We understand how important buying and selling property is, even for the most experienced commercial property investor this can be stressful. For the majority of people, it is the most expensive asset they will ever own and so it is essential that you place it in safe hands when selling or buying. With that in mind, it is important that you have a lawyer that not only has the technical knowledge to make the process as smooth as possible but has years of experience in buying and selling commercial properties.
Most people are familiar with the residential conveyancing process and you may be surprised to know that although commercial conveyancing is generally more complex, with more factors to consider, the whole process is very similar to residential conveyancing
If you are considering buying or selling a property, it is helpful to be familiar with what the process involves and what is required in terms of a contract between buyer and seller. In Scotland, this contract is known as ‘missives’. Once you have concluded missives then the deal is done and all that is left is the formal transfer of title via what is known as a disposition. Until missives are concluded, there is no legally binding contract and either party is entitled to walk away at any time.
What are missives?
Officially missives are formal letters that are exchanged between the parties’ solicitors. There is no limit to how many letters can be exchanged but there will always be at least two – i.e. offer and acceptance. The seller can draft what is known as a ‘Qualified Acceptance’ detailing which part of the offer they wish to accept and which parts they are unwilling to accept. Solicitors are under a professional duty to conclude missives without ‘undue delay’.
What terms do commercial missives contain?
In general, the first letter ‘the offer’ will contain details on the following:
- the property
- the price
- the date of entry
- extras to be included in the sale i.e. fixtures & fittings; and
- other conditions on which the offer is made i.e. subject to successful planning permission or development licence.
How long will it take to officially sell/buy your property?
The length of the commercial conveyancing process will vary depending on the property itself and also how complex the transaction is. The average residential conveyance takes around six weeks but, in general, we expect the standard commercial transaction to take longer than this because of the other factors involved (i.e. property finance or an ongoing commercial lease.) However, no matter how long it takes we will ensure that selling or buying your commercial property is as straightforward as possible.
We understand that you need expert advice when it comes to purchasing, selling developing or leasing land. At Claphams, our expert commercial conveyancing solicitors have extensive experience in advising developers, investors, sellers, purchasers and tenants on all aspects of buying, selling and leasing commercial property.
Whatever your business venture or industry, we can advise on the conveyancing elements. We are also well placed to advise on commercial leasing, property development and property finance.
Contact our Commercial Property Lawyers Clarkston, Newton Mearns, Giffnock, Netherlee, Eaglesham, Carmunnock, Stewarton & Southside Glasgow
Claphams have extensive experience in buying and selling commercial property in Scotland and we would be delighted to assist you. For expert commercial conveyancing advice, contact Claphams today on 0141 620 0800 or fill out our online enquiry form.
