Due Diligence surveys of commercial property are typically undertaken when a party is buying, selling or leasing a property. This type of survey provides a comprehensive assessment of the property condition, statutory non-compliances, services, and environmental considerations.
Buying or leasing commercial property:
Prior to purchasing or signing the lease to occupy a premises, it is imperative to have a Due Diligence survey undertaken to understand exactly what you are purchasing - reducing statutory and legal risks, financial liability and maintenance obligations under a lease.
A thorough inspection of the internal and external elements of the premises will be undertaken by one of our Building Surveyors where you will be presented with an extensive report allowing you to make a considered and well-informed decision on whether to proceed with the purchase/lease agreement.
The report breaks down the building into internal and external components, providing commentary on the existing condition and recording any disrepair identified and the likely remedial works required.
We will undertake a review of any statutory documentation available at the time of our instruction, where we will advise if further information and investigation is required by legal representatives.
Where works are outside the scope of our inspection, we will recommend the services of further professionals including (but not limited to) Solicitors and legal representatives, Structural Engineers, Topographical Surveyors, drainage services, damp specialists etc).
Selling or letting a property:
A Due Diligence Survey should be undertaken prior to the sale or letting of a commercial property to ensure a smooth transaction, where previously highlighted concerns are mitigated. The key benefits include:
Identification of Building Condition and Defects
This gives vendors or landlords the opportunity to undertake any necessary repair or remedial work, improving the condition of the premises. This can lead to increased sale and rental values and will prevent perspective buyers or tenants from raising queries or concerns over the condition of the property.
Legal Implications and Risk Mitigation
Identifying any statutory non-compliance prior to the sale or letting of a commercial property presents an opportunity to undertake the necessary action to ensure the building complies with statutory and regulatory requirements and prevent any unforeseen legal implications.
Transparency and Trust
Identifying and addressing any queries or concerns with the buyer or tenant ensures transparency throughout the process, increasing confidence and leading to a successful and smooth transaction .
Find out more
Our team at Fenn Wright would be pleased to discuss your requirements and provide you with further information. Please contact us on 01206 216565 or click below.