We are aware of the importance of providing clear unambiguous advice and carrying out legal work as quickly and efficiently as possible.
Whether your business is big or small in most cases at some point you may need to deal with a property.
We take time the time to understand our clients’ business objective and build our services around out clients’ needs.
At Baines Bagguley Penhale we are aware of the importance of providing clear unambiguous advice and carrying out legal work as quickly and efficiently as possible.
We take the time to understand our clients’ business objectives and build our services around our clients’ needs.
We regularly assist clients with :
- Purchasing or selling Freehold Property
- Entering into leases of Commercial Property – either as Tenant or Landlord
- Selling lease interests
- Transferring property
- Transactions relating to SIPP’s
- Re-mortgaging or securing loans against Property
- Acquiring land for development
- Plot sales.
To obtain a quote or to discuss how we can help please contact us.
Leases are hugely technical and it is not always easy to spot something which is perhaps incorrect, unnecessary or in fact shouldn’t be in the lease at all. These term could have significant legal and practical implications which could prove practically difficult or expensive in practice. Our commercial team offer straight forward, practical and sound advice on proposed commercial leases to ensure you are fully aware of exactly what your liabilities and obligations are at the outset, alleviating any surprises down the line.
We offer a selection of services from merely providing written advice to you on a proposed lease (which can usually be prepared within 1 – 2 weeks) to fully representing you in negotiating terms and completing the lease (which would generally take around six to twelve weeks from initial receipt of the lease depending on the other relevant parties and the speed of the search results).
You always recommend carrying out usual conveyancing searches in relation to flooding, local authority issues and environmental issues affecting the property. There may also be SDLT (Stamp Duty Land Tax) implications of taking your lease, and potentially a Land Registry fee for its registration. You will also be required to pay a digital services fee and an anti-money laundering searches fee. However, we will give you a clear breakdown of these costs in our letter of engagement.
For the period you are in occupation you will be (subject to the terms of the lease) responsible for everything to do with that property, just as if you owned it. If you are unaware of the potential issues, you will not be able to budget or prepare for them and you certainly wont be able to easily walk away from the property once you have signed the paperwork. Baines Bagguley Penhale will advise you on any issues that could affect your use and enjoyment of the property ensuring the Lease is fit for your intended purposes and ensure that there are no matters, such as a mortgage in the Landlords name, which could ultimately result in your occupation and use of the property not being properly protected.
SDLT is payable on the acquisition of an interest in a property, even when that interest is acquired for a short term in a lease. The tax due is calculated on the rent over the length of the term when that figure exceeds the threshold of £150,000 for commercial property. For reference, the longer the term and higher the rent, the more likely SDLT becomes payable.
Any lease over seven years is subject to compulsory registration at the Land Registry. If your lease is for less than seven years we would still normally recommend that a note of the Lease is registered against the landlords deeds to ensure that your continued occupation of the property is protected.
Complex legal documents often lead to confusion. What appears straightforward when it is fresh in your mind may not be in a few years’ time and if you wish to sell or transfer the lease the terms will also need to cover the new tenants occupation. The law relating to occupying a property for business purposes is quite complex and a Lease should contain all necessary protections to ensure that you can operate your business effectively and free from any onerous restrictions. A brief three or four page lease is unlikely to offer any real protection to the tenant, and if you are intending to develop or commence your business you need to have security that the premises that you occupy are not a cause for concern.
All business premises have a use that is authorised by the Local Authority. As part of our due diligence we will check to ensure your intended use if appropriately authorised. If it isn’t then we can advise clients on how best to go about applications for change of use. Whilst not straight forward as such our commercial team are experienced in assisting clients in dealing with the Local Authority and if necessary Landlords solicitors to agree any change in authorised use.
Commercial properties are exempt from VAT but either the tenant or the Landlord can elect to register the property for VAT. During our due diligence we would investigate the VAT position and advise accordingly.
A break clause allows either or both parties involved in the lease to bring it to an earlier end than the lease expiry date. Usually, a notice period must be given, typically six months and sometimes there is a penalty for doing so. Here at Baines Bagguley Penhale we would recommend that any new business taking on a lease should consider negotiating a break option to provide flexibility to get out of the lease in case the business does not succeed as anticipated.
You may terminate your instructions to us in writing at any time but we shall be entitled to keep all your papers and documents until our account has been discharged in full. In the event of us stopping acting for you our charges will be such lesser amount of our estimated fees as is reasonable having regard to the amount of work carried out by us together with VAT and any disbursements incurred.
Security of Tenure under the LTA 1954 is the security and rights of an occupier. Security of Tenure is important as it provides the tenant with an automatic right to remain in possession of leasehold business premises after the lease term reaches the expiry date. The Landlord and the Tenant can agree that security of tenure will not apply to a lease and a specific procedure has to be followed to ensure that such agreement is legally enforceable. If you are asked to exclude security of tenure within a lease of businesses premises you should always seek independent legal advise before doing so as this substantially lessens your legal rights in relation to the property.