Commercial Property is important economically and as a source of work for law firms. In England and Wales the value of the property held by the commercial property sector is £625bn. It employs 125,000 people. The annual amount of rent collected is £26bn. It contributes 5.6% of total Gross Domestic Product. In any year there are 92,000 commercial property deals with a value of £7bn yielding £1.76bn of tax.
This course is split into two parts:
- the sale and purchase of commercial property; and
- the institutional lease in detail.
The first part (sale and purchase) looks at the process of buying and selling land in the context of property development; although the process is equally applicable to the purchase of commercial property for owner-occupation, for the purchase of an existing business lease, the grant of a business lease and the purchase of land and buildings subject to business leases as an investment. This part of the course is covered in this Module and in Modules 2 to 5 and 10. If you have experience in residential property some of this will feel familiar; although you will have learn to work with different emphasises and to unlearn some things.
Modules 6 to 9 look at business leases; in particular the institutional lease, in detail. But note that both parts of the course are linked. If you are acting in the purchase of an existing lease, the grant of a new lease or the purchase of a property which is subject to business lease(s) then you must (a) do all the searches and enquiries, title investigation and other matters discussed in the sale and purchase part of the course and (b) analyse, advise on and, in the case of the grant of a new lease, negotiate, the contents of the lease using the material in Modules 6 to 9.
- Introductory module
- Site acquisition for development: title
- Site acquisition: site investigation, searches and enquiries
- Planning and contracts
- Site acquisition for development: funding and lenders' requirements
- The institutional lease
- Agreements for lease
- Dealings with the lease
- Security of tenure for business tenants - Landlord Tenant Act 1954
- Post completion
What our clients say...
The programme enhanced the knowledge that I have gathered whilst working as a legal secretary. The most valuable aspect was gaining a qualification. The programme has given me confidence to continue with my career.
Margaret Elcome, Paralegal, Walter Gray & Co