What happens to child arrangements if an ex-partner wants to relocate abroad?
If you’re feeling like you’ve outgrown your current office, it could be time to look for a new location.
Purchasing or leasing commercial property is often one of the largest investments a business makes, so conducting the legal due diligence is crucial.
What is the legal due diligence checklist?
Legal due diligence ensures a property is suitable for you by examining its condition, compliance with regulations and associated documentation.
While businesses can conduct their own due diligence, we encourage you to reach out to a solicitor to ensure checks are thorough and costly mistakes are avoided.
Title searches
You, or your solicitor, should perform title searches to ensure the seller has the legal right to transfer ownership of the property.
A solicitor-led Report on Title can compile information about proof of ownership, property boundaries or any legislation impacting the use of the property.
Planning permission
Where a commercial property has been recently retrofitted or is currently under renovation, there needs to be checks to ensure there is relevant planning permission.
Alongside current or past renovations, you should establish whether there are any upcoming projects that might also impact business operations.
Any restrictions must be clarified, such as environmental hazards or a listed status, to check there is nothing that could prevent further development.
A solicitor can double-check planning permissions to see whether your business operations will function as planned.
Condition of the property
Comprehensive site surveys can assess any structural issues that might not be visible during a standard property viewing.
Each part of the property should be scrutinised, including roof, foundations, electrics or anything else that might need future maintenance.
Insurance policies
There may be many different insurance policies your business needs to use the property as intended, depending on the type of business you are running.
If you evaluate the history of insurance claims that have already been made against a property, you can see whether your future premiums will be impacted.
Property value
Commissioning an independent valuation of a property’s value compared to similar properties in the area can allow you to see whether the asking price is fair.
These insights allow you to come to negotiations with clarity and greater confidence that you are receiving a fair deal.
Legal Documents and lease agreements
Several legal documents are required for the completion of any commercial property transaction.
Due diligence is needed to ensure that there are no absent or incorrect documents, which might result in a sale becoming invalid.
This is especially relevant when lease agreements are being transferred, as the fine print of the lease terms can impact the value of a property.
Speak to our solicitors
Expanding operations into a new commercial property can be an exciting milestone, giving your business the breathing room it needs to grow.
However, before this can happen, legal due diligence is needed to spot risks and recognise pitfalls in transactions that might be costly for a prospective tenant.
Our solicitors can help ensure these checks are comprehensive, verifying every aspect of the transaction and alerting you to any unexpected liabilities.
Speak to a member of our team for help with the due diligence checklist.
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