Toomey News
How much does commercial conveyancing cost?
Commercial conveyancing tends to be more complex than residential transactions and, as such, more expensive. It's vital that business owners, investors, and landlords understand commercial...
How much does residential conveyancing cost?
The commercial conveyancing process is an essential element in buying and selling property. However, conveyancing fees are one of the most overlooked expenses. Understanding these fees will help...
Buying Residential Property: Everything You Need to Know
When buying residential property, the role of commercial conveyancing solicitors in lease negotiations is often overlooked. However, understanding the lease agreement's terms is essential for...
Buying Commercial Property: What You Need to Know
Whether launching a start-up, expanding your business, or investing for your future, buying commercial property is an exciting experience. However, the process can be complex, and buyers should...
How much can my landlord increase the rent?
The continued rise in the cost of living leaves many of us worried about how we'd afford a sudden rent increase. However, your landlord can't increase your rent whenever they like. They also can't...
Tips for a Smooth Commercial Conveyancing Process
Whether you're purchasing an office space, industrial property, or retail unit, the legalities involved in commercial property transactions are more intricate than those involved in residential...
Commercial conveyancing: your guide to successful investment
Due diligence is essential when you're investing in commercial property. UK commercial property transactions are highly regulated, so overlooking key aspects of the property could result in costly...
Do interest rates impact property transactions?
With the Bank of England’s Monetary Policy Committee cutting interest rates from 5.25% to 5% at the start of August, there may be more changes to come. Most of us associate interest rates with the...
How to reduce costs when selling your house
There can be a lot to think about when selling your house, such as cleaning, transporting precious items, and moving to a new residence. However, it’s important not to lose sight of the fact that...
When does a commercial property lease become legally binding?
A commercial lease often has more flexibility than residential ones, as it’s assumed that the landlord and tenant are more experienced due to their shared role as business owners. Nevertheless,...
What is equity release?
When buying property, it’s important to look ahead and plan what the investment can be used for later. One way to make use of the value of a property is through equity release. To help buyers and...
What conveyancing fees can I expect for a commercial property purchase?
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,...
How much can a landlord increase rent?
Purchasing with the intention to rent commercial property is a popular choice due to the returns. However, this is only guaranteed if the rental income outweighs any of the running costs and other...
Key conveyancing changes in 2024
Conveyancing will always refer to the transfer of property from one owner to another. However, it’s the conveyancing process and the environment around property transactions which can change over...
Why conveyancing is important for commercial property investors
Commercial property investment is a lucrative venture that can offer substantial returns. However, like any investment, it comes with its own set of risks and challenges. Conveyancing is one aspect...
How to value a commercial property for business rates
Business rates are used by local councils in the UK to gather additional funds for services. This is upheld under the 2013 business rates retention agreements, with business rates varying based off...
Everything to know about Enfranchisement
Enfranchisement is a key concept in property law that is important for both leaseholders and freeholders. Understanding its historical context, legal definition, and the process involved is crucial...
Do landlords need to be registered?
Becoming a landlord can be a natural step for many. However, if you haven’t done the proper research or you aren’t used to managing the new responsibilities, there might be certain legal...
Can you break a commercial lease early?
One of the key steps in commercial property conveyancing is to examine the commercial lease, including each of its clauses. If you are inheriting a commercial property with existing tenants, you...
Can two people be landlords?
Investing in property to let can seem like an intimidating prospect for first time landlords. However, joint ownership is quickly being recognised as a way to lessen the burden of the initial...
Who pays for a commercial lease, tenant or landlord?
Commercial leases are legally binding contracts that exist between a landlord and a tenant that’s occupying a property for business purposes. The lease establishes the rights of both parties in...
Is a commercial property worth more with a tenant?
Make no mistake, buying commercial property is an investment. This means that buyers should seek to generate a return on the money spent on commercial property purchase, either through utilising the...
Do landlords pay council tax?
As you likely know, council tax is a type of tax set by local authorities in order to raise money for local services. This includes rubbish collection, road repairs, funding charities, and much...
How long does it take to complete a commercial property sale?
Whether you are choosing to sell your commercial property or invest in expanding your portfolio/business, it’s important to know how long the process could take. For instance, knowledge of the...
What should commercial landlord insurance cover?
Insurance policies are essential for any property owner to protect their investment and any assets kept on the premises. This is especially important for commercial property that is occupied by...
What is an Authorised Guarantee Agreement in land law?
