If you’re planning to buy premises for your business, there are certain things to bear in mind to make sure your purchasing process goes smoothly and leaves both parties happy. Here are the questions we get asked most often:
What do I need to know about making an offer?
Ensure you seek advice on the most tax-efficient way to obtain the premises before you make any offer.
When making an offer, always make the conditions clear. These conditions could include viewings, contract conditions or those specific to your circumstances.
How do I negotiate a lower price?
Have a price in mind before negotiations begin. We would also recommend you find out as much as possible about the vendor’s position – i.e. Are they in a hurry to sell? Is there any other interest?
Prepare for your negotiation by researching and highlighting any faults in the premises and provide enough evidence to support your case for a lower price.
What research should I do?
We would always recommend buyers carry out a full structural survey. This will include the following:
• Checking the condition of the premises.
• Checking the structural conditions comply with building regulations and meet health and safety requirements.
• Identifying any harmful materials, such as asbestos, which may need to be replaced or made safe.
• Identifying any alterations that need to be made (e.g. making the premises).
• Estimating the costs of current and future repairs.
• Checking the Energy Performance Certificate (EPC) of the premises, giving a rating of the energy efficiency and carbon emissions of the building.
What if I change my mind?
If you change your mind after the exchange, you could be held liable for any losses suffered by the vendor so it is essential you are confident in buying. If you should change your mind, the process should be handled by a solicitor.
For more information see here