Pre-Purchase and Pre-Lease Condition Survey
Purchasing or leasing a commercial property is likely to be one of the largest investments a business makes and, as such, can involve a significant level of risk. If your company is involved in a commercial property transaction, it’s important to seek professional advice to protect your interests.
Purchasing a property
A Pre-acquisition Building Survey Report is a thorough report which aims to establish how the property was built, materials used and how these will perform in the future. Armed with a Pre-acquisition Survey, clients will be able to plan and budget for any initial repairs or ongoing maintenance required. Where significant defects are identified, it may also be possible to use the contents of the report in your favour, either agreeing for repairs to be undertaken by the vendor prior to completion or a negotiating a lower purchase price.
Leasing a property
As an incoming tenant, it is important to understand the responsibility – and potential costs – that you are taking on as part of your lease. The onus for undertaking maintenance and repairs to the property will usually lie with the tenant during the term of the lease and if a property is in a poor state of repair initially, costs can quickly escalate. Having a Pre-lease Assessment can be a useful tool in negotiating better lease terms. Alongside a Pre-lease Assessment, a Schedule of Condition can prove very valuable in documenting the condition of the property at the time of taking occupancy.
Matthew Parkinson Chartered Surveyor is able to assist companies with both pre-purchase and pre-lease condition survey reports. Conducted by Matthew, an RICS regulated building surveyor, the survey report will cover external and internal elements of the property as well as services, outbuildings and grounds. The final report will identify visible and potential defects to concealed areas and provide repair options, along with and advice on the consequences of not acting.
Contact our Commercial Property Surveyors
Matthew Parkinson is an RICS Chartered Building Surveyor. Based in Lancaster, Matthew has built an impressive reputation within the local property industry over his 20 plus years of professional practice in the area. Working with commercial clients across a wide range of sectors, Matthew and his colleagues regularly conduct pre-purchase and pre-lease condition surveys in Lancashire, Cumbria, West Yorkshire and Greater Manchester.
To speak to Matthew for initial advice, please get in touch here.