Solicitors fees for renting shop

[Poppylong]

Hi all,

I rented a shop a few years ago and paid 700 in solicitors fees. Just changing shop and have been quoted 2.5k! Same business, same shop size and style, just different location. Anyone have an idea if what's about right in terms of fees?

Many thanks
Pop

 

[Talay]

Unless fixed fees, how much per hour ? My briefs range from £250 to £495 an hour though for widely varying skill sets.

 

[Stuart Bailey]

it depends on how long the lease is and how much rent you are paying. Are there any additional documents such as a rent deposit?

regards

 

[Talay]

it depends on how long the lease is and how much rent you are paying. Are there any additional documents such as a rent deposit?

regards

How do you equate solicitors fees with the length of the lease or how much the rent is ?

It isn't like buying houses, where they think you should pay a percentage.

 

[Chris Ashdown]

That's why they are known as Blood Suckers

 

[Stuart Bailey]

You need to find out the length of the lease and rent because this will have bearing on the work involved. A short term lease is often less verbose and so requires less work. Leases for more than 7 years need to be registered with the land registry and so the solicitor will do more due diligence on the file ie checking landlord's title deeds and they will have to complete Stamp duty land tax forms and land registry forms.

If the rent is a large amount you normally tend to find the lease is more complex so your fees will need to take that into account.

We charge fixed fees not hourly rates so if you want a quote drop me an email.

Best wishes Stuart

 

[DavidWH]

I would speak to Redbird Conveyancing in Bury.

They've done 1 house sale, 1 house purchase, and 1 commercial lease for me, all fixed fee, and a damn sight cheaper than what you've been quoted.

PM me if you need their contact details!

 

[Stuart Bailey]

with all due respect the last thing you want to do is to instruct a conveyancer to advise you on your commercial lease.

 

[DavidWH]

When the Conveyancing Company I recommended undertakes work for Solicitors firms who have closed their internal Conveyancing departments.

I wouldn't loose any sleep.

 

[Stuart Bailey]

I don't understand your comment. Advising on buying or selling your house is a completely different kettle of fish to advising a client on a commercial lease transaction.

 

[DavidWH]

As per my original suggestion I did say they have done one commercial lease for myself in addition to sale and purchase transactions.

They came recommended to me by two customers of ours.

I have suggested one company, your comment is a sweeping statement to steer clear of all conveyancing firms.

Please elaborate and educate us all.

 

[Stuart Bailey]

The firm you recommended are called "Conveyancing".
Conveyancing is the sale and purchase of residential property ie when you move home.
Legal advice for selling or buying a house is completely different to giving advice on a commercial lease. A commercial lease contains so many pitfalls which you will not find on a conveyancing transaction. For example is the repair clause qualified, is there a cap on the service charge, are you responsible for the roof, is the break clause conditional, have you personally guaranteed the tenant, does the rent review provide for best rent market value etc,

So in my opinion I wouldn't recommend a conveyancer for a commercial transaction.

 

[peggyprice]

Last week I was quoted £950 +VAT to handle preparing a new 12year lease on a unit with rental of £20k pa. And I got an hour's free advice as well.

Both this solicitor and another I tried quoted me fixed fees which were based on the rent pa and whether it was a new lease or an assignment. (The other solicitor quoted a couple of hundred pounds more).

Certainly worth shopping around hope that helps.