovering potential issues early and managing risks effectively.

Drafting and Reviewing Contracts when buying land

When purchasing a piece of land, WSP Solicitors will play a pivotal role in drafting and reviewing contracts related to the transaction. We will ensure that the legal documents accurately reflect the terms and conditions that have been agreed between the buyer and seller. Contracts that a commercial property solicitor may be required to draft in property transactions are sale agreements, leases and transfer deeds. These will be drafted with precision and clarity and will be reviewed to identify any potential legal issues, ambiguities or discrepancies that may arise during the transaction process.

Additionally, your solicitor will ensure that the contractual obligations comply with relevant law and regulations governing property and land transactions. By instructing one of our commercial property solicitors when buying land or property you will help mitigate risks in the transaction process and facilitate a smooth transaction process.

Environmental Considerations with land purchases:

Managing and evaluating environmental concerns is of utmost importance. Environmental factors such as:

• soil contamination
• endangered species habitats
• proximity to hazardous sites

can significantly impact the land’s value and potential usage.

Our solicitors can facilitate  conducting  thorough environmental assessments and implement proper management strategies to ensure compliance with regulations and mitigate risks for you By instructing one of our commercial property solicitors it will help safeguard your investment in the land and can prevent future unforeseen liabilities from arising on your property.

On Completion of a purchase

When closing the deal, our solicitors will play a pivotal role in ensuring a smooth and legally sound execution of the transaction. Upon completion, the land will change hands from the seller to the buyer and the legal title will pass. Additionally, the funds will also be given from the buyer to the seller. Having a solicitor is crucial for this process. We can ensure that the completion remains with the terms of the contract and any practical arrangements agreed between the parties. There are also many additional parties to completion, our solicitors can help facilitate communication between them and ensure a streamlined resolution to the process.

The post-completion process

At WSP Solicitors our commercial property solicitors’ role does not end at completion. Numerous tasks may arise after completion and they will vary depending on the transaction. We will ensure all Stamp Duty Land Tax or Land Transaction Tax returns are completed, submitted, and paid before the deadline, make an application with the Land Registry to register the transfer, ensure all undertakings given on completion have been complied with and deal with the storage of the Deeds. If the land sold is subject to a lease it can raise even more requirements.

Additionally, our commercial property solicitors will have to provide notice of assignment and rent authority letters.

For help with buying or selling land, you can find all the information about our services here.  You can also get in touch by filling in the form in the sidebar of this page, alternatively, you can call us on 01453 847200 and someone will be happy to help.