Buying a commercial premises, as opposed to renting, has its advantages. So if you feel the time is right to take out a business mortgage you will benefit from no longer being tied into long term rental costs, the ability to make alterations as necessary to the building (providing planning regulations have been met) and also positively increasing the value of your business assets.
If you have decided to take the plunge and buy a commercial premises for the first time, or maybe you are looking to expand into larger premises, it is important in either case to carry out your research to ensure you have considered the following:
- Is the building covered by the correct planning permissions for its intended use?
- Is the building on a shared plot? If so, who is responsible for the safety and maintenance of public areas?
- Does your business plan include an allocation for ongoing costs such as – business rates, local authority charges, maintenance, buildings insurance and utility bills as some of these may have been covered if you were previously leasing.
You should also be aware that by purchasing business premises there will be extended surveys and searches required, all of which our team of premise sale solicitors here at Hook and Partners can advise on. These can include asbestos surveys, environmental reports, ground reports, land registry and local authority searches.