When buying commercial property, it’s important to consider all the potential extra costs that might come with the transaction. While conveyancer fees are a part of commercial property purchases, this is a necessity to ensure the transaction follows the right process and gets completed in a quick timeframe. You need a professional conveyancer who is going to provide quality services first and foremost. Securing reasonable fees or fixed fee conveyancing should be seen as an added bonus. This post explains the likely conveyancing fees that are included in a commercial property purchase.
The process of a commercial property purchase
Purchasing commercial property isn’t something that should be rushed. To ensure the best outcome over a long period of time, buyers are advised to follow the correct conveyancing process with support from specialist commercial conveyancing solicitors.
- Your commercial conveyancing solicitor conducts a thorough investigation of the property title. This provides all the information they need to contact the seller solicitor with a draft contract proposal.
- Any further queries raised by the initial contract are discussed. This may also include external factors that might impact the purchase, such as Stamp Duty Land Tax.
- Once both parties are happy, the agreed deposit is paid to the seller and the exchange of contract takes place. Just as in residential conveyancing, it’s after this point that the transaction is legally binding.
- Pre-completion searches are carried out and a Transfer Deed is sent to the seller. It’s advised that you have the remaining purchase balance ready.
- Completion serves as the final step in the conveyancing process. This includes sending the total sum of the purchase price to the seller, with the solicitors on either side finalising the exchange.
Common conveyancing fees for commercial property transactions
In most cases, you won’t know the full cost of the conveyancing services until the completion stage. This is because certain steps in the conveyancing process can take longer or require more work than others. For example, the time and scope of a property survey might scale with the size of the property in question. Although the fees will usually be forecast as a percentage of the transaction value, with the option to negotiate fees as circumstances change throughout the process.
Toomey Legal provides expert property law advice at fixed fees, meaning you know exactly what your overheads are going into a purchase. By agreeing our fees ahead of time, we find it makes the entire process much more straightforward. In addition, this allows buyers to make better informed purchasing decisions. Our Fees Calculator provides a full breakdown for the purchase of a freehold commercial property.
For more insights related to the purchase of commercial property, read our post on the ‘Common mistakes to avoid when buying commercial property’.
Affordable quality conveyancing
There can be many unknowns when it comes to buying residential or commercial property, with cost often being the one that weighs most heavily on the minds of investors. An expert commercial property solicitor might have high fees but this cost will be guaranteed to secure a return through conveyancing support. With Toomey Legal, you have access to reliable fixed fee conveyancing services. Contact us to get started with a free quote today.