Role of a Property Lawyer in Buying property of a Business
An experienced Property lawyer is needed if there is property being transferred when buying a business. This process will prevent mistakes and ensure the protection of mortgage lenders as well as your own protection.
How can a property lawyer can help you when buying a business?
- Property lawyers advise on real estate laws and due diligence required when purchasing real estate for businesses. For example, a care home may be sold with a freehold property and land surrounding it over and above the database of customers, knowhow and staff being transferred.
Property lawyers assist in such acquisitions by dealing with items such as:
- reviewing the property title information and reporting to you any errors found.
- Ordering property due diligence searches, such as environmental searches, land registry searches, water authority searches, chancel repair searches, local authority searches, and location-specific searches, then reviewing the results and reporting to you on findings such as planning permission or restrictions (eg. If a listed property), issues with flooding, contaminated land or water nearby, or an old landfill site which can be toxic and an issue to sell.
Also, the location searches include:
- Danger of subsidence,
- Mining area searches, and
- limitations on property development. So if you intend to build a new extension, a water search will reveal whether the property has public drains and where the water comes from. Even unrecorded restorations to parish churches are sometimes subject to liability.
The property lawyer will also be reviewing the seller’s replies to Commercial Property Standard Enquiries (CPSEs) and reporting to you on findings.
- Assist in drafting the contract (by the seller’s solicitors).
- Reviewing and negotiating a draft TR1 transfer deed.
- Help with possession of an option agreement to purchase a portion of the Property in the future.
- Ensure that the lender should execute the legal mortgage and notify you of it.
- Finally a property lawyer will assist with the registration of property transfer deeds, option agreements, and legal charges at the Land Registry.
A property of high value and therefore a high risk will require such searches, plus disbursements and solicitor’s fees.
For assistance with buying a business property contact firstname.lastname@example.org or WhatsApp us on 07583452230 and we can connect you to the right law professional. Visit https://www.bizlawuk.co.uk to find out more about how we can help you with our other business services, check our 5-star testimonials and watch our Youtube channel or listen to our podcasts. If you find this information useful, please follow our social media platforms, like, and share.