For those who are entering into a commercial lease, or commercial landlords who are leasing their premises, Authorised Guarantee Agreements can instil responsibilities on the parties involved. This...
Landlord’s guide to Electrical Installation Condition Reports (EICR)
Those that own property to let need to be aware of UK laws designed to ensure the electrical safety of their tenants. Electrical Installation Condition Reports are one such product of these...
Can you change the use of a commercial property?
Contrary to popular belief, not all commercial properties have to be used for commercial purposes. Buildings that see both residential and commercial use, known as mixed use properties, are...
Common mistakes to avoid when buying a commercial property
Buying commercial property can be risky and rewarding in equal measure. However, there are various mistakes which must be avoided when buying commercial property to secure the long term benefits....
What are protocol forms in conveyancing
Conveyancing might seem like an intimidating process for first time buyers and those who aren’t familiar with what’s involved. Fortunately, there’s a number of frameworks which experienced...
How long does it take to remortgage?
Remortgaging can be a useful option for property owners in many circumstances. However, there is a decent amount of planning that needs to go into remortgaging before it can be executed well. One...
How to increase the value of your commercial property
Increasing the value of a property, commercial or residential, is often of interest to those who own the property. However, there are many factors that can affect the value of a commercial property,...
Tax considerations when buying commercial property
Buying commercial property is big decision and one that should be made with full awareness of all the factors involved. Of these, it could be argued that tax considerations can have the most varied...
Evaluating lease agreements: What to look for when buying a tenanted property
Evaluating a lease agreement can be a complex and challenging process. There are many variations in property leases, either due to the type of property, location, features, how it’s used, and many...
What terms are commonly used in a commercial property lease?
Lease agreements for commercial property typically take longer to compile for several reasons. One of these being that the lease documentation for commercial properties usually contains more terms...
Selling tenanted commercial properties: Considerations for landlords
Selling a property with tenants can be beneficial for landlords, but there are key considerations to be made to ensure the sale goes smoothly and all parties are happy with the outcome. In this...
How to choose the perfect commercial property types
If you have a business and are looking for premises, you might be wondering what type of commercial property is right for you and your needs. Equally you should take care to choose the right type of...
Environmental due diligence in commercial property transactions
With the Corporate Sustainability Due Diligence Directive legislation expected to reach an agreement soon, companies will be expected to make a host of changes to be more environmentally friendly....
What you need to know about stamp duty land tax in commercial conveyancing
It’s law that any property buyer must declare the circumstances of their transaction with HMRC. The nature of your declaration can lead to additional tax considerations, especially when it comes to...
A guide to preparing your commercial property for sale
It could be argued that selling a commercial property, or a property of any kind for that matter, is just as important as its purchase. This is because every property transaction is a two-way...
Can I buy a commercial property for personal use?
Buying a commercial property for the first time may seem daunting. In fact, many individuals don’t consider whether or not commercial properties can be used for personal use. This means they might...
The importance of title searches in conveyancing
As you may know, the conveyancing process comes with a variety of different steps that ensure buyers and sellers reach an agreement that is beneficial for both parties. One such step that is often...
Legal pitfalls to avoid: Common issues in commercial real estate transactions
If you’ve ever purchased a house before you’ll know the intricacies involved in purchasing a property, the same principles apply in buying commercial property, with just as much risk that something...
Is a commercial property a good investment?
Buying a property can be beneficial for many reasons beyond simply putting a roof over your head. Investing in a range of residential and commercial property can expand and diversify your property...
Due diligence checklist: Essential steps before buying a commercial property
Buying commercial property is an important financial decision that shouldn’t be taken lightly. When you find what you believe to be the right property to suit your needs and purpose, following due...
Do new build properties hold their value?
The housing market is in an unstable place at the moment with a lot of fluctuation in house prices. As a buyer, you may be considering a new build property when exploring your options and that could...
Can a first time buyer buy a commercial property?
Buying a commercial property can be a great investment opportunity for many people, but if you’re a first time buyer, you might be wondering whether you can buy a commercial property. There is often...
What you need to know before buying a listed building?
There are many listed buildings across the UK, some of which get put on the market. Due to their prestige, buyers often jump at the opportunity to but a listed building near them. However, these...
The pros and cons of buying a house at auction
Buying a property is a massive step which many people find difficult to accomplish by going to market. An alternative is to make a property purchase at auction. Having access to a range of...
