1. What is your overall Budget? Include the cost of the property, legal costs & SDLT.
2. What is the current commercial market situation?
3. Consider the location, type of building, infrastructure, socioeconomics and the skill of the available workforce in the area. Consider engaging an expert if you are unsure in relation to these considerations.
4. Know what type of property that you would like to invest in.
5. Make sure the property is right for your intended business.
6. Set realistic time frames. Rushing can mean mistakes are made that can then cost you money down the line to rectify.
7. Get your financing in order. Consider your finance options to enable the transaction to move swiftly.
8. When instructing a solicitor try to give them as much information as possible at the start of the transaction to enable the cost estimate to be realistic.
If you’re considering buying a commercial property, please contact us for legal advice and assistance.
Natalie Nolan, Trainee Solicitor