What are the typical steps in a commercial property transaction?
- Head of terms of the lease – usually prepared by an agent and will include a list of the key terms to the lease
- Parties to instruct a solicitor
- Solicitor for landlord to prepare first draft lease and any supporting documents such as rent deposits or agreements for lease
- Landlord to provide copy title and replies to standard CPSE enquires as appropriate for the transaction to the tenant’s solicitor
- Solicitor for tenant to carryout due diligence on enquires, title and any property searches (if required) and to make any required amendments to the lease and any associated documents
- Parties and their solicitors to agree a final version of the lease
- Solicitor to report to client and arrange for the lease and any associated documents to be signed
- Solicitors to then complete the lease and any associated document
- Keys to be released
- Tenants’ solicitor deals with post completion requirements such as SDLT and registration.
