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Commercial Property Law

Explained

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The large topic of property law falls into two separate categories: commercial and residential. If the building is to be a family home, for example, it would fall into the latter category. On the other hand, if the building is to aid in a business, it is classed as commercial property.

There are a number of ways to make money from commercial property. One way is to sell the property on at a later date, often after substantial improvements. Property can be one of the biggest investment opportunities, and many make a living from buying property (or plots of land), building and upgrading their purchase, and then selling on at an inflated price. This comes with its own set of problems, of course - it is vital to ascertain that the necessary planning permissions are in place, and there is no impediment to building or developing.

Another method of generating income is leasing. Many people purchase an apartment or home with the intention of renting it out to others. Similarly, large companies may rent everything from warehouses to factories - indeed, there is a growing trend for schools and even hospitals to be rented out to local councils and governments. There are advantages to renting commercial property rather than outright purchasing it. Renting spreads the cost of using the property over time, without needing to spend large amounts at the start of the enterprise. It also cuts out any maintenance costs over time, as they are handled by the property owner. It comes with its disadvantages, too - the most important being the simple fact that the person who uses it does not own it, and that ownership could potentially come to an abrupt end.

Indeed, much commercial property is dealt with via a lease. For this reason alone, it is important to receive accurate legal advice when it comes to renting out premises for company use. Issues like rental periods and lease lengths, whether it is possible to extend the lease and whether there will be any increases in costs over time should be examined closely. It does not matter if the property is an industrial unit, a shop, an office or a restaurant: many of the issues are universal.

There is much complexity in the commercial property world, and the interplay between a business, its premises and the building owners is an important one.

Using ReviewSolicitors, you can find the right solicitor for your commercial property issue.

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