UK housing prices not predicted to stop falling until 2025
Following the coronavirus pandemic, Brexit, and the ongoing economic crisis, the housing market has been left in turmoil. Even as things have started to recover with mortgage interest rates...
A guide to commercial property conveyancing
It’s not quite as well-known as residential conveyancing, but commercial property conveyancing is an important legal process. It is the transfer of ownership or leasehold of a property that is used...
What is classed as a new build property?
As we’ve talked about before, the new build conveyancing process has some additions that make it slightly more complex and time consuming. While this should by no means a deal breaker for buyers,...
How does commercial conveyancing differ from residential?
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...
Local business makes “life changing” donation to homeless appeal
A North-East homelessness charity's Christmas appeal has been given a boost thanks to a donation from local conveyancing experts Toomey Legal. The ‘Giving a Home’ Christmas appeal, run by Oasis...
Can a landlord sell a commercial property during a lease?
As a business owner, your premises are vital to your success. It’s where your staff work, products are produced, and where customers come to receive your services. Any factors that affect the...
Are all new builds leasehold?
Whether you’re looking to create your own new build property from scratch or buy an existing new build, there are many considerations. You may have heard about the risks and hidden costs of new...
What is a contract pack?
A contract pack is a set of legal documents, which is given to the buyer’s conveyancer by the seller’s conveyancer. This is an essential step in the process for both residential and commercial...
What can go wrong during conveyancing?
Any lengthy legal process has the risk of things going wrong and conveyancing is no different. There are many steps, each with a variety of considerations that need to be taken into account. While...
What are property title deeds?
If you’re a first time buyer or someone that hasn’t reached the completion stage of a property sale, you may have never had title deeds. However, you will have probably heard of it. This is because...
Can you live in a commercial property?
Living in a commercial property is likely not something many buyers have considered. However, in periods where residential house prices are very high and mortgage rates are rising, this can be an...
Do you need a survey on a new build property?
The process of designing and purchasing a new build home as a buyer can be very exciting. However, it’s best not to rush into your dream property. Even though new build homes can be designed exactly...
Can you get a mortgage on a commercial property?
Whether you’re an established business owner or someone looking to set up their first business premises, getting a mortgage on a commercial property is a big step. It’s a valuable asset that will...
Can you extend a new build property?
Many new build homeowners are unsure whether they can make extensions to their property after it has been completed. This confusion typically stems from planning and developer permission....
A complete guide to VAT on commercial property purchases
Commercial property transactions are a business investment. These assets fall squarely within the definition of goods and services, meaning their purchase can be subject to VAT. However, VAT...
What are the benefits of using a local conveyancer?
Buying a property is a big investment with a lot of moving parts, paperwork and sometimes a great deal of stress too. When going through this process you’ll want to have a property conveyancing...
Is the conveyancing process different for a new build property?
Well, yes and no. The new build conveyancing process has many similarities to that of an older property, although with some added complexities. These largely stem from the potential risks associated...
Everything you need to know about buying a property in a conservation area
If you’ve found a property that you love and are keen to make an offer, but it’s situated in a conservation area. It’s important to know what that will mean for you if you become its new owner....
How to put in an offer on a property: The process
Putting in an offer on a property is exciting, especially if you’re a first-time buyer. When you find a property you really love, you just want to get the keys and move in as soon as possible....
Everything you need to know about buying a new build home
New build residential properties have a lot to offer prospective buyers. They can yield many benefits while adding an extra level of excitement to the conveyancing process. However, there are...
Can the sale of a property be renegotiated during conveyancing?
Regardless of your position, you may feel it’s in your best interest to renegotiate the terms of a property sale. However, this can be a step backwards in the conveyancing process, leading to the...
Do you pay capital gains tax on a remortgage?
Remortgaging can be highly beneficial to homeowners looking to get better rates or release equity from the property. However, many are put off and rule this option out because they think you’re...
How long does it take to sell a business?
If you’re looking to sell your business, you’ll naturally want to complete the sale as quickly as possible. After all the next chapter or whatever you’re moving on to will be waiting. The exact...
What is gazundering and is it legal?
Aside from being a funny and made-up sounding word, gazundering is a very real problem for UK property sellers. In the best case, it can leave sellers with less than what they perceive is their...
What is a property chain?
Growth in average UK house prices continues to fall. As such, there are likely to be more first-time buyers entering the market and facing the twists and turns of property chains. A property chain...
Tips for buying a hotel
Buying any type of commercial property and the business that comes with it, can be challenging. The hospitality industry though, is one of the most competitive and stressful industries to get into....
