Ensure the property is in a good fit state and if not then to identify areas of defects/improvements which can either be used to stop the transaction or negotiate a reduced price.
Laws in England and Wales can make you liable for contamination that is already present at the property when you acquire it. It is advisable to carry out a desk top environmental survey to assess any potential environmental risk. Subject to the findings from the initial survey, we may need to engage an environmental consultant to carry out a full environmental survey. In our experience, it is best to identify potential environmental problems early in the transaction so that such matters can be factored into negotiations on price and other contractual terms.
A professional valuer will often be involved in the purchase of commercial property to help determine the purchase price for the property or for finance providers to satisfy themselves that there is adequate security for their loan. Given the uniqueness of many commercial properties and the fact that individual properties are not transacted frequently enough a valuer can be key to establish a clear market price at any given moment. The valuation will be based upon expert knowledge of the market, market evidence and relevant previous transactions.