What things do I need to consider before Buying or Renting a Commercial Property?
When you are looking at a commercial property (office, factory etc), the first thing you will need to look at is cost. When looking at purchases, you will need a Commercial valuation which should be carried out by a Surveyor who specialises in Commercial Properties rather than Domestic Properties.
When looking at renting a Commercial Property, you will need to look very carefully at the terms of the lease. Properties will usually be rented out for a length of time agreed between the landlord and the tenant. Sometimes, for a long lease, intervals are pre-agreed where a review can be conducted to establish if the rent value should be re-adjusted to the market level current at the time. Conditions vary depending on the terms. Review clauses in leases are often long and complicated. This is partly due to the fact that each lease will reflect the needs of the particular occupier to whom it relates. Professional advice from an independent expert, usually a Chartered Surveyor, will help you to understand the implications of the rent review clauses in your own lease.
What buildings need an Energy Performance Certificate?
Energy Performance Certificates (EPCs) are now required for all commercial buildings whenever built, rented or sold. The certificate records how energy efficient a property is as a building and provides ratings from a top rating of A down to a low rating of G. These certificates are produced using standard methods and assumptions about energy usage so that the energy efficiency of one building can easily be compared with another building of the same type. This allows prospective buyers, tenants, owners, occupiers and purchasers to see information on the energy efficiency and carbon emissions from their building so they can consider energy efficiency and fuel costs as part of their investment. Once it has been produced, the certificate is valid for 10 years.