Question 1

What is the difference between a commercial lease and a residential tenancy?

Accepted Answer

Commercial leases are heavily customisable, generally lack statutory tenant protections, and typically place all repair obligations on the business tenant.

Question 2

What does "Security of Tenure" mean for a business tenant?

Accepted Answer

It gives a tenant the automatic statutory right under the Landlord and Tenant Act 1954 to renew their lease when it expires, unless the landlord has specific, legal grounds to object.

Question 3

Who pays for the building repairs in a commercial lease?

Accepted Answer

Under a standard Full Repairing and Insuring (FRI) lease, the tenant is entirely responsible for all internal and external maintenance and building insurance costs.

Question 4

How long does a commercial property transaction take to complete?

Accepted Answer

Most commercial transactions take between 8 to 12 weeks, depending on the speed of local searches, environmental checks, and funding approvals.

Question 5

What is the difference between exchange and completion?

Accepted Answer

Exchange is when the property contract becomes legally binding; completion is the moving day when money transfers and you get the keys.

Question 6

How long do local authority searches take?

Accepted Answer

Typically between 48 hours to several weeks depending on the local council's current backlog.

Question 7

What is a conveyancing chain and what happens if it breaks?

Accepted Answer

A chain is a sequence of buyers and sellers linked together; if one transaction fails, the entire sequence stalls or collapses.

Question 8

Do I need a structural survey when buying a house?

Accepted Answer

Yes, because a mortgage valuation only confirms the property's financial value for the lender, not its physical structural safety.

CONVEYANCING FAQ

Frequently asked questions