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Part exchanges in commercial property involve exchanging parcels of land or interests as part of a deal, typically to combine sites for development or to settle a contract for sale and purchase. A solicitor handles drafting and negotiating the exchange of contracts, the disposition of part interests, and any necessary variations to leases or planning conditions. They prepare and review the requisite deeds, ensure title checks are complete, and coordinate with buyers, sellers, lenders, and local authorities to keep the transaction on track.
The solicitor works through the provisions, structures and conditions that govern the exchange, including title checks, privity of contract, and any cross-colateralisation or charge arrangements. They manage registrations, compliance with planning and lease obligations, and interactions with the Land Registry and, if relevant, stamp duty considerations or other taxes.
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