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Understanding Commercial Leases
Commercial leases establish a legally binding agreement between landlords and business tenants. By outlining terms for property use, rent, maintenance, and legal obligations, commercial leases help create the conditions for business growth and success. However,...
10 Common Pitfalls in Commercial Property Transactions and How to Avoid Them
The UK's commercial real estate market has surged in recent years, hitting a peak of £1 trillion in 2018. According to the Royal Institute of Chartered Surveyors, the sector contributes 1.7% of the country's economic output, 1.1% of tax revenue, and employs nearly...
Key Considerations When Buying Commercial Property
The right commercial property investment can take your business or property portfolio to the next level. However, the process can be complex, and buyers should expect to face legal and logistical challenges. Thankfully, you can avoid unnecessary difficulties and...
Toomey Legal Flow Chart
Step 1 Your offer is accepted, and you instruct a Conveyancer. We open a file and send a client care pack for you to complete and return. UK ‘national average’ for the Conveyancing process is 12-16 weeks. Step 2 We will receive the contract documents from the seller’s...
What is the problem with leaseholds?
To answer that you first need to know: What is the difference between freehold and leasehold? IF YOU OWN THE FREEHOLD, YOU OWN THE PROPERTY INDEFINITELY. IF YOU OWN THE LEASEHOLD THEN EVENTUALLY THE LANDLORD WILL GET THE PROPERTY BACK. The problems flow really...
What is Leasehold Property?
There are two ways to own property: Freehold and Leasehold. A Freehold is when you own the property indefinitely, with Leasehold property you have the right to the property for only the length of the Lease. The Lease is granted by the Freeholder so when the Lease...