Investing in commercial property offers a number of enticing opportunities for a businessperson. There are a number of challenges that are unique within this sector, however, and it is worth working alongside solicitors with commercial property specialists as part of their team. With the legal know-how on your side you can navigate the, often, choppy waters related to purchasing commercial property, including any disputes that may arise.
Commercial property owners can cover a variety of different types of sectors. There are different processes and caveats associated with purchasing a property solely for a commercial venture, than there is to purchase a commercial property for a charity space. With that in mind it is vital that you work alongside commercial property solicitors that understand all aspects of commercial property and potential disputes.
Once a commercial property has been purchased there are a range of problems that you can face as the owner of the premises. Having a specialist team on board can help you to put in place a stringent process to renew business tenancy agreements in your buildings, how to properly and effectively insert break clauses into tenancy contracts. In fact, there is a whole range of potential issues that need resolving in terms of having tenants within your commercial properties.
Commercial property disputes can be complex and time consuming, and without the proper legal support you could get lost and find that your building is losing money as a result of the problem you are facing. It isn’t only rent and service charge disputes that your tenants could bring to you, but also issues relating to tenants dealing with insolvency and how that affects your premises and ability to acquire agreed rent. Once a tenant is housed within your commercial building you’ll also want to ensure that there are regular rent reviews as well as inspection of the property. The last thing you want as the owner of a commercial building is for your premises to fall into disrepair. Your tenants have to be held accountable for certain aspects of the quality of the building, with some desiring more control over alterations and decorations than others. Having in place a sound agreement that suits both sides wishes is desirable, but the ball is firmly in your court as the owner of a commercial property as to what those details should be.
One other aspect that you will require legal assistance with is during the sale of a commercial property. There can be disputes relating to this and having strong legal advice on your side, from commercial property specialists, is the ideal scenario to ensure a good resolution is found for you. Mediation is key at the early stages of any commercial property dispute, and all avenues should be discussed and attempted before going to court.
There are a number of problems that a commercial property dispute solicitor can assist you with. It is important to have the backing of a legal firm that understands not only the property aspects of your projects, but also has a firm knowledge of the commercial environment and the myriad problems and nuances that are present within that sector. If you own commercial buildings, shopping centres, apartments or other types of commercial property, ensure that you are fully covered legally and aware of any potential problems you may face during transactions, ownership, sales and disputes.