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Commercial Property

Our Commercial Property Team combines impressive technical ability with an innate commercial mindedness to produce an ideal service for our property professional.

We will take the time to understand your priorities and the specific issues affecting your business. We place emphasis on building a strong personal relationship with you so that we can more easily accommodate your style of working.

If you are looking to expand your business either by purchasing or leasing new premises, Attwells will negotiate the best possible terms.

If your business owns its own investment portfolio, we will make sure that you receive a full FRI lease with a clean income stream, every time.

In a competitive market the speed and diligence of your lawyer is key. With Attwells, you can rest assured that no matter what the transaction entails, your lawyers will be proactive in pushing your matter forward to an efficient and satisfactory conclusion. Attwells advise landlords and tenants, large and small, on all types of letting with particular expertise in the property, retail and office sectors.

The Commercial Property Team works closely with all other departments to ensure that you receive a comprehensive and valued service.

Our Commercial Property Team offers expert advice on:

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Legal Fees for Buying a Commercial Property 

Fixed Fee

  • Under £100,000 of Sale Price - £949 plus VAT
  • £100,000-£350,0000 of Sale Price - £1479 plus VAT
  • £350,000-£500,000 of Sale Price - £1949 plus VAT
  • £500,000-£750,000 of Sale Price - £2479 plus VAT
  • £750,000- £1m of Sale Price - £2749 plus VAT
  • £1m above – price on application

If the matter does not proceed to completion then half of the above fee will be due.

In addition to the fixed fee above the following fees may also be payable:

  • Payable in all cases - Bank Transfer Fee (per transfer) - £40 plus VAT
  • Payable in all cases - Electronic Identification Fee (per person) - £10 plus VAT
  • Search Fees - £600 plus VAT

Included in the service

  • Negotiating  the contract for the sale in accordance with the Heads of Terms
  • Dealing with your enquiries of a legal nature with the Seller’s Solicitors
  • Report to you on the terms of the sale
  • Undertaking all necessary conveyancing searches and reporting to you on their contents
  • Completion of the sale
  • Payment of SDLT (if any)
  • Registration at HM Land Registry

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What is excluded from the service?

  • Legal advice outside the scope of the service described above
  • Advising and renegotiating the Heads of Terms
  • Tax advice  
  • Work in connection with occupational tenants. Once any leases are ascertained then a fixed fee for dealing with any tenancies can be confirmed to you.
  • If the property is leasehold it does not include an additional work in connection with the review of the headlease.
  • It does not include the costs of buying a business too. Please click here for more information on legal fees for buying a business.

Disbursements

SDLT will also be due and you can calculate your liability by reference to the following link.  If VAT is payable on the price the SDLT is payable on the price + VAT.

Land Registry Fees are due and will be payable based upon the purchase price and using the following link.

If the buyer is a company taking lending then a Companies House fee will be payable of £23.

In all cases bankruptcy and final searches will be due of £25.

If the premises are leasehold then notice of the transfer of the premises will need to be served on the Landlord whose costs typically range from between £50 and £200. We will confirm he figure once it is known to us.

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Legal Fees for Selling a Commercial Property 

Fixed Fee

  • Under £100,000 of Sale Price - £949 plus VAT
  • £100,000-£350,0000 of Sale Price - £1479 plus VAT
  • £350,000-£500,000 of Sale Price - £1749 plus VAT
  • £500,000-£750,000 of Sale Price - £1949 plus VAT
  • £750,000- £1m of Sale Price - £2349 plus VAT
  • £1m above – price on application

If the matter does not proceed to completion then half of the above fee will be due.

In addition to the fixed fee above the following fees may also be payable:

  • Payable in all cases - Bank Transfer Fee (per transfer) - £40 plus VAT
  • Payable in all cases - Electronic Identification Fee (per person) - £10 plus VAT
  • If the property is subject to a mortgage – Mortgage Admin Fee - £250 plus VAT

Included in the service

  • Drafting and negotiating a contract for the sale in accordance with the Heads of Terms
  • Dealing with enquiries of the Buyer’s Solicitors
  • Report to you on the terms of the sale
  • Completion of the sale

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What is excluded from the service?

