The Importance of Choosing the Right Commercial Property Lawyer
A commercial property lawyer gives professional, qualified legal advice on the purchase, sale, or leasing of commercial properties. They help clients understand their legal rights and obligations, but they can also be involved in negotiations, due diligence, dispute resolution, and preparing documents.
Given these many important roles that they play and the large amounts of money at stake in commercial property transactions, it is clear that having a highly knowledgeable legal expert on your side is essential. This short guide will explore in more detail the duties of a commercial property lawyer and why having a good one on side is a massive advantage.
The benefits of a good commercial property lawyer
In broad terms, the role of a commercial property solicitor can be summarized as facilitating transactions, mitigating risk, and ensuring compliance. However, the expert advice they can give and ways they can help you actually extend beyond this.
Helping you navigate the legal landscape
By “the legal landscape” we mean the myriad statutes, regulations, and cases that form the framework within which property transactions take place. They are designed to protect all the parties involved, but over time there have been so many interweaving parts added that specialist knowledge is required to make sure you or another party are not in violation.
Helping you comply with regulations
Good commercial property solicitors do not only know the relevant laws and regulations, but also the best practices for complying with them. They should be aware of the ways other companies have complied and be able to use this background knowledge to suggest solutions which fit with your business’s culture, are easy to implement, and cost as little as possible.
Advising you on property market dynamics
Commercial property lawyers usually have the inside track on all the transactions and market developments taking place in their area. While they cannot divulge privileged details, they can advise you on market trends, point out any information in the public domain that you might have overlooked, and steer you away from what could be costly mistakes.
Undertaking due diligence
Every property transaction requires digging into the details to spot any hidden problems. This involves scrutinizing title deeds and planning permission as well as searching properties – things which most businesses do not employ experts in. A commercial property solicitor can ensure that this process is done properly and that nothing is overlooked.
How to choose a good commercial property lawyer
Now that you know why you need an expert to help you navigate the legal challenges of property management, here are some tips for finding one who is a good fit for your business.
Ask for references
As you would with any other business decision, do you research before committing your resources. Most law firms are happy to put you in touch with former clients so that you can discuss their experience with the firm and the results they achieved.
Make sure you’re comfortable
You should have a good relationship with the person or people from the law firm that you will actually be dealing with. This is important as you might even be speaking to them daily, depending on the complexity of your situation.
Be clear about costs and billing
When appointing a solicitor, be sure to choose one who fits within your budget. Firms have their own billing methods, so make sure you understand whether you’ll be paying a flat fee, an hourly rate, or some combination of both.
Conclusion
Expert legal advice is crucial to the success of any property transaction, but a great lawyer can go beyond that to advise you on your property investment more generally. Hearing about other clients’ experiences with a law firm is a good way to find one with a lot of valuable expertise.
