FAQs

It’s likely you’ll be able to find the answer in our FAQs which cover all of our services. You can filter questions by service area or search for a relevant word or phrase. 

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It is possible that you will have to pay stamp duty on a lease but it depends on how much you pay for the lease; how much rent is payable and how long it is for. Click here to view a stamp duty calculator which will calculate this for you.

Yes, so long as it is a commercial pension and not a private pension. A Self-Invested Personal Pension (SIPP) would usually purchase the property but we would advise you to seek appropriate financial advice before making any decision to invest in this way.

Providing there are no unforeseen delays, a usual transaction for the purchase of a commercial property takes between 8-12 weeks to complete. It will depend on the type of property being purchased and if there are any complexities to the transaction. Some properties such as pubs and restaurants can be subject to licences, other properties can be subject to other matters which can result in the transaction taking longer than expected.

If you own the freehold it means that you own the building and the land it stands on, subject to any mortgage or charges over the property. The Land Registry records will show your name as the freehold proprietor of the property.

Leasehold means that you have a lease from the freehold proprietor (or landlord) to use the property for a number of years, subject to any rent payable. The leases for commercial property can vary in length depending on the agreement made with the landlord and can be varied in their agreed terms and obligations.

We would advise you to have a survey carried out to ensure that the property being leased meets your requirements. Depending on the agreed terms of the lease, once entered into, you may become responsible for the repair and maintenance of the property both internally and externally. If the property has a defect that would not be highlighted other than by a survey this could become very expensive to put right once the lease begins.

The next step would be to instruct a solicitor to act for you. They will use the heads of terms to draft the contract, lease (if applicable) and transfer documents.

It is not compulsory to instruct a solicitor but it is advisable to do so. Leases are long, formal documents with lots of legal terminology within them. A solicitor will help clarify the terms of the lease and ensure you fully understand what you are agreeing to.