How do the current government guidelines on Coronavirus affect commercial property transactions?

• Posted onApril 6, 2020

The current government guidelines around the Coronavirus pandemic have greatly altered how we live and work. At WSP Solicitors, although our offices are temporarily closed, our staff are working remotely and continue to be able to assist with commercial property transactions.

Our commercial property department remains busy and the team is able to deal with commercial property transactions.

What are the current Government Guidelines?

Government guidelines have been issued with regards to moving house during the shutdown period. For example, if a house is vacant, the purchase could continue (subject to removals arrangements). If the home is occupied, guidelines encourage parties to amicably agree alternative completion dates for a time post lock-down.

These guidelines are understandable and aim to limit the spread of Coronavirus.

What does this mean for Commercial Property transactions?

In the Commercial Property department, we find that many commercial properties we deal with are already vacant and do not have ‘moving day’ in the same way as residential properties do.

We will need to review the circumstances for each individual matter but we believe most commercial property transactions dealt with by the team should be able to complete.

We often deal with leases, and again, we often find that the premises are already vacant, or perhaps the lease is for a tenant currently in occupation. These transactions are still able to proceed, whilst observing Government guidelines.

Equally, transactions for the sale of bare land, or building plots (for future builds) can take place as in practice, people will not be ‘moving’, and social distancing and staying at home, can be maintained.

We appreciate that some properties or land may already be on the market and being advertised with agents. Although viewings should not be arranged and must be cancelled, some agents have virtual viewing systems, and this could be a useful tool during the lockdown period.

 

Whilst we are continuing to work remotely, some work may take a little longer than normal. However, we have the technology to provide you the same level of service, undertake ID checks digitally and process all payments online.

Other organisations that we deal with on a regular basis, such as the Land Registry or Companies House have indicated that they are continuing to operate as close as normal as possible with the impact of the Coronavirus.

We are also hearing positive comments throughout, that search providers, local agents and banks are working, and able to assist, albeit remotely or under new conditions.

Get in touch today so we can help with any queries you may have around commercial property transactions. You can use the enquiry form here or in the sidebar of this page. Alternatively, you can call 01453 847200.