Experts in Commercial Property
In the course of running your business, the premises you occupy and the basis of that occupation are important factors in the smooth running and profitability of your business. Whether you own your business premises or lease them from a commercial or private landlord, we can advise and assist you.
Please contact us when you first contemplate the sale or purchase of your business premises, or otherwise when the terms are agreed. Where commercial premises are concerned, it is vitally important that clear and fair Heads of Terms are drawn up at an early stage. Whilst a commercial selling agent may be employed to handle that task, we can work with the agent(s) to ensure that the Heads of Terms reflect your intentions and to enable you to proceed from a position of clarity. If there are no agents involved, we can prepare draft Heads of Terms and begin a dialogue with the lawyer acting for the other party. Once terms are agreed, we will do our best to ensure that the transaction progresses quickly and smoothly to completion.
The same principles apply to commercial lettings and we are confident in our ability to initiate and preserve a healthy commercial relationship between you and your landlord or tenant. We can also advise in situations where a lease is being assigned (transferred). Where commercial premises are already let, we can advise on issues which may arise during the course of that letting, such as rent reviews, property alterations, breaches of covenant and sub-lettings. We can also offer advice in relation to the termination or renewal of a business tenancy.
WHAT OUR CUSTOMERS SAY
Excellent professional service
Eccles Heddon have done a large amount of work over the last eighteen months, always expertly done, minimum fuss, maximum effort, they have always paid attention to detail, with everything they have done for us, And Mr Oliver Riley is a very professional, honest, true gentleman. Someone who gets the job done. A pleasure to work with.
Excellent service from start to finish
Thorough and professional, a pleasure to deal with and such sound and helpful advice along the way made it all so much easier to negotiate. I would have no hesitation whatsoever in recommending Eccles Heddon. It's the second time we have used them and we would certainly do so again.
OUR COMMERCIAL PROPERTY TEAM
MICHAEL BRIGGS
RIPON
- CORPORATE & COMMERCIAL -
- COMMERCIAL PROPERTY -
- AGRICULTURAL -
- INHERITANCE TAX -
- SUCCESSION PLANNING -
OUR SERVICES EXPLAINED
Buying and Selling Commercial Property
Eccles Heddon provides a complete legal service, inclusive of Commercial Property Conveyancing, to a variety of clients. The firm acts for landowners, landlords, tenants, business owners, property developers, estates, pension funds, banks and other private individuals. We have both the experience and knowledge to assist you with your transaction and have worked hard over the decades to obtain an excellent reputation in the services we provide. We also enjoy strong working relationships with many local professionals, including estate agents and accountants. Typical premises we deal with include the sale and purchase of restaurants, pubs, cafés, industrial storage units, office space, post offices, butchers, hotels and many other local businesses. We enjoy local knowledge of the area and approach every transaction with a positive, proactive, and pragmatic manner. Telephone a member of our Property Team today and see how we can help.
Commercial Leases, Assignments, Renewals, and other matters
We act for both landlords and tenants and can advise you on a variety of matters that arise from a commercial lease. This includes help with the negotiation and granting of a lease, assigning (transferring) the lease on behalf of a tenant to a third party, or acting in the grant of a consent to such a transaction. We also deal with the preparation, negotiation and completion of licences to alter, licences to underlet and other lease renewals - typically this will involve working closely with your agent to ensure the initial terms agreed between the landlord and tenant are complied with.
Residential Developments (including set-up)
We act for a variety of builders and assist them with any aspect of a development. From dealing with the initial acquisition, assisting with site set up (and proposed split of plots) and subsequent sale of the site, be it residential or commercial. We can also assist with any ancillary matters, from dealing with easements required over third-party land to Section 106 Agreements and Section 104 Agreements. It is essential that appropriate advice be sought from the outset with any project and that your solicitor works closely with you and your architect / planning consultant or other members in your professional team.
