What Services Do Commercial Solicitors Provide?
21 January 2020
The world of law is simply so huge, it can be difficult to know exactly what type of solicitor you require. With so many variables in the market, and a huge number of firms all specialising in different areas of law, it’s important to understand the various areas of law in more depth.
Commercial solicitors, for example, cover a whole host of areas of law, so it’s important that you know exactly what they can do for you. In this article, we will take a closer look at some of the most important services commercial solicitors provide on a regular basis, whilst also giving a brief overview of what those services entail.
Commercial Property
Commercial solicitors will often deal with a whole host of commercial property law. Whether you are purchasing, selling or leasing a commercial property, it’s no secret that you need a commercial property solicitor to guide you through the process. There are a huge amount of legal aspects to purchasing, selling or leasing a commercial property, so it’s vital that you choose to hire the right solicitor for your needs.
Having a solicitor on your side that can do most of the heavy lifting when it comes to ensuring the commercial property sale goes through with minimal complications is vital. It gives you the time to ensure that you are running your business as effectively as possible while all of the legal proceedings are handled behind the scenes.
Freehold Purchase and Sales
When you own a leasehold property, you may be looking for ways to increase the value of your property. One of the most effective ways to increase the value of your property, whilst also making it considerably more saleable is to purchase the freehold for your property. On the other hand, you may be looking to sell the freehold on a property to raise some working capital for another project.
Regardless of your needs, freehold purchase and sales solicitors can help you to secure, or sell, the lease on your property to ensure that you have access to exactly what you need.
Commercial Leases
Whether you are looking to lease a commercial property as a tenant, or you are hoping to rent out a commercial building as a landlord, it’s fair to say there are plenty of legal obstacles in your way. For tenants, it’s essential that there is a transparent and fair lease in place – as the commercial lease that you sign is a contractually binding agreement between both parties.
Most commercial lease solicitors will have vast experience in negotiating lease terms on your behalf, whilst also having the ability to give you advice to make informed decisions on the lease you are looking to take out. Along with this, your solicitor will give you information on your ability to transfer the lease, the extent of your repairing obligations and the if there are any stipulations on making alterations to the premises.
Occupational Licences
There are two ways that you can occupy a property for commercial purposes, as your business will either take out a lease on a property or will obtain a licence to occupy. On the face of it, these terms appear to be relatively similar, but there are some fundamental differences you need to know about, such as rent and exclusive possession. The biggest difference is how the land is seen from a legal perspective, with a lease creating an interest in the land, and a licence giving you permission to use the property.
To cut out all of the legal jargon when it comes to occupational licences, it would be wise to consider looking for credible occupational licence solicitors who have years of experience dealing with a number of licences.
Property Finance
Many businesses must borrow money to support growth and development, for example, the vast majority of businesses simply wouldn’t have the working capital to purchase a new office outright, so would need to secure property finance to purchase it.
Property finance solicitors are a fantastic option for any business that wants to tap into a wealth of previous knowledge and experience of securing property finance. So, whether you are looking for a commercial mortgage, development finance or bridging finance, you should certainly consider getting in touch with an experienced commercial solicitor.
Personal Guarantees
Simply put, a personal guarantee is a legal commitment to repay a debt if the original borrow fails to do so. Acting as a personal guarantor for your business, you will be required to make any loan repayments taken out in the business’ name.
Whilst this may sound simple and straight forward, it’s extremely important that you understand all of the legal ramifications surrounding personal guarantees on a business. This is where personal guarantee solicitors come in, as they can give you all of the information you need to make an informed decision.
If you would like any further information about any of the services listed above, or would like to find out how Curtis Law Solicitors can help your business, be sure to get in touch with our friendly team by calling 01254 297130. You can also contact us by using our simple online enquiry form – a member of our team will be in touch with an answer to your query as soon as possible.