Commercial premises may be acquired for investment, occupying under a lease or the purchase of a freehold. The common denominator is the need to be aware of the condition in relation to the obligations that will be acquired.
As an investor, there is the need to identify any major defects which might have an impact on value. A lessee will need to be aware of the repairing obligations and take steps to mitigate any dilapidations liability at the end of the lease.
A survey of commercial premises can be as simple or as detailed as the client requires to dovetail with their own particular requirements. It may be a detailed analysis of all the major elements of the building using the expertise of mechanical and electrical services engineers to review the services installations in the building. At its simplest level, the survey may comprise a Schedule of Condition which can be appended to the lease to minimise repairing liability at the end of the lease. Having a survey that addresses the client’s particular requirements means that it is possible to deal with any necessary repairs and address such matters as dilapidations in good time to minimise financial exposure.