Owning your own property can give you more freedom and flexibility. In particular, you have more flexibility over the management or repair of the building, you can generate an additional income stream by letting the property, you can forecast your costs with more certainty (especially with a fixed rate mortgage), and you can profit from any capital growth when you sell the asset.
At Gowers Surveyors, we’ve been advising businesses on their commercial property purchases for many years. Based in Cambridge, Stamford and Peterborough, we carry out a wide range of surveying services, providing comprehensive and in-depth reports for all property types – commercial, industrial and residential – to allow our clients to properly plan and budget for any new project.
If you’ve decided that purchasing premises is the right decision for your business and you’ve established your budget and list of requirements, it is time to take action.
Finding the right commercial property
You can search for available commercial properties through the usual online property portals. Additionally, we would recommend registering with estate agents who deal with commercial property sales in and around your chosen location. Visit relevant commercial spaces for suitability and also check business rates, energy costs and use class of any property you look at.
Making an offer to buy the premises
Once you’ve found the right premises, make a conditional offer to the agent, which should be subject to a satisfactory building survey as well as planning consent for any alterations you may need. You will need an agreed mortgage offer before committing yourself to buy. When your offer is accepted, instruct a commercial conveyancing solicitor and building surveyor.
Getting a full commercial property survey
Commission an experienced commercial Chartered Surveyor to carry out a full Building Survey on the property. At Gowers Surveyors, our commercial building surveys provide so much more than a simple asset valuation. The inspection and report deliver deep insights into the current condition of the building, including information of any building defects, construction materials, presence of hazardous materials, and much more.
- Details about the property type, construction and configuration
- Technical analysis of the building’s condition
- Statutory and legal issues
- Budget costs for remedial work
Completing the legal process
Your solicitor will process the legal transfer of ownership for your new premises. Just as in residential conveyancing, the key milestones to work towards are exchange of contracts and completion. In preparation, your solicitor will carry out local searches to check if there are any legal or planning issues with the property, ensure the seller has a good title to pass on to you, and negotiate the best terms for the contract. You should also confirm and agree:
- Building survey findings
- Mortgage company valuations and inspections
- Conditional planning consent (where applicable)
- Available funding for exchange and completion
Once both buyer and seller are satisfied with the terms of the contract and all outstanding enquiries have been resolved, contracts can be exchanged. Your purchase now becomes legally binding. On completion day, the remainder of the agreed purchase price becomes payable along with Stamp Duty Land Tax. Your solicitor will now register your ownership with the Land Registry.
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