property law

What commercial property lawyers actually do: Acquisitions and disposals

Buying and selling land or building

What commercial property lawyers actually do: leases

Landlords granting leases and tenants taking them

What commercial property lawyers actually do: development work

Helping developers acquire land and prepare it for construction

What commercial property lawyers actually do: finance work

Property being used as security for lending

What commercial property lawyers actually do: portfolio management

Dealing with rent reviews, licences and assignments after completion

Important documents: sale transactions

• contract

• Transfer deed (TR1)

• Official copies of title

• Replies to Commercial Property Standard Enquires (CPSEs)

• Search results

Important documents: lease transaction

• lease

• Rent deposit deed

• Licence to alter

• License to assign

• Deed variation

Important documents: finance transaction

• legal charge

• Certificate of title

Freehold

Ownership for unlimited period

Leasehold

Ownership for a fixed term granted by landlord

Registered land

The ownership information is recorded by HM Land registry

Restrictive covenant

An obligation not to do something with the land

Easement

A right benefiting land

Rent

The amount the tenant pays the landlord for the right to occupy the property. Usually paid quarterly in advance in commercial leases.

Rent review

A mechanism allowing the rent to increase (and occasionally decrease) during the lease term, often every 5 years.

Break clause

A contractual right allowing one or both parties to terminate the lease early if certain conditions are met.

Alienation provisions

Clauses governing whether the tenant can transfer the lease to someone else (assignment) or allow another party to occupy all or part of the premises (subletting).

Repair obligation

Clauses governing whether the tenant can transfer the lease to someone else (assignment) or allow another party to occupy all or part of the premises (subletting).

Service charge

Clauses governing whether the tenant can transfer the lease to someone else (assignment) or allow another party to occupy all or part of the premises (subletting).

Exchange

Parties become legally bound

Completion

Transaction finishes and Money transfers

Title

legal ownership of land

Encumbrance

Burden affecting property

Completion statement

Financial breakdown of monies due

SDLT

Stamp duty land tax

OS1 search

Protects priority before completion