Contract for the sale of leasehold land with vacant possession (incorporating the Standard Commercial Property Conditions (Third Edition – 2018 Revision))

by Practical Law Property

A standard document contract for the sale and purchase of commercial leasehold property in England and Wales, to be sold with vacant possession. This contract incorporates the Standard Commercial Property Conditions (Third Edition – 2018 Revision) (SCPC) and is drafted to be adaptable for both registered and unregistered land. This contract addresses critical aspects of a leasehold sale, such as making the contract conditional on obtaining the landlord's consent to the assignment. The contract provides optional clauses to manage different scenarios, including transactions with or without a purchase price, the apportionment of rent and other outgoings, and the VAT treatment of the sale. Further provisions address title guarantee under the Law of Property (Miscellaneous Provisions) Act 1994 (LPMPA 1994), the transfer of risk, and the seller's obligations. This standard document also includes optional drafting for handling service contracts, capital allowances elections under the Capital Allowances Act 2001 (CAA 2001), and a completion undertaking to provide the buyer with additional security.