Buying Commercial Property

At Austin Lafferty Solicitors, we understand that business owners have busy schedules and may not have the time to get involved with every aspect of a commercial purchase. By choosing us to work on your behalf, we will ensure the deal is kept on track and that you are updated as often (or not) as you wish.

The basic structure of a commercial purchase is not unlike that of a residential house transaction but there are a number of issues that must first be considered. 

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?
• 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 stamp duty be minimised?

 
We will work through these and many other questions, always ensuring that you know the options before being committed. 

Once you are ready to formalise interest in a property, a written legal offer is prepared and submitted by us. 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.

We would then consult with you and then 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. 

When 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. 

We 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 property lawyers for advice when buying a commercial property

Based in Glasgow, East Kilbride and Hamilton in Scotland, our property lawyers can help you with your commercial purchase. For more information on buying a commercial property in Scotland get in touch with us today.