Buying and selling a commercial property is different to a residential property. The process is usually more tailored to your priorities and the specific terms which have been agreed between the parties are more detailed.
We regularly deal with a broad range of commercial properties including:
In dealing with commercial property, our expert team frequently act for a wide variety of clients. In doing so we understand that each type of buyer or seller will have different priorities that need to be addressed.
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There are various different types of ownership of properties and you should clearly understand the distinctions between them when buying or selling commercial property. The two most common are freehold and leasehold.
A freehold property is owned absolutely for an undetermined period of time. A leasehold property however is only for a specified period of time and usually in return for periodic payments, rent. A lease is a form of contract between the two parties and will set out the obligations between them. The obligations and restrictions will typically vary depending on factors such as the term of the lease, the rent payable and the nature of the property.
You might occasionally see references to “virtual freehold”, which is not a separate type of ownership in itself, but just a phrase used to describe very long leaseholds with terms of around 999 years. Other types of ownership such as common hold have not yet become widely popular.
Our experienced commercial property solicitors will be able to guide you through the process, whether you are buying or selling a commercial property, ensuring you have peace of mind throughout that everything is being dealt with professionally and efficiently.
For more information on how we can help support you, please contact one of our commercial property specialists in our Newbury, Thatcham or Maidenhead offices below.