Top Tip Tuesday - Purchasing A Commercial Property

Found a new commercial property to buy and wondering what to take into account before making an offer? 

If you make an offer on a property, you may assume that everything in relation to the property is in order such as the condition, any work undertaken, its use (if it’s a similar use to your business), all supporting reports and statutory compliance.

So, for example, you may assume that if the seller, as owner, should have an Asbestos Report and up to date management plan if the building requires you will be provided with that as part of the contract pack.

But what if the seller hasn’t complied and then, partway through the transaction - when your solicitor is provided with replies to enquiries, you find the seller doesn’t have the necessary report and won’t pay to provide one. At this point, you will have paid for a survey, searches and some legal costs.

So, have a chat with your solicitor to get a few pointers before you submit your offer!

Kelsey Jarvis-Dale
Trainee Solicitor, Commercial Property