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Commercial Buying Process

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1 Commercial Premises

Establishing what type of Commercial Premises you are looking for

Buying a commercial property is an exciting process and deeply rewarding endeavour, and having a successful business with your name on it is a satisfying feeling. Glenmore can help you get there. Before commencing a search, you’ll need to think about what you’re considering buying. Are you looking for a restaurant, an off-license, a retail shop, an MOT Centre, dry cleaners, office, or an investment property?

Things to consider:

  • Price range: Are you looking to spend a significant amount of money or are you starting small?
  • Type: Are you looking to purchase just the lease or the entire Freehold?
  • Location: Are you willing to buy something further out in the UK or do you want something locally?
  • Licenses: What property licenses will your business need? E.g. A1, A2, A3, A5, B1, B2, D1, D2.
  • Particulars: What turnover and costs are you expecting from your future business?

Thinking about these questions will make it much easier to select a property.

2 Register

Register your interest with Glenmore Property Services and access particulars.

At Glenmore, our Commercial Property team benefits from our wide insight into the property market. With over 20 years of experience, we have handled a variety of premises including industrial, office space, retail & leisure and rural business space. Through our strategic work with property owners, investors and tenants, we help ensure properties are used to their full potential. Registering your details and search particulars with us will enable Glenmore to contact you immediately upon receiving new instructions of commercial space. You can register online, at our office or over the telephone.

3 Viewings

Attending viewings and finding the right property by looking at our selection:

Glenmore are one of the longest established estate agents in Sudbury Town. We strive to meet our client's needs and are open Monday to Saturday to enable us to find you your new commercial property. We are happy to book appointments during these hours, as well as Sundays where appropriate. Glenmore prides itself in satisfying their clients’ needs, and such enables us to find you your new premises within a short time frame.

4 Arrange your mortgage

Arranging your mortgage, selecting a property of your choosing, send a surveyor and making an offer or negotiating a price through Glenmore to the vendor.

If you're looking to buy a property for a business, you'll probably need a commercial mortgage to finance your purchase. Before you begin your mortgage search, it's crucial that you understand your monthly mortgage repayment budget and the potential growth of your business. Like a residential mortgage, you should always search the market for the best possible deal for you. Although the high street is an obvious starting place, they may not have the most competitive deals available. You should actively consider using the services of an impartial, specialist commercial mortgage broker that covers the whole market.

Generally, commercial mortgages are for 15 years or more, and, as with a residential mortgage, the premises will be at risk if you are unable to keep up your repayments. The majority of mainstream lenders offer commercial mortgages, but it's important that you can meet their lending criteria. Although some lenders may still accept applicants or businesses with an adverse credit history, it helps if you can show a clean credit record, as this will give you greater choice and a more competitive deal. Lenders will apply a loan to value ratio to the mortgage and will often require you to invest some of your own money into the property. The more of your own money you invest, the more chance you will have of securing the mortgage.

The lender will also want information about your business and will be looking to see if it is profitable. They may request your business accounts and projections to check that the business has longevity and is not under any immediate financial pressures. Some lenders may impose restrictions on the property, such as the ability to sub-let to other businesses, so you should seek professional advice from your solicitor, and if required, a chartered surveyor.

Glenmore Property Services is proud to be working with its parent company, Glenmore Finance, to provide commercial mortgage products. Please book an appointment with the team on 0208 908 2514 for further information.

5 Glenmore Commercial Process

Glenmore commercial process beginnings: submission of relevant documents and paying the holding deposit.

You’ve found a commercial property that takes your interest. In order to commit to the purchase, Glenmore will ask you to submit an offer and the holding deposit. This is non-refundable and obligates you to the acquisition of the lease or freehold. We will deduct the deposit from the final amount after the purchase. You will also be required to provide proof of funds, identification, proof of address, bank statements as well as your solicitors details (please speak to our Commercial Department for further details). Once all the relevant documents are received, Glenmore will cease the marketing of the property.

6 Offer Accepted

Offer is accepted by vendor, solicitors from both parties start due diligence and conveyancing process

The offer is accepted by the vendor. The solicitors for both parties will proceed with due diligence and conveyance processes. Your solicitor will handle all the legal requirements for the purchase, and submit searches to the respective council to enquire whether there any planning or local issues to consider that may affect the property’s value. It is standard procedure that the client pays for both the landlord’s and their own solicitors’ fees. In some instances, you may have to pay the fees for the leaseholder.

7 Legal Process

Legal process complete and land registry updated

The legal process is complete and the land registry for the premises has been updated. Your solicitor will lodge an interest in the property, which means that the deeds to the property are frozen for 30 working days to allow you to pay the seller and submit your application to the Land Registry to transfer the deeds into your name. Once completed, the vendor will vacate the premises. The solicitor will send you a statement showing the final amount outstanding that will need to be cleared into your solicitor’s bank account at least one day before completion.

8 Completion and Exchange of contracts

You will be provided with a date and time for the exchange of contracts between yourself and the vendor, which your solicitor (or conveyancer) will do on your behalf. This involves reading out the contracts over the phone to ensure the documents are identical. These will then be sent immediately to one another in the post. If you are in a chain the process will remain the same, however the contracts will only be released if the parties involved in the chain are happy to go ahead. Once exchanged you are in a legally binding contract to buy the property with a fixed date, meaning if you do not complete the purchase you will lose your deposit, possibly more if this was than 10%. The vendor will also no longer be able to accept another offer. Completion is typically set around midday on the specified date, although in practice it takes place when the seller’s solicitor confirms that they have received all the money that is due. The keys will then be submitted to the estate agents for your collection. Your solicitor will also pay the Stamp Duty Land Tax on your behalf, and send a copy of the title deeds to your mortgage lender.