  • Legal advice outside the scope of the service described above
  • Advising and renegotiating the Heads of Terms
  • Tax advice  
  • Work in connection with occupational tenants. Once any leases are ascertained then a fixed fee for dealing with any tenancies can be confirmed to you.
  • If the property is leasehold it does not include obtaining the landlord’s consent to the sale. Landlord’s Solicitors legal fees are typically £750-£1500 plus VAT. We will confirm he figure to you as soon as it is known by us.
  • It does not include the costs of selling a business too. Please click here for more information on legal fees for selling a business.

Disbursements

Land Registry Fees £50

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Commercial Buy to Let and Investment Mortgages

Commercial investment mortgages are for those looking to acquire or refinance commercial property with view to renting it out to commercial tenants.

For many property investors having a healthy proportion of Commercial Properties is an essential part of a balanced portfolio. For others, perhaps those with a Residential portfolio, the prospect of branching out into Commercial is a daunting prospect.

However, with recent changes to the Residential BTL market and a greater focus on yield based (as opposed to capital based) investments, we are seeing an increase in clients taking the leap into acquiring commercial premises.

Some potential benefits of commercial BTLs:

  • Potentially higher yields
  • A “clear” rental stream, meaning that Tenants need to undertake maintenance or fully reimburse the Landlord for the cost of maintenance
  • Potentially less initial capital expenditure to acquire the site.

If you are looking to acquire a commercial premises through finance or looking to refinance your existing properties, it is essential that you have the right lawyer in your corner.

Company Buy to Let Legal Fees:

The fees payable for company buy to lets are as per the Attwells Residential Calculator save that an additional sum of £225 plus VAT is due.

In the event that it is a company buy to let purchase using mortgage finance or re-mortgage then £749 plus VAT is due on top of our residential fee scale.  

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Commercial Mortgages

Commercial mortgages, or owner-occupier Business Mortgages, are for individuals and companies purchasing or re-mortgaging a property to be used as their own business premises.

Renting commercial premises is not the right fit for everyone. Sometimes a business wants the security and certainty of owning its own premises, other times a property comes on the market that is just too good to pass up.

If you do purchase a premises for your business, it is likely to be one of the bigger investments your company is going to make and not all businesses will have/want to use spare cash in the business to purchase the property outright. This is where Commercial Mortgages can help.

Whatever your motivation for purchasing Commercial Premises for use in your business, make sure that you have the right professional team around you.

Lending criteria on Commercial Premises, is often more stringent than for Residential Premises and may come as a surprise, in particular to first time commercial borrower. The paperwork and criteria can seem insurmountable! This is why you need an experienced lawyer in your corner who has dealt with the process many times before.

Commercial Mortgage Finance – From £1099 plus VAT

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Granting a Lease as Landlord of Commercial Premises

Fixed Fee

  • Up to £50,000 per annum Annual Rent - £1279 plus VAT.
  • Above £50,000 per annum Annual Rent – Price upon application

If the matter does not proceed to completion then half of the above fee will be due.

In addition to the fixed fee above the following fees may also be payable:

  • Payable in all cases - Bank Transfer Fee (per transfer) - £40 plus VAT
  • Payable in all cases - Electronic Identification Fee (per person) - £10 plus VAT

Included in the service

  • Drafting the Lease in accordance with the Heads of Terms
  • Providing replies to the usual commercial property enquiries
  • Negotiation of the terms of the Lease with the Tenant’s Solicitors
  • Report to you on the terms of the Lease
  • Completion of the Lease

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What is excluded from the service?

  • Legal advice outside the scope of the service described above
  • Advising and renegotiating the Heads of Terms
  • It does not include a Rent Deposit Deed - £500 plus VAT
  • It does not include a Licence for Alterations - £749 plus VAT
  • It does not include any consent required from a mortgage lender - £250 plus VAT
  • It does not include any superior landlord’s consent if the lease is an underlease
  • It does not include an Agreement for Lease where the legal fees start from £950 plus VAT
  • It does not include the costs of selling a business too. Please click here for more information on legal fees for selling a business.

