Transferring ownership from one property to another can be a lengthy process with many stages. This leads many people to wondering what is entailed, especially when it comes to properties that serve different purposes. This is an important consideration for both business owners and everyday people, as they get an insight into the timeframe and costs associated with the property transaction.
Continue reading to find out exactly how the conveyancing process differs between residential and commercial properties.
Residential vs commercial property
Whether you’re buying a property as an investment, to live in or both, you should have an understanding of the difference between residential and commercial property. The definitions of each are as follows:
- Residential – a building dedicated to the housing individuals and families. Common examples are terraced, detached and semi-detached houses, as well as flats.
- Commercial – buildings primarily used for business purposes and to house business operations. Common examples include restaurants, offices, factories, warehouses, medical centres, and shops.
Property type is an important factor in the transaction as it affects various aspects which in turn could influence your decision. This includes the length of the lease, the amount of paperwork, and who is responsible for paying maintenance costs. Although, there are many cases where the line between residential and commercial properties blur, typically when a living space is attached to a retail or hospitality venue.
Differences in conveyancing
If you are a homeowner, you will already be familiar with the conveyancing process for a residential property. Commercial conveyancing solicitors will perform many of the same duties with some slight differences.
Commercial properties typically incur more cost and time investment during the survey stage. The reason is twofold. Firstly, business premises are often larger spaces than residential ones. Secondly, specialist examinations may have to take place depending on the nature of the work that will be conducted in the property.
Another consideration that commercial conveyancing solicitors Consett, or anywhere else, have is the extent of rights required. Commercial tenants frequently have additional rights that don’t exist for residential tenants, such as the right to decorate, shared car parks, facilities, utilities, keycodes, and more. While information pertaining to this will be shared gradually, it all has to be documented accurately. These responsibilities, along with the lengthier property survey, can be grounds for renegotiating terms of sale.
Professional and friendly conveyancing services
Toomey Legal have been supporting people with friendly, high quality, and cheap conveyancing Tynemouth for years. Our conveyancers are experts in both residential and commercial property law, providing direct contact so your matter is resolved promptly. We provide a fixed fee conveyancing services with a detailed timescale. This means there are minimal surprises, and you are always kept updated as to how the transaction is progressing. Get in touch today to book your initial meeting with the team.