Why (or when) someone would need this service?
A freehold owner (landlord) may require the expertise of commercial property purchase solicitors when granting a new lease to a tenant or at the time of lease renewal. This is also applicable for freeholders looking to sell their business and grant a new lease to the buyer. Additionally, commercial tenants often seek out commercial property sale solicitors near me to represent their interests in such transactions.
How does the process work/what are the steps?
The process typically begins with the landlord and tenant agreeing on outline terms, either directly or through a lettings agent. Each party then appoints their own solicitor, such as a commercial property purchase solicitor for the buyer or a commercial property sale solicitor for the seller. The landlord’s solicitor handles enquiries and drafts the lease in line with the agreed terms. A surveyor may be needed for planning. After negotiating the lease terms, the agreement is finalised and the landlord retains a copy. Upon completion, rent and other dues are collected.
In lease renewals, commercial property sale solicitors near me might be involved in serving statutory notices under the Landlord & Tenant Act 1954, which grants security of tenure rights to many commercial tenants. If terms cannot be agreed upon, our team can assist with court proceedings or professional arbitration under the PACT Scheme.
How long does it take?
A typical transaction should take about four to six weeks, assuming both parties are cooperative. However, lease renewal disputes requiring court intervention can take several months. During this period, the tenant continues to occupy the property under statutory or agreed terms.
Is it expensive? How do the costs work?
Our commercial property purchase solicitors typically base their charges on the rent value, aiming to agree on a fixed fee where possible. Negotiations or litigation related to lease renewals are charged at an hourly rate, with estimates provided in advance.
What are the things people should consider before calling?
For lease renewals, it’s important to have a copy of the lease and the other party’s details. If any notices under the Landlord & Tenant Act have been served, they should be reviewed by our commercial property sale solicitors as soon as possible.
Why are Grant Saw the best people for the job?
Our team includes specialised commercial property purchase solicitors and litigation lawyers adept at handling transactional and court-related aspects of lease renewals.
For more information, please email email@example.com or contact our team at 020 8858 6971.