Austin Lafferty’s Guide to Buying Commercial Property in Scotland
Buying a commercial property can be a lengthy and time-consuming process for all parties involved. At Austin Lafferty Solicitors we understand that business owners have a busy schedule and may not have the time to get involved with every aspect of a commercial purchase. Our business solicitors regularly advise business owners and company directors on all aspects of commercial purchases.
When buying commercial premises, there are a number of issues a client must first consider, these include:
How can the purchase be best financed?
Is the building fully certified for its intended use?
Are the building’s title and local authority searches all clear?
How do you get from initial viewing to taking possession?
What is the cost of legal work involved in buying?
Should the title be taken in the name of an individual or a limited company/subsidiary?
How can we properly minimise stamp duty?
These and many other questions can be advised and are worked through, always ensuring the client knows the options before being committed. The basic structure of a commercial purchase is not unlike that of a residential house transaction.
Once the client is ready to formalise interest in a property, a written legal offer is prepared and submitted by their solicitor. The seller’s solicitor then sends a written (usually qualified, i.e. adding and qualifying some of the many legal conditions in the purchase offer) acceptance back.
The solicitors consult with the client and go through the acceptance to check if the qualifications are acceptable and either tweak them in a further missive back to the seller’s solicitor or accept them in writing. Whenever the conditions of offer and acceptance are eventually agreed upon, the missives are concluded and there is a binding contract from which neither side can withdraw without penalty. The solicitors then examine the title deeds, searches and property reports, and draw up a new title deed in favour of the buyer. Loan funds and client funds are ingathered and paid over on the date of entry, in exchange for keys/entry and the signed title deed. Stamp duty, if any, is paid, and the title is registered in the Land Register of Scotland.
At Austin Lafferty Solicitors, our IT and case management systems allow us to work quickly and accurately as is essential in all sorts of commercial property work.
Contact our business lawyers for advice when buying a commercial property
Based in Glasgow, East Kilbride and Hamilton in Scotland, our business lawyers can help you with your commercial purchase. For more information on buying a commercial property in Scotland get in touch with us today.