While transactions involving the sale and purchase of freehold and leasehold commercial premises are ostensibly similar to those of residential, there are many special aspects and pitfalls to consider. These include assessing stamp duty land tax, considering whether VAT applies, insurance requirements and compliance with statutory requirements relating to Asbestos, Disabilities, Health & Safety, Fire Risk et cetera.
The sale and purchase of leasehold interests, whether domestic or commercial, tend to be more complex than those of freehold if only because of the additional layers of paperwork and the need to ensure that the Landlord consents to the transaction – the cost of which usually falls to the tenant. The rules re Stamp Duty Land Tax are especially complicated when looking at business leases.
The development of land for residential (or commercial) purposes has become another feature of the property market, especially because of the pressure to build more houses. Cross Ram & Co has acted for several sellers wishing to benefit from these opportunities by entering into option arrangements or even joint ventures with developers.
Please feel free to contact Daniel Hewitt at our Halesworth office to discuss.