In this article, we explore some of the most frequently asked questions that we face relating to commercial conveyancing and leases. We also speak to Irina Karabcevska, a commercial solicitor who gives us insight into her role at Larcomes and her background.
What is commercial conveyancing?
Commercial conveyancing pertains to the legal tasks involved in transferring ownership of a business property during a sale or purchase. It also encompasses the transfer of occupation of business premises by entering into a new commercial lease or transferring the existing lease.
Commercial conveyancing is largely similar to residential conveyancing in the sense that it is the process of transferring the title of a property from one party to another; however, commercial conveyancing relates to the following property types:
- Retail (shops, supermarkets etc.)
- Leisure (hotels, pubs, restaurants etc.)
- Industrial (warehouses etc.)
The nature of commercial conveyancing, however, is much more complex. Purchasing a commercial asset is usually a more complicated process, requiring more extensive due diligence. Commercial conveyancing is generally a lengthier process that includes investigating permitted uses of the land, the details of commercial leases, land tax implications, planning and much more.
What should be included in a commercial lease?
A commercial lease is a legally binding agreement between a business tenant (the company) and a landlord. The lease grants the company the right to utilise the property for commercial purposes over a specified duration. The lease details the rights and obligations of both the landlord and the tenant throughout the lease term.
Failure to enter into a comprehensive and legally accurate lease could lead to issues for the landlord, tenant, or both, so seeking the appropriate advice from a trusted solicitor is essential.
What does a commercial solicitor do in a commercial conveyancing transaction?
The solicitor will have varying responsibilities depending on whether they act for the buyer, seller, landlord, or tenant. Several lawyers will often be involved in the process, and good relationship-building skills are needed to drive the transaction forward.
Typically, the solicitor will be liable for investigating the legal title to the property, preparing and checking the contract for sale/lease/land transfer deed and confirming any further details relating to the property, such as information about tenancies, rent, service charges or equipment included.
Furthermore, as a part of the transaction, the solicitor addresses commercial property enquiries and other matters such as Stamp Duty Land Tax, VAT, insurance and mortgage finance. Quite often, and driven by the circumstances of the individual transaction, other supplemental documents will be involved in the transaction, such as Rent Deposit Deed, Licence for Alterations, etc.
Solicitor for Commercial Conveyancing Portsmouth
At Larcomes, we have a team of commercially minded, reliable and professional solicitors who can assist in a variety of company and commercial-based matters, including commercial conveyancing, business start-ups, commercial litigation and more. Please get in touch today on 023 9244 8100 (Portsmouth) or 023 9224 6666 (Waterlooville). You can also email Irina directly – email@example.com.
One of our commercial conveyancing solicitors is Irina Karabcevska, who joined Larcomes following her obtaining her degree at the Open University. Find out more in her team spotlight below.
Meet the Team – Irina Karabcevska
I qualified to be a lawyer before I came to the UK back in 2004. However, I had very basic English and had to work my way up. I started my UK qualifications as a mature student. My degree was passed with honours in Open University whilst working full time as I had “adult” commitments to fulfil and did not fancy having a student debt to pay off. I qualified three years ago, and my workload consists of residential and commercial conveyancing. The work I undertake covers most residential and commercial transactions, including commercial leases, whether new or existing, sale and purchase of commercial premises and/or businesses. I can assist with various transfers of land, whether a transfer of whole or part, transfers of equity, re-finance transactions and many more matters associated with land and property law. I enjoy the variety of the clientele I deal with; the clients can be from all private and commercial sectors, such as farmers, hotel owners and charities. Working in commercial conveyancing involves dealing with business properties or land that generates profit for the owner. As commercial lawyers, we form the centre of all legal aspects of buying and selling commercial properties.
What do you enjoy the most about working in the commercial department at Larcomes?
Larcomes’ commercial team has the most varied and in-depth knowledge of property law within the firm. The team is very friendly and thriving by demonstrating their high standards and integrity. We are also the biggest team within the firm. There is nothing that Larcomes commercial team cannot do!
Why did you decide to work in the legal industry?
I decided not just to work in the legal industry but to specialise in property law. Property law affects everyone in society, those renting or those investing in large-scale property projects, most people will be faced with property law at some point in their lives, and I want to be a professional they turn to for advice and assistance.
What advice would you give to aspiring business law solicitors?
Listen to your client, get to know their goals, and learn to manage their expectations. This will assist you in developing good relationship-building skills. Do not underestimate compliance!
What were your favourite subjects at school?
Literature and grammar. I enjoy reading and often pick up a book of classical literature.
What is your biggest career achievement?
My legal career is relatively young and is beginning to develop. My main ongoing achievement would be achieving the client’s desired result, especially in challenging transactions/circumstances. It does not matter whether the transaction is large or small, simple or complex.