The key pitfalls of not using a Property Solicitor
Find out why using a Property Solicitor is a 'must' when you move office to ensure your commercial interests are protected.
Before signing your commercial lease, you need to be 100% sure that everything has been done to safeguard your company's commercial interests, and this involves bringing in the services of a property solicitor who is versed in all aspects of commercial property law and conveyancing.
Companies who move office without engaging the services of property solicitors end up with unresolveable issues at some stage during their office lease term, which can cause operational and financial consequences for their business. Not using legal representation is usually driven by lack of experience or a desire to save money, but in the long run the outcome is far from positive.
Whatever your circumstances, it is essential to choose a property solicitor who is up to date with current commercial property law issues and negotiates commercial leases for a living!
So what are the key pitfalls of not using a property solicitor for your office relocation?
- Your commercial lease may not accurately reflect the terms which were originally negotiated by your commercial property agent
- You may not fully understand all your tenant obligations in the commercial lease or your potential financial liabilities
- Miscalculation of your Stamp Duty Land Tax and failure to complete the tax return correctly leading to penalties and interest due
- Failure to register the commercial lease at the Land Registry will mean you will not have good legal title to the lease
- If you ever want to sell or transfer the office lease or your business, an onerous lease or failure to have registered the lease might well jeopardise the deal
To find an approved property solicitor to take care of the legal issues when moving office, use our search facility to locate property solicitors in your area. Read more about the pitfalls of moving office to ensure you avoid these mistakes and secure a successful office move.