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Nine steps to take when looking for a new commercial property

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(5) Be clear on what you are paying for

Make sure you are clear on what costs are included in your lease and when payment is due. Try to steer away from committing to repair works as this can end up costing money in the long run. Likewise, it the property is not in good condition when you move in, make sure you record its state in a schedule of condition so you are not liable for repairs when you leave. You should also take business rates into consideration when you are calculating costs, as you will be required to pay them and they can be very expensive.

(6) Get a second opinion

Its worth instructing a good professional team which is made up of a surveyor and solicitor to give you practical advice along the way and help speed up the process. Investing in an electrical survey or asbestos report from the outset can also protect you from significant risks and will improve your bargaining power in the future.

(7) Check planning permission

Make sure to confirm the premises have the right category of planning permission for what you want to use it for. If in doubt, a solicitor will be able to check this as part of the routine searches involved in the commercial property conveyancing process.

(8) Read the small print

Always check your lease thoroughly before signing anything, or better still get a professional to read this for you. This will ensure you avoid any pitfalls such as being liable for expensive repairs or getting trapped in an inflexible agreement.

(9) Checking existing exit terms

If you are planning on relocating an existing premises, make sure you check the exit terms on this property, such as what notice you need to give and what you need to do before you leave. You should carefully plan and co-ordinate one move to another to avoid paying additional costs. 

Matthew Inman is a commercial property conveyancing expert at QualitySolicitors.

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