CommercialCPM Surveys Ltd [www.cpmsurveys.co.uk/commercial.htm]:
If you are purchasing Commercial Premises you are well advised to commission a Building Survey in order to fully assess the condition of the property you are about to buy prior to agreeing a final price. The condition may have bearing on the price you are willing to pay. If you are taking a Lease on a Commercial Building, it is likely that you will be responsible for repairs under the terms of the lease. If a Schedule of Condition cannot be agreed with the Landlord, you may be liable for repair not only throughout the term of the lease but also responsible for bringing the property up to a certain standard when the lease expires. The cost of these works could be substantial.
Lease... or liability?
Protect your business against your lease biting back.
Before you put pen to paper...
Taking on a commercial lease? Then take care. If it's a repair lease, which the majority are, you could face a huge bill when the lease expires.
Why? Because a repair lease will oblige you, not the landlord, to keep the building in good order. If, at the end of your tenancy, the landlord finds things that need repairing, you could be liable for the cost... unless you can prove the problems were not of your making.
And that is why a pre-lease survey is absolutely essential before signing the agreement. Think of it as an insurance policy that could save you thousands of pounds, and even save your business.
Forewarned is forearmed:
A pre-lease survey provides you with a 'Schedule of Condition'. This includes:
- A comprehensive written report on the existing condition of the building, plus photographs and illustrations
- Existing defects clearly noted before you sign the lease
- Notes on potential future defects that could need attention
Armed with evidence of existing defects, it’s often possible to negotiate with the landlord to remedy the problems before you take on the lease.
Without the evidence, you could face either huge repair bills or enormous litigation costs.
Think about it. A few hundred pounds for a survey, or thousands of pounds for repairs.
The choice is yours.