Conveyancing is the process of transferring property from one legal owner to another, usually using a conveyancing lawyer who acts on your behalf to make sure the sale is valid. While you may think the conveyancing process is the same when talking about residential and commercial conveyancing, there are a few differences.
Read on to find out more about the difference between commercial and residential conveyancing.
What Does a Conveyancing Solicitor Do?
The use of the property varies between commercial and residential conveyancing. Residential transactions are focused on individuals buying a property to call home, while commercial property transactions are looking for somewhere to run their business from.
Residential clients are more likely to be new to the world of property, and more likely to be confused by legal jargon and extensive contracts. That’s when a residential conveyancing solicitor can lend their support and advice, helping you with issues such as mortgages and shared ownership purchases. A commercial conveyancing solicitor helps you through the complicated process of commercial conveyancing. They can help you make sure you’re protected through the sales or purchases of new property
The majority of commercial conveyancing transactions are leasehold premises, meaning rent is due to a landlord and they do not own the property, normally there for a specified contracted amount of time. This can also apply to residential properties, but they also deal with freehold properties, where you will then own the property outright, for example buying a home.
Commercial Conveyancing Process
For commercial clients, a conveyancing solicitor will investigate the property title, then negotiate to exchange draft contracts and pay the deposit. They will then carry out pre-completion searches and the transfer deed is approved. The main difference between commercial and residential conveyancing is the need for a commercial lease. This is negotiated between your solicitor and the premises’ landlords solicitor and gives permission to operate a business from a premises.
Residential Conveyancing Process
A conveyancing lawyer will contact the seller’s solicitor to obtain the contract. Using this they will carry out any necessary searches, raise enquiries, get a copy of the mortgage offer and check the contract closely. Once this is done they will help make arrangements to pay the deposit and for the exchange of contracts. On the day of completion, they will prepare a completion statement, carry out searches and apply to the buyer’s mortgage lender for the loan. Finally they send stamp duty and register the property in the buyer’s name.
Richards & Lewis
For both commercial and residential conveyancing, get in touch with Richards & Lewis. We are experts in both types of conveyancing, able to offer our expert advice to make the process as streamlined as possible. Our team in Ebbw Vale are friendly, polite and sympathetic to your legal matters, offering you one point of contact as each case is unique and you deserve 100% of our effort.
We can help in a range of matters, from conveyancing to divorce settlements. So give us a call today on 01495 350 018 to get your conveyancing process started, or visit our website now to see the range of services we offer.