Commercial property transactions can be complex and time consuming, especially for those involved in the process for the first time. Chartered Surveyors can provide invaluable advice and guidance to ensure that deals are successful and that any potential issues are identified and addressed before they become costly problems.
A comprehensive survey of the property is an essential part of any commercial property transaction. This should cover all aspects of the building and its condition, including any potential legal liabilities or rights of access. As such, a Chartered Surveyor should be consulted to provide advice and reports relevant to the deal at hand. These may include a Schedule of Condition, a Pre-Lease Survey, a Pre-Acquisition Survey or a Dilapidations Report.
Schedule of Condition
A Schedule of Condition is a detailed survey of the condition of a building and its fixtures and fittings. It is typically used when a lease is being granted, to ensure that the tenant is aware of any existing damage or defects before they enter into the agreement. During the inspection, the Chartered Surveyor will note any existing damage or defects and advise on any works that should be carried out to rectify them.
Pre-Lease Survey
A Pre-Lease Survey is a detailed survey of the building that is carried out before the lease is signed. This survey allows the tenant to assess the condition of the building and to identify any potential liabilities or risks. It also helps to protect the landlord from any disputes that may arise after the lease has been agreed.
Pre-Acquisition Survey
A Pre-Acquisition Survey is a survey of the building before the sale is completed. It allows the buyer to assess the condition of the building and identify any potential liabilities or risks. It also helps to protect the seller from any disputes that may arise after the sale has been agreed.
Dilapidations Report
Finally, a Dilapidations Report is a detailed survey of the building when the tenant vacates the property. When undertaking their investigations, a Chartered Surveyor will note any damage or defects that have occurred during the tenancy and advise on any works that should be carried out to rectify them.
By engaging the services of a Chartered Surveyor, buyers, sellers and tenants can be sure that they have the best advice and guidance when it comes to commercial property transactions. Importantly, the advice of a Chartered Surveyor will highlight any potential liabilities or risks in relation to the condition of a property, which allows clients to make an informed decision.
In addition to the above, Chartered Surveyors are also able to provide wider advice and guidance on other matters that may be relevant to the commercial property transaction – such as compliance with building regulations.
For more information on any of the reports detailed in this blog, please get in touch.
