If you choose to buy commercial property instead of leasing commercial space, you should consider the following 5 factors:

1. Choose the right property.

First of all, it is vital that you choose the right property for your business. For example, you should think about: the location and if it is suitable for your business, how many renovations need to be carried out and if the price is similar to those of the surroundings.

2. Financial costs.

You must also take into account the cost of buying commercial property. While many may believe that renting is more expensive in the long run, you should remember that your mortgage payments may, in fact, be higher than your rental payments. You’ll also incur additional ongoing costs when you own commercial property, such as business fees and local authority charges. Therefore, you need to look beyond the cost of the transaction and take the time to calculate the actual expense of managing a commercial property. Otherwise, you could find yourself in a difficult financial situation.

3. Additional responsibilities.

When you own and operate from a business location, you will automatically be given additional responsibilities. Among other things, you will need to comply with health and safety regulations and keep up with security checks. This will increase your liability.

4. The state of the property.

Even if you think you’ve found the right property, it’s important to hire a surveyor to assess the condition of the building. There could be underlying issues that need to be addressed, which could prove costly. You should also inquire about the energy performance of the building and request an Energy Performance Certificate from the supplier.

5. Use a lawyer.

When purchasing commercial property, you should instruct an attorney from the very beginning. Early legal advice is extremely important as they can help you with all of the above. A lawyer can help you choose the best property, advise you on financial costs and contact lenders or bankers, conduct property checks and provide guidance on your legal obligations.

When it comes to your property transaction, having a commercial property attorney on your side will help you get the best possible deal. A legal expert will also ensure that any difficulties are quickly identified and rectified, which could save you a lot of time and money.

How can a lawyer help?

When you instruct a good lawyer, you can expect them to perform the following duties:

* Negotiate a General Terms Agreement that will set out the terms of the property transaction, helping to ensure it reflects your best interests;

* Carry out the necessary searches, making sure that the title is ready to be transmitted;

* Carry out a thorough due diligence check;

* Negotiate with bankers and mortgage lenders;

* Complete the transaction as quickly as possible, without compromising the transaction;

* File Stamp Duty property tax forms;

* Register the title in the Land Registry.

Talk to a lawyer today.

If you are buying commercial property and need legal assistance, a lawyer can help.