There are some essential questions you should be asking about your commercial property solicitors to ensure that you have the right company working for you when you need additional space for your business.
It may sound obvious but when purchasing a commercial property there are some very specific criterion that must be met. The law governing commercial property is very different to that surrounding the domestic market. A visit to your family lawyer will not work if you are looking to buy an office building, warehouse or new manufacturing facility for your business
Business Leasehold Agreements
Leasehold agreements are the bread and butter for commercial property experts they should be fully aware of the latest legislation surrounding the leasing of commercial properties. The company you chose should be able to advise you as to the best way to proceed when looking for new premises and whether the leasehold option is the best option for your company or whether the purchase of premises would be better.
Business Property Mortgages
Many companies offer a mortgage service or can connect you with a reputable company who deals with commercial property mortgages. This again can be a tricky area of the law and can have long-term implications on your business so it is very important that your legal team are fully up to speed on the latest commercial financial products.
Self- Investing Personal Pensions plans are a way that a small or medium-sized business owner can not only expand the business premises giving it the necessary increase in business space it needs to grow, but can also be used to provide a pension for the business owner. This scheme has all the advantages of a normal pension scheme including full tax advantages you would expect from a pension scheme with the added bonus of a business premises, whether it be business office space, business storage or logistics. There can be advantages over leasehold options using SIPPS
Your legal property team needs to have current knowledge on all business structures. Whether a sole trader, partnership, limited company, limited liability partnership or a public limited company when a business enters into a contract. They will be able to advise you on all aspects of what is best for your business when acquiring new buildings for your business. Contractually each of these business entities has a different legal position which should be fully understood by your commercial property solicitors.