Commercial Property Solicitors Exeter

Property Development - Acting for developers in the purchase of large sites for building and development.
Our specialist Commercial Property Team can provide expert advice to both existing developers and those considering their potential development opportunities.
 
We regularly advise developers on site assembly and whole or multiple disposals for residential, commercial, social housing and mixed projects.
 
Equally if you have land you feel may be of potential value as a development opportunity, we can advise on taking the first steps to explore the possibilities for you. We can also structure any potential deal to ensure you obtain the balance of risk and return that works for you and your commercial objectives.

Transfer of commercial property portfolio to SIPP (pension fund). SIPP & SSAS Pension Property Investment Services.
Purchasing a commercial property using your pension scheme can be an effective use of your funds, with certain tax, finance and business benefits, provided that you receive the best financial advice for your circumstances, supported with the correct legal advice.
 
If you are considering purchasing a property using your pension scheme, or selling or leasing a property from your pension fund, we are here to help and advise you. This is a complex area with specific regulatory and other requirements that make this type of legal work very specialised. 

Here, our experienced Commercial Property Investments team explains the answers to several of the most frequently asked questions as well as exploring further how we can support you.

What is a Self-Invested Personal Pension (SIPP)?
A Self-Invested Personal Pension (SIPP) is a UK government-approved personal pension scheme which allows individuals to make their own investment decisions from a range of investments approved by HM Revenue and Customs (HMRC).
 
Having a SIPP gives you a degree of flexibility and control as you are making decisions and managing your pension yourself. If you are concerned about your time commitment or knowledge and understanding of this area, you can appoint an investment manager to work as a trustee on your behalf.
 
What is a Small Self-Administered Scheme (SSAS)?
A Small Self-Administered Scheme (SSAS) is a type of UK Occupational Pension Scheme. Schemes are trust-based and established individually, usually by directors of limited companies for directors and specified employees of the company.
 
In comparison to a SIPP, the control over the pension lies with the trustees of the scheme, i.e. the directors of the company. The number of members within the scheme can vary, and may be just a single member who is looking for the opportunity to use their pension to invest in their business or in property.
 
Can I use my pension to buy a property?
Commercial property, for example offices, warehouses, restaurants, retail units, and some types of land can be purchased using a SIPP, depending on the SIPP provider, or a SSAS. The property or land can either be purchased outright or by taking out a mortgage against your pension. It is also a possibility to jointly purchase a property with another person or entity if your scheme does not hold enough funds to purchase individually.

Granting of, and acquisition of leases of shops and offices - Sales and Purchases.
Buying or selling a property will be a complex process that requires the correct expertise and guidance, particularly when it relates to premises for your business or you are seeking to grow your property portfolio.
 
Our experienced Commercial Property solicitors are here to answer your questions, whether you are a seasoned investor or a first-time commercial property buyer. With local knowledge and experience of supporting our clients with their retail, offices or industrial facilities, we have the skills and knowledge to work with you effectively throughout every stage of your commercial property journey.
 
We have provided below, an overview of the process relating to freehold properties and long leasehold interests. Inevitably, each sale or purchase will vary depending on your particular circumstances, your business objectives and the specific property in question. To discuss your particular situation, please contact Alastair Dunnet/a member of the Commercial Property team today.
 
What is the difference between freehold and leasehold commercial property?
As with residential property, there is a difference between buying a freehold or leasehold commercial property:
Buying a freehold property means that you are buying both the land and the building, making you the ultimate owner with complete control over your property. By contrast, buying a leasehold property will mean that you are purchasing a lease allowing you to use and possess the demised property for a certain amount of time. Essentially, you are entering into a lease and you will become a tenant. A lease is a contract and generally is considered a more restrictive form of ownership than owning a freehold.

There are two types of lease when dealing with commercial property:

• Long leases typically granted for terms of 999 years, 150 years or 99 years, for which you pay a premium and a nominal ground rent; and
• Short leases, otherwise known as a rack rent leases, which are usually granted for much shorter terms, typically no more than 10 years. There are generally no premiums paid for these short leases but they usually reserve a higher annual rent based on the market, type of property and location.

For the purposes of this section, we are dealing with the process for acquiring a long lease. For the process relating to short term leases, contact a member of our Commercial Property department.

We are an independently owned firm of lawyers, members of The Law Society and accredited under the Conveyancing Quality Scheme as property specialists offering a full range of conveyancing services and based in the heart of Exeter. For a confidential conversation or to arrange a meeting, please contact Alastair Dunnett.

Alastair Dunnett - 01392 209217.
Email: alastair.dunnett@rundlewalker.com