Commercial Property Purchases Newcastle
Buying commercial property can be a big step forward for a business or a clever move for a long-term investor. Whether it’s your first time buying commercial premises or part of a growing portfolio, the process involves more than just signing on the dotted line. From initial enquiries to final completion, every commercial property purchase needs careful legal handling.
Commercial Property Buyers – What You Need to Know
A commercial property purchase differs significantly from buying residential property. The stakes are often higher, and the legal process more complex. Whether you’re purchasing a shop front, warehouse, office building, or mixed-use development, it’s vital to get things right. This is where Toomey Legal can help. Our experienced commercial property conveyancers understand the local property market, lender requirements, and the key issues that need to be addressed to make your transaction smooth and successful.
How Toomey Legal Helps with Commercial Purchases
Whether you’re a seasoned investor or a first-time buyer, we provide expert guidance at every step of the purchase process. Our role is to manage the legal details, so you can focus on your business or investment strategy with confidence.
We assist with:
- Drafting and reviewing contracts of sale
- Investigating property title and ownership
- Carrying out necessary legal searches
- Negotiating terms with the seller’s solicitors
- Reviewing planning permissions and restrictions
- Advising on VAT, SDLT (Stamp Duty), and capital allowances
- Ensuring any tenancies are legally documented
- Working with lenders to meet finance requirements
- Managing a smooth exchange and completion
Why Legal Support Matters in Commercial Purchases
Commercial property law is complex. Without proper legal guidance, you could be exposed to financial risk, restrictive covenants, surprise liabilities, or future disputes. Our job is to ensure that what you think you’re buying matches what you’re legally getting and that you’re protected at every stage.
Here’s what we focus on:
- Risk management: We’ll flag any issues before you commit.
- Due diligence: From planning status to access rights, nothing is overlooked.
- Clarity: We’ll make sure the legal documentation is crystal clear and in your best interest.
- Timing: We coordinate closely with agents, lenders, and sellers to keep your transaction moving.
Commercial Property Purchase – FAQs
What’s the difference between buying commercial and residential property?
Commercial property purchases tend to involve more legal checks and longer negotiations. There may also be business leases, planning permissions, environmental concerns, and VAT issues to consider. It’s more complex and requires specialist legal expertise.
Do I need a solicitor to buy commercial property?
Yes. Commercial property transactions are legally intricate and involve due diligence, title checks, lease reviews (if tenanted), and compliance with financing and tax requirements. A solicitor or licensed conveyancer ensures the transaction is legally sound.
How long does a commercial property purchase take?
Most transactions take between 6 to 12 weeks, though this can vary depending on the complexity of the deal, how quickly the other side responds, and whether there are any issues with title, planning, or finance.
Can I buy commercial property through a company?
Yes, many buyers use a limited company to purchase commercial property for tax or liability reasons. We can guide you through the process and ensure everything is properly structured.
Is VAT payable on commercial property?
Not always. Some commercial properties are VAT exempt, while others are opted in for VAT. We can help determine the VAT status and advise on the best structure for your transaction, including whether a TOGC (Transfer of Going Concern) applies.
Do I need to pay Stamp Duty Land Tax (SDLT)?
Yes, commercial property purchases over a certain threshold are subject to SDLT. The rates differ from residential rates, and we can advise you on exactly how much will be payable and whether any exemptions or reliefs apply.
What searches do you carry out for commercial properties?
Typical searches include Local Authority, Environmental, Drainage, and Land Registry searches. Depending on the property and its use, we may also conduct flood risk assessments, mining reports, or planning history checks.
What happens if there are tenants in the property?
We will review the terms of any existing leases, ensure they are legally valid, and advise you on your responsibilities as a new landlord. You’ll need to understand your rights and obligations before committing to the purchase.
Can I get a mortgage for a commercial property?
Yes. We often work alongside lenders and brokers to ensure all legal conditions are met for funding. If you’re buying with a commercial mortgage, we can coordinate all the necessary legal steps with your lender.
What if the property has development potential?
If you’re buying with a view to developing the site, we can investigate planning permissions, restrictive covenants, and any legal barriers. We’ll work with your architect or planning consultant to make sure the deal supports your future plans.
Why Choose Toomey Legal?
At Toomey Legal, we offer experienced, straight-talking advice on commercial property purchases. We take pride in making things simple and stress-free for our clients-whether they’re buying their first unit or their fiftieth.
We offer:
- Clear, fixed-fee pricing
- Friendly, approachable service
- Fast response times and regular updates
- Expertise in Northeast commercial property law
- Tailored advice based on your business goals
Contact us today on 0191 605 3710 or via enquiries@toomeylegal.co.uk to get started.