Business Client Services

Commercial Property

Commercial property offers many diverse ways to grow your business, from a strategic address for your own business to an investment opportunity. At Jackamans our commercial property team can help you with every aspect of commercial property law.

Whether it’s your first tentative steps into the world of commercial property, or adding to an existing large portfolio, Jackamans can help you with everything from advising on finance and obtaining planning permission for a development; to investing in both freehold and leasehold commercial property.

Our team members are experienced in all forms of commercial property, from licensed premises to land and rural property, and your lawyer will guide you through everything you need to consider, helping you to make your vision a reality.

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Our Approach

From the outset of any transaction your lawyer will be there to guide you through the larger considerations – such as whether to buy a leasehold or freehold property – to the small print of the final deal. Your lawyer will advise you on the pros and cons of buying leasehold or freehold, as well as ensuring all the financial and legal details have been thoroughly examined.

In addition to helping you with the transaction, your lawyer can advise you on other future considerations, such as property-linked Self-Invested Personal Pensions and Small Self-Administered Scheme purchases or sales. We act for a wide variety of investors, advising on special purchase vehicles and property management.

 

Expertise

  • Freehold and leasehold sales and purchases
  • Grant and assignment of leases
  • Development

FAQs

Should I buy my Business Premises or take a Commercial Lease?

As owner of a freehold commercial property you have exclusive ownership of that property (i.e. you own the land and all buildings upon it outright and indefinitely). It is your asset and this means you can choose whether, and when, to sell it or lease it, at your own discretion.  With a commercial lease, you will not own the property but will just be given exclusive possession of the premises for a fixed or periodic term as a tenant under the terms of a contract with your landlord. Whether or not you are able to sell/assign your lease to a third party, or to move out of the property before the end of the fixed term, will depend on the terms of the lease and the consent of your landlord.

So it may appear that freehold ownership of commercial property would always be the preferred option for any business, but that’s not necessarily the case. Depending on your circumstances, a commercial lease may actually be more suitable. For instance taking a commercial lease is often a better option for small businesses, as less capital is needed up front, which means they can keep their options open with regards to investing in other aspects of their business.

Whether you should buy a freehold commercial property, or take a commercial lease, should always depend on your individual circumstances and the plan for the future of your business.

I am going to take Commercial Lease of Business Premises rather than buy the Freehold – will I have to pay Stamp Duty Land Tax (SDLT)?

Many proposed commercial tenants are surprised to learn that the commercial lease they are taking is subject to SDLT, and they will not have budgeted to pay it. Whether in fact SDLT is payable on the grant of a commercial lease will depend on the amount of annual rent payable and the length of the lease term being granted. It is therefore advisable for prospective tenants to ask their solicitors to carry out a rough SDLT calculation at the start of the transaction, so that they can factor this payment into the overall transaction budget. If SDLT is payable then it must be paid within 14 days of completing the lease.

 

Commercial Property Team

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