How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Alex J. Your Own Question
Alex J.
Alex J., Solicitor
Category: Property Law
Satisfied Customers: 3843
Experience:  Two years conveyancing experience.
13113900
Type Your Property Law Question Here...
Alex J. is online now

Is it "standard practice" that the buyer pays the Legal Costs?

This answer was rated:

Is it "standard practice" that the buyer pays the Legal Costs? Got the letter from the agent regarding an offer I put in for the business in question..
- Because this is a Leasehold purchase - It is normal practice for the purchaser to undertake
to pay the Landlord’s solicitor and managing agent’s reasonable costs relating to the reassignment of an
existing Lease or the production of a New Lease.
Hi,
Thank you for your question and welcome.
If the seller to you is the leaseholding tenant and you are being sold a business lease, then yes it is standard for you as the buyer (assignee) to pay the landlords and managing agent costs.
I would however insist that they agree a fixed fee for their costs and you do not allow them to demand an indemnity from you.
I look forward to hearing from you.
Kind regards
AJ
Alex J. and other Property Law Specialists are ready to help you