Property law in England and Wales is designed to enable parties to represent themselves in a transaction should they decide to do so. There is no absolute requirement to instruct a solicitor. The only mandatory requirement is identity verification for land registry purposes.
However, it will be an incredibly difficult challenge to represent yourself in a commercial transaction, even for those with experience.
Unlike residential transactions, where many solicitors adopt a code and follow a conveyancing protocol, commercial transactions follow a far less restrictive path. It is crucial to have an understanding of the law and its application to your specific transaction in order to protect yourself from unfavourable deals and potentially detrimental and costly issues.
For example, if you are a prospective tenant looking at leasing a commercial property, you may think that the terms of the lease are the only matters that you need to worry about. This is far from the truth.
Other relevant considerations include landlord’s title documents, searches, public registers such as local land charges as well as all statutes and regulations.
Certain leases will also require notification to HMRC with potential Stamp Duty Land Tax liability and need registration at Land Registry. Committing to a lease, purchase, sale or other commercial transaction is a huge financial commitment. You cannot just reverse a transaction should you find that afterwards this was not the right decision.
