Property Law Solicitors
Converting Commercial Property into Residential
Attwells Solicitors specialises in property law. As a result, we are your perfect legal situation for buying and converting commercial property into residential properties.
Why buy commercial property to convert it into residential?
As demand for housing continues to grow and the use of commercial spaces evolves, many property developers are exploring the option of converting commercial properties into residential homes. This has become even more advantageous following the recent budget, with Stamp Duty remaining lower for commercial property purchases.
As a result, we are seeing a rise in matters that require a blend of development expertise, commercial law, and conveyancing services. As Attwells are experts in property law, you can rest assured that our lawyers will support you from the initial purchase right through to the sale and completion.
In addition, we offer the following service promises:
How long does commercial property conveyancing take?
According to an article published by Rightmove in 2022, the conveyancing process typically takes 150 days, from the point a property is sold subject to contract until the move-in date. However, our median conveyancing time in 2022 was 126 days. It is worth noting that commercial property purchases may take longer due to their added complexities.
By instructing Attwells, you could benefit from a faster and more efficient purchase process.
Please watch our YouTube video for more information about how the changes to Stamp Duty benefit commercial property purchasing.
The Steps of Converting Commercial Property
- Feasibility Assessment
Begin by assessing whether the property is suitable for residential conversion. This includes evaluating structural integrity, potential costs, local housing demand, and overall profitability. - Building Regulations Compliance
Converting a commercial property into residential use requires compliance with Building Regulations to ensure safety, accessibility, and suitability for habitation. These regulations cover areas such as fire safety, sound insulation, and energy efficiency. - Finance and Mortgage Structuring
Financing a conversion project is often more complex than a standard residential mortgage. Attwells Solicitors can help you with the legal aspects of development finance or bridging loans. - Title Deed Review and Ownership Structure
Many commercial properties contain specific restrictions, such as covenants, which may affect conversion. Attwells Solicitors will conduct a thorough review of title deeds and property ownership to ensure no legal restrictions impede your plans.