Promotion Agreements
A developer / planning consultant can often approach landowners whose land has the potential for development and request they enter into a promotion agreement. In theory, this is a mutually beneficial arrangement. The developer / planning promoter will agree to promote the land on behalf of the landowner for development, to apply for and obtain planning permission at their own expense, and once obtained, to market the property and sell the same, in return for a share of the net proceeds of sale (typically between 18-25% of the proceeds of sale). The advantage to the landowner is that their land has been promoted and whilst parting with some equity from the net proceeds of sale, the land will have enjoyed a significant uplift in value. There are many key issues that need to be considered in relation to promotion agreements, not only from a Tax perspective, but in terms of the agreement itself. It is important that clear Heads of Terms are agreed from the outset. Important terms include: what are the objectives, what is the promotion period, in what circumstances may that be extended, what is the sales period, what expenses may be recouped by the developer / planning promotor, will there be a cap, will a best price / minimum price be secured / offered by the promoter? What is the promotor’s fee, will VAT be charged, what is the marketing strategy and how will all this be documented and secured? We have seen promotion agreements provided to our clients (without advice sought) for signature by a developer that are no more than 1-2 pages in length. They really ought to be 30-40 pages in length. These are technical documents and thorough consideration and professional advice is required.
Options
An Option Agreement is usually required by a Developer before they undertake the burden of obtaining planning permission and carrying out other groundwork investigations. There is no obligation on the Developer to exercise a Call Option, it remains entirely at their discretion – even where a satisfactory planning permission is obtained. There are several key issues which a developer and landowner will need to think about before entering into an Option Agreement including the form of Option, how it will be protected, the option period, what option fee is payable, the planning process, and what the eventual purchase price will be.
Conditional Contracts
A Developer will often seek to secure a site by entering into a formal sale contract whereby the owner is required to sell and the Developer is required to buy the land, albeit conditionally. The ‘condition’ will often relate to obtaining planning or receiving other satisfactory ground surveys. Professional Advice is required from the offset, both from a Solicitor and Land Agent, in the drafting and negotiation of such documents to ensure the parties original intention is appropriately documented and the spirit of the negotiation captured.
Easements
Whether it is the grant of a right of way, a right to install services as part of a development or simply Northern Powergrid Grid requiring an Easement across your back garden, Eccles Heddon have a great deal of experience in the preparation, negotiation and completion of all forms of Easement. We would recommend you contact the firm prior to signing any Heads of Terms and the advice of a good land agent is strongly recommended. Telephone a member of our Property Team today and see how we can help.
Re-financing
We are on the panels of many lenders and act regularly in the refinance of property, whether it is on behalf of the bank or borrower. We know how lenders operate, how best to communicate with them and most importantly, what issues are critical to them. There might be fundamental issues with a property (such a flying freehold) that we know is unacceptable to a particular bank, and we can pick up on such points with you from the outset before incurring substantial cost. There are differences between each bank's lending criteria and individual requirements need to be read and understood by your solicitor from the outset (for instance, are searches required and will this have a bearing on any intended completion date you have in mind). Telephone a member of our Property Team today and see how we can help.
Pension Scheme Properties
We act for many individuals who hold property in their Pension, be it through a SIPP or SSAS and are familiar with the wants and requirements of common scheme providers, such as Investacc or AJ Bell, particularly when it comes to buying or selling property. Given the tax advantages such schemes provide, they have proven popular over recent years with many business owners. Eccles Heddon are here to assist you through the legal aspects, and can explain what property might be suitable, how much you can borrow towards purchasing a property and want cost might be involved. Eccles Heddon are happy to work closely with your independent financial adviser and scheme provider through the course of the transaction to ensure any requirements are met. Telephone a member of our Property Team today and see how we can help.
Auction Pack - Preparation and Advice
Eccles Heddon regularly deals in both the preparation and review of auction packs on behalf of clients prior to an auction, be it for residential or commercial property. Telephone a member of our Property Team today and see how we can help. To avoid disappointment, it is sensible to contact Eccles Heddon well in advance of any auction date – ensuring sufficient time is allowed for your solicitor to undertake any required work.
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