If you have a commercial property, your business will rely upon it to trade. It may be a café, shop, pub, office or warehouse – whatever it is; it needs to be cared for. At Talbots Law, our commercial property solicitors can advise on freeholds, leases, laws and litigation so business can continue as usual.
Property is a vital asset to any business owner. That’s why we always endeavor to keep our clients well informed on the ever-changing legislation relating to commercial property. Our main aim is to ensure our commercial property clients agree to terms that are fair and are fully aware of all the issues involved before completing a sale or purchase. After all, there’s a lot to consider when searching for a property that meets your business objectives. Further to assisting you through the commercial conveyancing process, we’ll stay by your side to field your questions and provide pragmatic legal advice at the drop of a hat.
As well as business owners, we act for investors and landlords who look to us for support for tenancy issues, and developers who seek advice on planning agreements and infrastructure arrangements. Our clients come in all shapes and sizes: from large corporations to residential developers and start-ups seeking space to operate.
So, whether it’s your first commercial property or you’re a seasoned professional, we’re here for you.
Why choose Talbots commercial property solicitors?
Talbots Law helps businesses like you. We take complex commercial property matters and make them simple. What we’ll never do is drown you in jargon. Our commercial property solicitors speak Plain English, and we’ll always keep you in the loop. Likely timescales, costs and outcomes will be explained at the start, and we’ll update you with each new development of the transaction. Any questions you have, we make sure we deal with them promptly. Our business acumen, along with vast experience, makes us a safe pair of hands for any commercial property transaction.
Commercial property FAQ
Commercial property: freehold or leasehold?
It all depends on your business’ size, budget and objectives. If you’re looking for long-term business premises, purchasing freehold will allow you to have control over the whole property and the land itself. This might be beneficial to you; but it’s a significant investment that comes with risks and responsibilities. For example, it will be your duty to ensure all maintenance and repairs are taken care of quickly and efficiently. However, if you have plans for developing the property to increase the value and your budget can handle the investment, go for it. If not, leasehold might be your best bet.
To purchase leasehold commercial property means you purchase the right to use the property for a set amount of time. This option is favourable for many businesses, as it requires little to no capital investment and provides flexibility. The average lease length is around eight years, but it can be extended depending on the terms of lease.
If you’re unsure which solution works better for your business, speak to our commercial property solicitors. We’ll discuss your options so you can make a clear and informed decision.
Which planning classification do I need?
When looking into business premises to purchase, it’s vital to ensure the property you choose has the right planning class.
For example, most shops (e.g. pet shops, hairdressers, post offices) have the classification ‘A1’. Banks, building societies and professional service buildings have the classification A2. Generally, if you purchase an A2 listed building, you will be able to operate a shop from the property. However, if you have an A1 property, you won’t be able to operate a financial services company from the premises without getting the planning classification upgraded, which can prove difficult in some cases. If you are looking to run a restaurant, you’ll need premises specifically with an A3 classification. After this, classification ranges from B1- for offices and research facilities – all the way to D2, for concert and sport venues.
Can I sublet part of my business premises to another business?
If the property is leasehold, you’ll have to make sure that the terms of your lease state you can do so. If they do, it’s best practice to check with your landlord and get their consent first. You will then need to ask your landlord to prepare a sublease, an agreement between you and the subtenant.
Whether you’re buying, selling or letting, speak to a commercial property solicitor at Talbots Law for guidance and advice today on 0800 118 1500.
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