Green Lease: What you should know
A green lease imposes environmental responsibilities on a landlord and their tenants. These obligations are in addition to the contractual arrangements for use of the assets. Green leases are...
What are the landlord’s responsibilities under a commercial lease?
Many individuals like the idea of buying a commercial property and renting it out, which is understandable – in the right circumstances it can be a very lucrative opportunity. However, what often...
Selling a property at auction: What you need to know
Selling a property at auction can be a great option for homeowners who are looking for quick sale or have a troublesome house that isn’t selling the conventional way. However, there is a lot to...
Can you use the same conveyancer for buying and selling?
If you’re buying or selling a property you will naturally want to make the process, go as quickly and smoothly as possible. The question of whether the same conveyancer can be used for buying and...
What is gazumping and how do you avoid it?
When you’ve made the offer on your perfect home and get the exciting news that it has been accepted you might think that’s all the stress and challenges over. That might very well be the case but...
5 tips for buying a house to rent
Buying houses to rent out is a very popular investment in the UK, as it can provide a stable and reasonably high level of income depending on how many properties are in your portfolio. If you’re...
How important is location when buying commercial property?
When you’re buying a house, you consider the location it is in and how beneficial that area is to you, and the same applies to commercial property. In fact, it might be even more important to choose...
What does vacant possession mean?
If you are buying or selling a property, you might have come across the term ‘vacant possession’ as you start that journey. Whether a property is being sold with or without vacant possession it will...
What are commercial property standard enquiries?
At the start of any commercial property transaction, a prospective buyer will likely want to make enquiries to the seller in order for them to understand the property better. These are known as...
What is a bridging loan?
A bridging loan provides quick access to funds to those who need it temporarily like if they are buying a property at auction or are in a chain. However, pretty much all loans come with some element...
What is a deed of variation on a leasehold property?
When you purchase a leasehold property whether that is a house or flat, it can be similar to renting in that there may be some restrictions in place that you would need to agree with the freeholder...
What are Land Registry fees?
There are a number of fees and costs involved when it comes to buying a residential property, one of which is a Land Registry fee. Despite not being massively expensive in most cases it is still...
What is buy to let conveyancing?
If you’re purchasing an investment property, you will need an expert buy to let conveyancing solicitor to guide you through and carry out the legal side of the transaction on your behalf. In this...
What happens when a commercial lease expires?
A tenant’s legal position when their commercial lease expires will largely come down to if the lease adheres to the Landlord and Tenant Act 1954. Commercial tenants normally stay in a property when...
How to change a residential property to commercial
For many individuals wanting to start a business, finding the right building to base your day-to-day operations in can be very challenging, especially given the often extremely high costs attached....
What is fixed fee conveyancing?
Fixed fee conveyancing is a term used to describe a pre-agreed price set for the legal service that is being provided. So, the price you are quoted at the start of the process before work starts...
What are conveyancing searches?
Conveyancing searches, also sometimes referred to as property searches, are public authority enquiries that help you get more information about a property you intend to buy. For example, searches...
Reasons for mortgage withdrawal after exchange
Having a mortgage application withdrawn after contracts have been exchanged is quite rare, but it can happen occasionally, and when it does it can be very distressing for buyers who were just inches...
How to make money from commercial property
The commercial property market in the UK has seen a big increase in demand from investors after the uncertainty that came from the decision to leave the EU. This led to record levels of investment...
Top tips for buying a business
If you’re wanting to buy an existing business instead of starting a completely new venture from scratch, there are some important things you’ll need to consider first. In this guide, we’ll be going...
How do house auctions work?
House auctions can be a great way to grab a bargain or buy a property quickly. In the past, auctions were mostly attended by cash buyers and investors looking for a project. Over time though, all...
Can you remortgage early?
If you’re interested in remortgaging, you might assume that you need to wait until you’re existing deal ends before you can even get the ball rolling, which isn’t necessarily true. If your current...
Conveyancing process for buying a business
From a legal point view, every business bought is unique with its own specific combination of factors and legal issues that need to be dealt with. However, there are similar aspects that are common...
What to look for when buying a new build property
New build properties have become an increasingly popular option for first time buyers for several different reasons. Buying a new build is different to purchasing an older house. However, there’s a...
What should you know before investing in commercial property?
Commercial property is a popular option for many investors because it has the potential to offer healthy capital growth, consistent monthly income, and more security than investing in stocks and...