Buying And Selling Freehold And Leasehold

Freehold and LeaseholdOur team of commercial property solicitors have extensive experience of dealing with both buying and selling freehold and leasehold properties.

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When you come to move on, the process could be as simple as waiting for your lease contract to run its course. If you have purchased a freehold property you will have to sell your premises, which could prove lengthy and costly. Leasehold properties can also present problems, particularly if circumstances mean you need to break your contract or otherwise leave the premises earlier than planned. You may be able to agree break clauses in the lease with the Landlord, but these will only be for specified dates agreed in advance.

The decision to purchase freehold or leasehold is far from straightforward. Our solicitors have several years of experience and a thorough knowledge of all aspects of both freehold and leasehold property and can advise you on what is best for your needs. We can also continue to provide expert guidance and support to you throughout the buying or selling process.

If you would like to discuss your requirements with one of our experienced commercial property solicitors please call us on 0800 086 2929, email info@elitelawsolicitors.co.uk or complete our Free Online Enquiry Form to arrange a free, no-obligation discussion.

Freehold Properties

When you purchase a commercial freehold property, you buy that property outright, much as you would a private residence. Some benefits to purchasing a freehold property are:

  • The security of knowing you exclusively own your business premises
  • The potential to modify the premises as you see fit (subject to planning permission), and the possibility of letting the whole or sub-letting part of your property to generate income
  • The potentially cheaper monthly cost of mortgage payments compared to monthly rent
  • Gaining a tangible asset which may appreciate regardless of the performance of your business

However, buying a freehold property also represents a significant initial investment. Not only will you need to pay a large deposit, but you will also be investing time and money into the upkeep of your premises, which will be entirely your responsibility. When you choose to move on you will have to sell, which could take time, and there is always some risk that the property could depreciate, losing you money.

Leasehold Properties

Leasing a property, rather than buying, offers its own set of advantages:

  • The flexibility to move to new premises that better suit the needs of your business, without the hassle of selling first
  • Your landlord will in some cases assume responsibility for maintenance and repair of the premises depending upon the type of property you lease
  • You will invest less capital upfront compared to a freehold purchase, as rent deposits are usually much smaller than the deposit required for a mortgage

As with purchasing freehold, however, there are some drawbacks to leasing commercial premises. From rent reviews that may increase your monthly outgoings to long, complicated contracts that can trap you into an agreement for longer than you would like and with stipulations you may not be happy with. Leasing can be a particularly challenging area of the law to navigate which we can help with.

How Our Commercial Property Solicitors Can Help

Our solicitors have a thorough knowledge of all aspects of commercial property. Whether you are looking to buy, lease, or sell your property, you can rely on us to guide you through the process every step of the way.

An experienced commercial property solicitor will have an initial consultation with you, free of charge, to discuss your situation in more detail. Once we understand your circumstances better, we can provide you with a clearer understanding of how we can help you.  We will also provide you with a price quotation and a choice of funding methods at the outset.

Make A Free Enquiry

Call 0800 086 2929, email info@elitelawsolicitors.co.uk or complete our Free Online Enquiry Form to arrange a free, no-obligation discussion and let one of our experienced commercial property solicitors explain your legal rights and options.

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commercial lease solicitors

Shakeel Mir

Partner & Head of Department
Commercial Property &
Residential Conveyancing

“I have always found Shakeel to be approachable and he will go the extra mile to try and progress matters for you. He is easy to deal with. Even though I am a solicitor and used to legal jargon, Shakeel explains everything very clearly and in easy to understand language. I would highly recommend Shakeel.”

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