Running a business involves navigating many challenges, from employee payments to customer service. These challenges may also include managing legal issues and the complexities of business property purchases or exchanges.
As a business owner or decision-maker, you shouldn’t have to spend countless hours surveying properties or evaluating mortgage rates to understand what is best for your business.
If you are considering entering into a commercial property transaction, it is a good idea to speak to a solicitor about your business and plans to make sure you understand the conveyancing process and to get some tips on what to look out for.
At Peter Ross, we work with a range of clients from multiple business sectors, regularly advising them on property matters, including restaurants and takeaways, retail space, commercial units, hotels, B&Bs, and office premises, so our advice is always custom to the sector required.
Buying a commercial property
Commercial property is often seen as a good investment for anyone. However, if you plan to run a business from this property, you need to consider purchasing the right premises. Getting the right – or wrong – commercial property can heavily impact the success of your business and is one of the most important decisions a business can make.
You will need to check the planning allowance for the commercial property as they’re usually classed by their intended usage. It may be possible to adapt a building to your needs, but you will require planning permission, which will impact the cost and time spent on this process.
Large commercial properties will be a more complex process and take longer to ensure all the finer details of the purchase have been completed. This is also why smaller business premises are more popular for developing businesses.
We can guide you through the process and recommend the necessary searches to help protect your interests and advise you on important legal issues that may occur.
Leasing a commercial property
Whether you are a landlord or tenant it is reassuring to know you have a safe rental agreement in place. A rental agreement is a legally binding contract that allows the tenant to use the premises for business purposes. These agreements set out the terms, rights and responsibilities of each party, and describe the intended use of the property.
Before you consider leasing a commercial property, you should obtain legal advice. The continued letting of the property can come with its own difficulties, such as appliance maintenance, property upkeep, and managing the mortgage. However, the property is also a source of income even if your original business is no longer using the property.
There are many issues to consider when buying, selling, or leasing a commercial property. It is a major financial decision and, as such, it’s crucial to get expert advice before considering pursuing the property market.
We work with a range of clients assisting them with their business needs. If you require clear and concise commercial property advice, get in touch today.