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Buying or Selling Commercial Property

Before buying or selling any property, it is vital to consult a solicitor.  This is particularly so in the case of a commercial property transaction.  John A. Sinnott and Co. Solicitors have vast experience in taking care of the buying and selling of:

  • Retail and office premises
  • Industrial units
  • Licenced premises
  • Commercial leases
  • Apartment developments

Buying

Points to consider are:

  • All costs and not just the purchase price.  These will include land registry fees, VAT and stamp duty.  The current rate of stamp duty is 6% of the purchase price.
  • If buying or leasing is the best option for you.
  • How sound is the premises – make sure to have a structural survey carried out by a engineer, architect or surveyor.
  • Are land registry maps and planning permissions in order?
  • What will you use the premises for and what was the business use previously? Restrictions may apply with regard to change of use of a business premises.

If the premises is in a retail park, estate or apartment development, there are further considerations:

  • Is there a long lease in place bound by a covenant?
  • What are the policies of the management company?
  • Does the management company maintain a sinking fund?
  • Are there service charges in place?
  • How will future capital expenditure and building dilapidations be funded and dealt with?

Selling

Points to consider are:

  • Are title deeds in order?
  • Have commercial rates, water rates and property taxes been paid up to date?
  • Does the property have a BER certificate?
  • What are the tax implications?

Planning disputes can also arise and we can deal on behalf of the seller or buyer in these instances.

Remember, a property investment is likely to be the biggest investment you will ever make.  Make sure you are fully informed and confident before entering any contract.  John A. Sinnott & Co. Solicitors can provide you with that reassurance.

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