The commercial property conveyancing process is very similar to the residential conveyancing process. Please view the Conveyancing Flowchart here.
Due Diligence for Commercial Property Conveyancing
Due diligence means obtaining as much information in connection with the property as possible.
The amount and type of due diligence can vary depending on the type and location of the commercial property.
We have prepared a Table listing some of the standard searches, a brief description of the type of information they reveal and when we would advise requesting them.
The seller is asked to reply to standard pre-contract enquiries. The enquiries cover such matters as:
- Boundary discrepancies, alterations, ownership, maintenance
- Rights benefiting the property (i.e. rights of way)
- Rights affecting the property
- Disputes affecting the property
- Works carried out to the property
- Breaches of environmental legislation & information relating to environmental incidents
- Breaches of any statutory requirements or byelaws affecting the property
- VAT in respect of the purchase price
- Rates and other outgoings in relation to the property
- Capital allowances available
- Physical condition of the property (including asbestos)
- Utilities and services available
- Leases affecting the property
For further information or assistance in connection with buying or selling commercial property, please contact our experienced Commercial Property Department at Russell & Co