Top City firms unite to slash the delays in commercial property dealsCONSULTATION PAPER: pooled expertise will save time for lawyers and owners, say groups

A group of 15 top City law firms has pooled their existing precedents in an effort to produce the first set of standard pre-contract enquiries...A group of 15 top City law firms has pooled their existing precedents in an effort to produce the first set of standard pre-contract enquiries for the commercial property sector.

A draft, published jointly by the British Property Federation and the London Property Support Lawyers Group (LPSLG), was issued this week, promising to slash the time taken for property transactions.

The groups claim that the commercial property standard enquiries, with accompanying guidance notes, will save time for lawyers and property owners, giving buyers comprehensive facts.

The principal firms involved are Allen & Overy, Berwin Leighton, CMS Cameron McKenna, Dechert, Denton Wilde Sapte, Eversheds, Garretts, Herbert Smith, Linklaters & Alliance, Lovells, Macfarlanes, Nabarro Nathanson, Norton Rose, Simmons & Simmons, and Slaughter and MayThe draft enquiries are divided into four parts: the first set is general, others deal with tenancies, and the assignment and grant of leases.

The consultation paper said that unlike many commercial conveyancing documents, pre-contract enquiries are suitable for standardisation because they are non-contentious and there is consensus as to what enquiries are appropriate and reasonable.

It continued: The lack of standard enquiry forms for commercial property has led many firms to use their own lengthy, customised forms whilst others rely on the only forms commercially available, which are designed for residential transactions.

These are inappropriate and inadequate for commercial practice.Peter Williams, national property support lawyer based at Eversheds London office, and a member of the LPSLG, said the enquiries would cut transaction times by a week because they are the type of questions that everyone asks anyway, but having them in the same places every time will mean people can read them more quickly.

Responses to the consultation should be made by 4 May, after which the BPF will make the finalised enquiries available free of charge.

LINKS www.bpf.org.ukJeremy Fleming