When it comes to commercial property, a client’s proposed level of interest in a property can vary.
An existing owner may need advice upon the condition of a property to plan and programme maintenance and repair works.
Purchase of a freehold may be considered for owner occupation or as an investment for letting.
More often clients seeking premises for their organisation/business will be looking to take a commercial lease of a property for a period of time. This will often be under new commercial lease, the terms of which are negotiated with the landlord, or occasionally an existing lease is assigned by negotiation with an existing tenant.
The terms of commercial lease can vary widely, and in particular the respective liabilities for maintenance and repair of a building are defined.
WHY IS A SURVEY IMPORTANT?
When purchase of a freehold for owner occupation is proposed, then there will be a clear liability for the building and it is advisable to get a survey before purchase to ensure that you fully understand the condition of the building, as well as the associated costs and repairs it may require in the foreseeable future. You may also wish to obtain advice upon improvements and alterations to suit their specific requirements. This information assists in negotiating the purchase price.
If purchasing a freehold as an investment, there may be an additional need to understand the liabilities of the current tenant under the existing lease and whether there are any shortfalls in meeting their lease obligations. There may again be a need for advice upon improvements and alterations to bring the property into a lettable condition.
Where taking a commercial lease, a clear understanding as to the extent to which the property is to be demised and the liabilities on the part of both the landlord and the tenant is needed. You must also be aware that the document can stipulate not only an obligation to keep in good repair but also to put into a state of good repair.
It is therefore essential for you to take the advice of a solicitor specialising in commercial leases to assist in reviewing and negotiating the terms.
Our part in the process will feed into the lease negotiation process and help you to plan for and limit the liabilities by providing information as to the condition of the building, the likely future issues that may arise during the lease term and advice in respect of any proposed alterations and improvements.
An understanding of the different types of commercial property surveys which are available will help you decide which one you need, and why you need it. This will depend upon the property, the lease and the client’s proposals for the building, we can tailor a survey service to suit a client’s specific requirements.
Aside from this we are also able to provide other services to include project management for alterations, repairs and improvement and input where a licence for alteration is to be agreed.
We are regulated by the RICS meaning that we must follow strict rules of conduct – including having in place insurance to protect you.
Efficient practices mean great rates. Our desktop studies can offer further savings.
We are always on hand to help in addressing any queries following issue of the report to help you understand and negotiate the best outcome.
Our multi-disciplined team has a range of expertise to help you with any project, and allows us to provide a detailed, comprehensive service to every client.