Posts Tagged ‘Local Authority’

Buying commercial property

buying commercial propertyIf you are buying commercial property what should you bear in mind? What are the most important factors to have taken into account before purchasing commercial property in England and Wales?

Caveat emptor (“Buyer beware”)

This principle is fundamental in English Law.   The seller is not obliged to disclose physical defects in a commercial property.  It is for the buyer to employ a surveyor to carry out a buildings survey so that the buyer is aware of any defects in the property such as subsidence, landslip and heave, damp, flooding, poor insulation, structural defects.  The surveyor will also highlight whether alterations appear to have been carried out to the property which might have needed planning permission or building regulation approval.    He will highlight issues which need to be investigated by your solicitor as part of the conveyancing process such as rights of way, asbestos survey, fire risk assessment, energy performance certificates (see below for further detail). Read the rest of this entry »

Commercial Property Auctions

commercial property auctionsBuying at commercial property auctions is exciting.  The thought of finding a bargain snatched from under the noses of the other bidders is what attracts people to auctions.  Is it that easy?

There are a few things the uninitiated should be aware of when bidding for commercial property at auction.

When the hammer falls you are contractually bound to buy the property

When the auctioneer brings his gavel down and says sold to the gentleman in the corner, a contract has been made between the bidder and the seller of the property.  This is a binding contract and obliges the buyer (the successful bidder) to first of all pay over the deposit (usually 10% of the purchase price) there and then in the auction room.  It also contractually obliges the bidder to complete the purchase on the completion date specified in the auction conditions which are usually set out at the back of the auction catalogue.   This means the other 90% of the purchase price is payable usually within 30 days of the date of the auction.

So what does this mean?  Read the rest of this entry »

Dominic Beeton, Solicitor
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