This field of law provides guidelines for the purchase, sale, lease, and use of commercial land. This involves transaction such as freehold lease, commercial lease, property acquisition, and development of land for both commercial investment and commercial development. It also includes the resolution of disputes relating to commercial property. The two main issues relevant to commercial property law are conveyancing transactions and dispute resolution.
Conveyancing is the process by which property changes hands from a seller to a buyer. In commercial conveyancing transactions either the seller or buyer may be an individual or a business organisation. And, while commercial conveyancing is mostly concerned with commercial and industrial property transactions, some residential property transactions also fall within this category.
When commercial property changes hands, both the buyer and the seller have obligations to meet in order to complete the transaction.
The seller must prepare and sign a sale contract, complete inventories of fixtures and fittings, and provide information about any pending issues associated with the property.
The buyer must perform a series of legal searches, including a title search, and searches relating to rights of way, easements, and boundaries. They must also arrange for a property valuation.
The buyer must also arrange financing, which typically includes providing a business plan or similar document to the mortgage lender, if applicable.
Any issues that arise must be settled before contracts can be signed and exchanged, and payment made to the seller, to complete the purchase.
Some of these steps are often completed when commercial property is being leased, too. For instance, title and other searches are performed, along with an inventory of the property.
Commercial property disputes can encompass a wide range of issues, such as disputes over payment of rent for a leased property, easement, right of way, or boundary disputes, contractual disputes during conveyancing, and others.
Most disputes are resolved out of court via alternative methods such as arbitration and mediation. Litigation via the court system is a last resort due to the expense and the attendant publicity that is often involved in a court case.
Commercial Property Resources
Commercial Property Solicitors - This legal directory will allow students to search solicitors that specialise in commercial property laws. For most students you will probably find this section most relevant: commercial property solicitors in London, you can also filter this further to a precise London borough if required.
If any students wish to contribute to this section or add relevant subsections related to commercial property laws and the processes involved please do so through the university portal by updating Resource No.00032.