International investors in the UK property must consider all options when making a decision to acquire assets in real estate. They need to understand and consider several points:
- The decision to purchase or buy the freehold or to leasing a commercial property
- Be aware of, and comfortable with, the associated risks and liabilities
- Be aware of, and comfortable with, cost implications
For anyone involved in commercial property, whether it be as a buyer, seller, landlord or tenant, they must understand the risk, exposure and statutory obligations. A well informed, commercially experienced Chartered surveyor will consider their brief and highlight key factors affecting costs, occupation, ownership and ongoing liabilities.
When should I engage a commercial property specialist?
You have found the property that fits your needs, your solicitor has completed early-stage investigations and an initial offer has been accepted, subject to survey. That would be the time to involve your surveying team to take the investigations further.
Who should I instruct?
Commercial property knowledge is crucial. An experienced, knowledgeable team will add value, ultimately saving time and money. The Royal Institution of Chartered Surveyors (RICS) is the world’s leading professional property organisation. They hold a list of companies and surveyors monitored and regulated to the highest standards – https://www.ricsfirms.com/office/541110/R-B-Surveyor-Services.
Members of the RICS have undergone strict compliance and competency checks, giving them the highest skill set to ensure your needs are considered and your position protected.
What type of survey, inspection or report do I need?
When buying or leasing commercial property, you must ensure that your exposure to risk is known and, where possible, quantified. All surveys should report on the building construction and condition, considering the serviceable life of the main building elements as well as the mechanical and electrical installations, use, servicing, and items of statutory compliance.
Specific types of the survey will include:
- Acquisition Survey – When purchasing the freehold, an acquisition survey will consider the full extent property and any outside areas and if occupied, will report on the liabilities of the tenant, site constraints and matters affecting the use or value.
- Pre-Lease Assessment – Entering a new lease, your report will consider the life expectancy of key building elements, the condition of the property and a quantified assessment of immediate liabilities. This report will offer recommendations to limit ongoing obligations and liabilities which may include a Schedule of Condition, a capital contribution from the Landlord or an extended rent-free period.
For added value, commercial property excellence and to receive advice from an award-winning professional team who reports to Pension Funds, Portfolio Managers and Investors, along with national retailers such as Lidl, Primark and B&M, RB Surveyor Services Ltd would be pleased to assist.
This article is written by Mr Richard Bolshaw MRICS, a renowned leading Chartered Property Surveyor in United Kingdom.