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Common Commercial Property Terminology You Could Hear

October 16 2018

Being new to the commercial property market can mean that you are introduced to a matrix of complex words. Understandably, much of it may not make very much sense.

If you are entering the UK commercial property market, there are a few words and terminology you will have to become used to. As a leading property solicitor in Leeds and Harrogate, Grahame Stowe-Bateson have listed a few to help you out:

Freehold:

Generally, the freeholder of a property is the owner of all aspects of the property. This includes the building, the land it occupies, the soil beneath it, and any additions to the building. A freeholder however, may grant access to the property to a third party. If you are the freeholder of a property and are wishing to sell it, we have a team of solicitors in West Yorkshire who can assist you with the legal work.

Leasehold:

This will grant you ownership over a property for a fixed time period. There will be a legal agreement between you (the leaseholder) and the freeholder. This ‘lease’ agreement will indicate how long you will own the property for until ownership returns to the freeholder.

Tenancy:

A tenancy agreement is used in private renting, and differs to a leasehold, as it has limitations to the rights of the agreement for the tenant. A tenant has the right to occupy a property for a short period of time, and is often used in commercial property, allowing tenants to run their business in the agreed property.

Conveyancer:

A conveyancer is a specialist in property law who deals with all legal matters, administration, finance and queries involved in a property transaction. Whether it is the purchase or the sale of a property or a piece of land, the roles of a conveyancer include:

·        agreeing mortgage and lease contracts

·        arranging financial transfers

·        overseeing the transfer of any other documents relating to the transaction

Reliable conveyancers with a good reputation are often sought after to alleviate the stress of handling a property transaction for those involved.

Grahame Stowe-Bateson offers a fast and reliable service as a leading property solicitor within Leeds and Harrogate. Conveyancing is one of the services we offer as a property lawyer. So, if you are new to the market and require some advice or are looking to buy or sell a property, feel free to get in touch. The contact details of our offices in Yorkshire can be found below:

Leeds City Centre - 0113 246 8163

Leeds Bramley - 0113 255 8666

Leeds Middleton - 0113 276 0044

Harrogate - 01423 562121


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