Disbursements

Land Registry Fees £50

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Taking a Lease as Tenant of Commercial Premises

Fixed Fee

  • Up to £50,000 per annum Annual Rent - £1279 plus VAT.
  • Above £50,000 per annum Annual Rent – Price upon application

If the matter does not proceed to completion then half of the above fee will be due.

In addition to the fixed fee above the following fees may also be payable:

  • Payable in all cases - Bank Transfer Fee (per transfer) - £40 plus VAT
  • Payable in all cases - Electronic Identification Fee (per person) - £10 plus VAT
  • Payable if SDLT is due - SDLT Form Fee - £75 plus VAT
  • Payable if requested - Search Fees - £300 plus VAT

Included in the service

  • Ensuring the Landlord’s Solicitors have drafted the Lease in accordance with the Heads of Terms.
  • Negotiation of the terms of the Lease with the Landlord’s Solicitors
  • Report to you on the terms of the Lease
  • Completion of the Lease
  • Payment of SDLT (if any) on the Lease
  • Registration of the Lease (if applicable) at HM Land Registry

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What is excluded from the service?

  • Legal advice outside the scope of the service described above
  • It does not include a Rent Deposit Deed - £500 plus VAT
  • It does not include a Licence for Alterations - £749 plus VAT
  • It does not include any superior landlord’s consent if the lease is an underlease
  • It does not include an Agreement for Lease where the legal fees start from £950 plus VAT
  • It does not include the costs of buying a business too. Please click here for more information on legal fees for buying a business.

Disbursements

Land Registry Fees £40 if length of lease is more than 7 years

Final Searches £20 if length of the lease is more than 7 years

SDLT may also be due and you can calculate your liability by reference to the following link.  If VAT is payable on the premises then SDLT is payable on the Annual Rent + VAT.

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SIPP Pension Investment

SIPP is a self-invested personal pension platform that can hold commercial property.

A SIPP can buy UK non-residential property including: offices; industrial; shops; restaurants; gyms; development land; are homes and sports stadiums. A SIPP cannot buy overseas property, residential property or plant and machinery.

Choosing to invest in commercial property using a SIPP enables you to benefit from tax relief on your SIPP contributions, exemption from CGT when the property is sold and exemption from income tax on rental payments. SIPPs are also generally outside the investor’s Estate for IHT purposes.

Many people also transfer commercial property held in the business to a SIPP so as to improve cash-flow in the business by moving the capital asset into the pension in return for cash but continuing occupation for the business by way of a lease. The rent should also be deductible from the trading profits of the tenant business.

On an insolvency type event a SIPP will generally be outside the reach of a trustee in bankruptcy.

A typical SIPP structure will involve a purchase in the SIPP followed by a lease to the business and possibly some mortgage funding.

A SIPP can borrow money from banks but pension legislation means that the SIPPs borrowing is limited to 50% of the SIPP’s fund value.

Some SIPP providers also enable shared ownership of a commercial property with the trading company or investor. 

Attwells Solicitors are specialists in acting for all of the country’s leading SIPP providers. Attwells commercial property team buy, sell, mortgage and lease commercial properties for clients involving SIPPs.

If you need advice concerning your pension and property and competitive fixed fees from expert solicitor in SIPPs and commercial property then contact Attwells Solicitors now.

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Our Solicitors and Timescale

All of the services featured on our commercial property page will be undertaken by one of our Commercial Property Solicitors: Nick AttwellMatthew Desborough or Joseph Harrison or our Trainee Solicitors under the supervision of Nick Attwell. 

We expect the services to take on average 4-6 weeks, however this will depend upon a number of factors, some of which will be outside of our control. We will endeavour to complete the matter as quickly as possible within your timescales.

How to instruct Attwells and make a payment

Instructing us is simple. You can either click on the instruct button below to register your interest or you can call us at your local office. You will need to pay 50% of the fixed fee on account together with the search fees. The balance of fees and disbursements will be due on completion.

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