Ever wondered what commercial conveyancing is and why it is different to residential conveyancing?
What is commercial conveyancing?
Commercial Property is an extensive term used to define property owned or used by a commercial or business enterprise.
Ranging from large warehouses and supermarkets to the local corner shop, buying or selling a commercial property or granting a lease to a new tenant all fall under Commercial Conveyancing.
You might be an owner, investor or developer who wants a specialist conveyancer to act for you during the conveyancing process. Commercial conveyancing is a wide-ranging discipline, and for a commercial matter you would need to instruct a commercial conveyancing solicitor.
What is the difference between commercial conveyancing and residential conveyancing?
Whilst they are not wildly different, the initial stages of conveyancing for both types of property are roughly the same.
The obvious difference is the type of property. Residential property involves buying and selling a home whereas commercial conveyancing typically involves a business premises. Once conveyancing has been completed on a residential property, it is unusual for any additional fees to be charged.
However, if a commercial property is being bought as well as the business that is run out of it, it is not uncommon for an additional ‘goodwill’ payment to be made. In commercial conveyancing, different forms of lease are appropriate for different types of properties, e.g. offices, factory units, shops and blocks of flats. In residential conveyancing, leases are commonly used for flats and maisonettes, although some houses are held under ‘long leases’.
A typical commercial lease has many elements in common with a lease of residential premises. For Commercial Conveyancing you would need to instruct a solicitor who specialises in this.
You always hire best conveyancing solicitors in Norwich and other areas of the UK to get the best deals. AVRillo is one of the top-rated conveyancers covering most of the UK.
Conveyancing process flow chart UK
This article will give you a brief Conveyancing process flow chart UK as conveyancing and its process is very different around the world even within England and Wales there is difference in respect of SDLT known as LLT.
I will go through the process of a sale only for this article as the journeys for both a sale and purchase will be different and your experience as a client will be different.
Conveyancing process flow chart UK – Freehold Sale
- Your journey will begin in this conveyancing process as a seller by first deciding that you want to sell your property so you either list it within an estate agent or find a private buyer.
- Your next step will be to instruct a conveyancer. You should take careful consideration when doing this and if you have an estate agent listen to their advice as agents and solicitors have great working relationships and this can help speed up the process and find solutions.
- Once you have found a conveyancer has part of the conveyancing process you need to complete various forms for the conveyancer, these will include a client care which will include the terms of business stating what the conveyancer will do for you and you will need to provide your ID and proof of address to satisfy the government’s anti money laundering checks.
- The second step your conveyancer will take in the conveyancing process is to review all your paperwork including the protocol forms you would have and check you are the legal owner with the right to sell. The details contained within protocol forms will have information such as what you intend to take or leave at property. I’m details about any alterations to the structure of the property and boundary responsibilities.
- The next step in the conveyancing process flow chart UK Is that your conveyancer will issue draft contracts to the buyers Conveyancer, and request a redemption figure from your existing lender .
- Once the buyer’s conveyancer has raised enquiries the conveyancer will answer any legal points and refer the balance of enquiries to you for you to deal with and chase any outstanding information
- Contracts will then be exchanged and a completion date fixed.
- On the date of completion the final steps to the conveyancing process will be to pay off any Lender and estate agent. After the legal fees have been paid any balance will be returned to your account.