The straight talking law fifirm
Deck the Halls with Bough’s of Holly?
Moving property, whether residential or commercial, can be a stressful process. Throwing Christmas into the mix can only exacerbate this further, so it’s no wonder that people want to be in and settled before the festivities arrive.
Whether you are a fifirst time buyer, buying commercial premises or taking or granting a commercial lease of premises, these tips from O’Donnell Solicitors’ property experts can help to smooth the process.
1. Get your paperwork in order early
Paperwork is a vital part of any property transaction so doing the groundwork in advance can really help to speed things along. With a residential purchase, there
will be a number of forms you
will need to complete and
return to your solicitor. The
quicker you can turn this
around, the sooner your
solicitor can move on to the
next stage of the process.
When it comes to commercial
properties, there are several hurdles to overcome. If selling or granting a Lease of commercial premises get an Energy Performance Certifificate organised sooner rather than later, and complete the standard conveyancing protocol forms promptly. The main delay on leasehold properties subject to service charge on a managed estate is the lack of ground rent and service charge information. Get hold of the companies you pay the money to, fifind out if they have a standard information pack for Buyers and what they charge for their packs and pass this information to your solicitor as soon as you can. In commercial property work a set of Commercial property Standard Enquiries (CPSE) are often requested by the Tenant or Purchasers Solicitors.
2. Appoint an expert Property Lawyer
This is essential. Too many conveyancing practices and some law fifirms profess to be experts in conveyancing matters. However, what you often end up with is an administrative case worker without the depth of knowledge of a trained Property Solicitor or Conveyancing Legal Executive. Only an experienced Solicitor with in-depth knowledge of this type of transaction should be retained. Instructing someone without that level of experience and pedigree could frustrate the process, especially where unexpected issues present themselves. An expert property lawyer will be able to put their experience into action and come up with a speedy solution to the problem, aiding the transaction to completion. Specifific to commercial property, transactions involving the sale or purchase of assets and goodwill of a business (TOGC) require specifific expertise. Also, if a Pension Fund is involved, it is important to ascertain any specifific requirements early such as limitation of liability provisions and to ascertain the authorised signatories of the corporate trustee if dealing with a SIPP.
3. Get your fifinances in order
Whether acquiring residential or commercial property, it is important that you understand the amount you will need to fifind on completion of the transaction. For residential purchases, there will likely be SDLT, fees for searches, conveyancing fees, removal costs and potentially survey fees. For commercial purchases, there may be apportionments to sort out, payment of rent
and VAT, the total of which
will not be an insignifificant
sum. Your Lawyer should be
able to provide a detailed
breakdown of the total costs
at the outset, giving you time
to arrange your fifinances. If
you need to access cash
tied up in bonds or savings, be sure to leave enough time for this to be released to you. Remember that even with a signifificant deposit, arranging fifinance can be a time-consuming process and lenders have strict procedures to follow. If acquiring a commercial property through your Pension Fund, the cash may need to be released from various sources.
4. Business Sales and Purchases (TOGC)
If the conveyancing transaction is connected to a TOGC, assuming the Buyer of their Solicitor has undertaken a good level of due diligence, it is important to adapt the draft sale and purchase (SPA) agreement to the agreed heads of terms and reflflecting the level of due diligence undertaken. An experienced lawyer will be able to tailor the SPA to fifit the heads of agreement agreed by or on behalf of the Seller and Buyer. An in-depth understanding of the interplay between disclosure and warranties is essential. It should deal adequately with Transfer of Undertakings (Protection of Employment) regulations (TUPE). Also, the VAT and capital allowances position should be set out accurately within the SPA. Mistakes
could cost dearly.
If you are thinking of selling
or acquiring Property or a
business involving property
or taking or granting a lease
of premises over the next
few months, our expert
property lawyers are here to assist you and to provide you with the best chance of getting things moving so you can enjoy the festive period.
Here at O’Donnell Solicitors our multi award winning team are highly experienced and will be on hand to answer any questions you may have throughout the process. Our CQS accreditation and years of experience in property transactional work throughout the Country means you are in safe hands.
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O’Donnell Solicitors O’Donnell Solicitors Appleby’s Business Centre
Appleby’s Business Centre, 3 Mossley Road, Grasscroft, Saddleworth, OL4 4HH
Telephone: 01457 761320 • Web: www.odonnellsolicitors.co.uk
www.AroundSADDLEWORTH.co.uk
Web: www.odonnellsolicitors.co.uk
3 Mossley Road
Grasscroft Saddleworth
 6
OL4 4HH Telephone: 01457 761320
Contact Us
O’Donnell Solicitors