Parslows team has a great deal of experience in the sale and purchase of Jersey commercial properties.
Buying or selling Jersey commercial property can be a complicated process that involves several different legal issues, rely on our team to put your mind at rest.
Jersey Commercial Property – Sale and Purchase
Our commercial property lawyers and commercial property conveyancers possess a high level of experience and expertise which spans a range of commercial property law specialisms.
We offer cost-effective and practical solutions and advice on:
- Commercial Jersey property sales and purchases
- Adding commercial property to your portfolio
- Setting up a flying freehold or share transfer development
Can anyone purchase Jersey commercial property?
If you are an individual, you can purchase commercial freehold property if you are residentially qualified to do so. In certain circumstances, a company, whether in Jersey or otherwise, may be permitted to acquire Jersey commercial freehold property.
How is commercial property held in Jersey?
Commercial property is usually held either directly by freehold or via a property holding company.
Can I own Jersey commercial property through a trust structure?
A trust cannot directly hold a Jersey freehold property. A trust can, however, hold shares in a property owning company.
I am buying a Jersey commercial property with several existing tenants - can the terms of their leases be changed?
You cannot unilaterally change the terms of an existing Jersey lease in these circumstances. It might be possible to negotiate changes with the tenants.
What about financing the commercial property purchase?
If you intend to borrow to finance your commercial property transaction, the funding arrangements will need to be in place before exchanging property contracts. This is a matter you or your financial advisors will need to negotiate directly with the lender. It is important that the lender’s requirements for drawing of the loan monies, security over the property and other property issues are satisfied.
Do I need to obtain tax advice before I purchase Jersey Commercial Property?
It is always advisable to take specialist advice in this regard, especially if you are a purchaser of Jersey commercial property from overseas. As Jersey commercial property lawyers, we do not provide such advice.
Will I be required to pay a stamp duty or land translation tax if I purchase Jersey commercial property?
Whether you pay stamp duty or LTT will depend upon how the property is held. A freehold purchase attracts stamp duty, whilst the purchase of a property holding company may attract a land transaction tax.
Will I be required to pay VAT on a Jersey commercial property purchase?
Jersey does not have VAT. We do have a goods and service tax, which is presently rated at 5%.
We provide a professional and personal service that you can trust. We have experience of property transfers of all sizes ranging from smaller transactions such as the sale or purchase of Jersey lodging houses to multi-million-pound business acquisitions.
We act for a broad range of clients, including property companies, investors, property developers and owner-managed businesses, and high net worth individuals.