How Conveyancing Works with Commercial Property Solicitors in Nottingham.
If you’ve been through the process of buying or selling a home in the
Nottingham or Loughborough areas, you probably had a lot of contact with your solicitor
about the plethora of paperwork involved. When it comes to selling your
business, there are more intricate laws to follow and conveyancing solicitors
will make your life much simpler throughout.
A good team of commercial property
solicitors
in Loughborough will ease the troubles of this sometimes lengthy
process.
What is Conveyancing?
The term conveyancing refers to the process of legally transferring the
ownership of property from seller to buyer. This process begins when an offer
on a property is accepted and it is completed when the buyer receives the keys
and is ready to move in.
Who carries out Conveyancing?
In the instance of transferring property of a business, it is best to
get some conveyancing solicitors
who
are competent in commercial law to carry out the process so that you can
concentrate on the other challenges of buying or selling your business.
Beginning the process in Nottingham or Loughborough
Once you’ve spoken to commercial law
solicitors
that have agreed to take on the conveyancing for you, they will
draw up terms of engagement/agreement with you. In this document, it will list
what is required from your end and the fees due to the firm for the
conveyancing. Then, your Nottingham solicitors will contact the other party’s
solicitor to confirm that they’ve been instructed to handle the process and
they’ll request a copy of the draft contract, forms and property’s title (if
buying).
The next steps
Once your lawyer has received all the correct documentation, which can
take a few weeks, they will examine them to see if anything needs to raised
with the other solicitor and ensure that everything is in order. It is
important to go through the forms yourself, especially when buying, as you will
know about the business and let your own solicitor know if you have any
questions.
Check whether the property is leasehold or freehold as this could affect
your business too.
Even if a survey has been carried out on the Nottingham property, your
solicitor will carry out a number of checks to ensure that there are no legal
impediments to owning the property. These will include:
· Verifying the ‘Title register’ and ‘Title plan’ at the
Land Registry. Both of these prove the ownership of the property.
- Environmental
and local authority searches – for flood risk, hazardous materials, plans
for the land in the future.
Signing and exchanging contracts
Once everything has been thoroughly checked by both parties, the
contract must be signed and a date arranged for the exchange with the other
party. Your commercial property
solicitors
will do this for you, usually by phone. Both parties’ solicitors
make sure that the contracts are identical before signing and delivering. Once
these have been exchanged, you are legally bound to buy or sell the property.
Then the seller needs to be paid and application to change the deeds
lodged with the Land Registry within 30 days.
For sound conveyancing advice from experienced commercial law solicitors
in Nottingham and Loughborough, call Hawley &
Rodgers Nottingham Office on 0115 955 9000 or in Loughborough on 01509 230 333.
We also have offices in Bingham and Stapleford.
