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What is Commercial Property Law?
PLEASE NOTE: Information in this article is correct at the time of publication, please contact DFA Law for current advice on older articles.
People are likely to deal with residential property law at least once in their lives, such as when moving house or inheriting property. While processes can be similar, there are a different set of nuances and variables when dealing with business property law. Here’s our quick guide to commercial property law and how to navigate it.
What is commercial property law?
Commercial property law is any law that deals with legislation regarding commercial properties, defined as structures or land used for business purposes and the generation of profit. This could include buying and selling these properties, investing in land or building new structures for business purposes, renting out space to other businesses, or many other commercial uses of property.
How to buy commercial property
The overall process for purchasing a commercial property includes:
- Agreeing a purchase price
- Instructing solicitors
- Receiving the contract package, which will include a draft sale contract and assurance of compliance to the Commercial Property Standard Enquiries (CPSEs)
- Carrying out buyer’s due diligence
- Review of mortgage papers by solicitors
- Contract agreement
- Contract exchange
- Completion
Do you pay stamp duty on commercial property?
Yes, stamp duty is payable on the purchase of commercial property. However, the rates are lower.
Can commercial property be changed to residential?
Yes, commercial property can become residential. However, not all properties would be eligible for this, so it’s essential to check and make sure that this is possible. Ineligible properties would include listed buildings, properties in hazardous areas, areas of scientific interest, areas of natural beauty, or areas within conservation areas or national parks.
Whatever your issue, it is wise to employ a property law firm to ensure that all processes are completed correctly, whatever your needs.
DFA Law has helped sole traders and partnerships, as well as public and private companies across a myriad of sectors including agriculture, construction, development and industry. Get in touch with our commercial property team on 01604 609 560.
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