{"id":1494,"date":"2022-01-10T04:25:28","date_gmt":"2022-01-10T04:25:28","guid":{"rendered":"https:\/\/uk.legalvision.com.au\/?p=1494"},"modified":"2022-06-16T06:54:47","modified_gmt":"2022-06-16T05:54:47","slug":"factors-to-consider-when-buying-commercial-property","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/commercial-lease-property\/factors-to-consider-when-buying-commercial-property\/","title":{"rendered":"Key Factors to Consider When Buying a Commercial Property in England and Wales"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Suppose you are a business owner in England and Wales thinking about buying a commercial property for the first time. In that case, you may be wondering what to consider before making the decision. If you have bought a residential property, you may have some idea of the costs involved and implications of house ownership. Still, there is even more to consider before you go ahead and buy commercial property. This article will help you understand the key things you need to think about in relation to commercial property before buying premises for your business.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Is the Property Right for Your Business?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">When buying commercial property, the first thing you should consider is whether the property type is right for your business and how you plan to use the property. You will need to think about the location of the premises. Imagine you intend to open a business that will rely on customers coming in to make purchases, like a shop, cinema or restaurant. In that case, you should consider whether:&nbsp;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the general area is busy enough to draw customers to you;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">there is a place for them to park; and&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">how good the public transport links are.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">If you plan to change the property, you will need to consider how easy it will be to do that. Additionally, if you are planning to change the use of the property, it is essential to note that you may need to apply for planning permission.&nbsp;<\/span><\/p>\n<div class=\"box box--icon box--info\">\n<p><span style=\"font-weight: 400\">For example, if you seek to convert a shop unit into a wine bar or gym facility, you need planning permission. You also need to consider how likely it is that you will secure that planning permission.<\/span><\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">Further, there may be other issues specific to the property you are interested in. For example, a restrictive covenant could apply that prevents you from turning the property into a bar or selling certain kinds of goods.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">The Future<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Whilst the property you are considering investing in may be suitable for your company right now, another thing to consider is whether it will be in the future. For this, you need to consider your plans for the business and the future prospects of the location of the premises.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">Property values can and do change, and so do customer trends. For example, the recent pandemic has changed peoples attitudes towards shopping and visiting venues for leisure purposes. Similarly, more and more employees want the ability to work from home, which, in turn, may change the amount of office space you need.&nbsp;&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">If footfall in a particular area decreases, that may affect how much business a shop gets and what facilities employees have access to, such as places to eat lunch and public transport. There may be a great car park that your clients and employees can use close to your business. However, what if there are plans to redevelop that car park into something else entirely? For this reason, it is vital to be aware of future developments as far as is possible.<\/span><\/p>\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+448081968584\" class=\"not-prose\">0808 196 8584<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left gform_input_bg_white    \">\n    <script>\nvar 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If you are purchasing the space to provide a base for your employees to work from, you should be aware that there are requirements relating to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">how much space employees should have;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the facilities you must provide; and&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">other health and safety concerns.&nbsp;<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">In the current pandemic, businesses have had to adapt their working spaces to accommodate social distancing. Additionally, they have had to take anti-viral cleaning measures so that their staff feel comfortable working from business premises. Therefore, it will be vital for you to consider what regulatory requirements will apply to your business and if the property you are looking at can accommodate these.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Costs Involved in Purchasing Property<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Although owning your commercial premises can be more stable than renting a commercial space, it is crucial to consider the finance and tax implications. For example, for property over \u00a3150,000, you will be required to pay stamp duty (or land transaction tax in Wales). There will also be the usual costs to pay, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">repairs and maintenance costs;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">local authority charges, such as waste management and refuse collection costs; and&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">business rates.&nbsp;<\/span><\/li>\n<\/ul>\n<div class=\"box box--icon box--info\">\n<p><span style=\"font-weight: 400\">Just as with purchasing a home for your family, you will need to ensure that you have the necessary financing in place to fund a purchase, as well as a large deposit.&nbsp;<\/span><\/p>\n<\/div>\n<h2><span style=\"font-weight: 400\">Key Takeaways<\/span><\/h2>\n<p><span style=\"font-weight: 400\">There are numerous factors to consider before purchasing a commercial property. Although there are many benefits to owning your commercial property, there are also downsides. You are tied to the property and responsible for all costs involved in that property. As a result, it is essential to consider:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">what you need the property for and what you want to do with it;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">whether the property and location will suit the needs of your business in the future;&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">what regulatory requirements you will have to meet; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the financial implications of buying the property.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">If you need help with buying a commercial property, our <\/span><a href=\"https:\/\/legalvision.co.uk\/leasing-lawyers-lp\/\"><span style=\"font-weight: 400\">experienced commercial property and leasing lawyers<\/span><\/a><span style=\"font-weight: 400\"> can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+448081968584\" class=\"AVANSERnumber dynamic-number\">0808 196 8584<\/a> or visit our <\/span><a href=\"https:\/\/legalvision.co.uk\/membership\"><span style=\"font-weight: 400\">membership page<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Frequently Asked Questions<\/span><\/h2>\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1641788141637\"><strong class=\"schema-faq-question\">What is commercial property?<\/strong> <p class=\"schema-faq-answer\">Commercial property is a property that is classified for business purpose use. For example, it could be office space, retail units, industrial use such as a warehouse, or leisure purposes such as a restaurant or hotel.\u00a0\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1641788163311\"><strong class=\"schema-faq-question\">I want to buy a shopping unit and turn it into a gym space. Can I do this?<\/strong> <p class=\"schema-faq-answer\">It may be possible to change the use of the premises. However, you would require planning permission to do this, which can take a long time and has cost implications. There may also be restrictive covenants affecting the use of the property. For example, if there is a covenant that you can only use the property for retail purposes, you would need to find out if it is possible to remove this covenant and the legal implications if you went ahead with your plans.<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"9eb4f72322\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/1494\" \/>            <input value=\"https:\/\/legalvision.co.uk\/commercial-lease-property\/factors-to-consider-when-buying-commercial-property\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"Key Factors to Consider When Buying a Commercial Property in England and Wales\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Suppose you are a business owner in England and Wales thinking about buying a commercial property for the first time. In that case, you may be wondering what to consider before making the decision. If you have bought a residential property, you may have some idea of the costs involved and implications of house ownership.<a href=\"https:\/\/legalvision.co.uk\/commercial-lease-property\/factors-to-consider-when-buying-commercial-property\/\">Continue reading <span class=\"sr-only\">&#8220;Key Factors to Consider When Buying a Commercial Property in England and Wales&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13323,"featured_media":616,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"2102,2261,1420,3262,3856,1370","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[30],"tags":[20,21,292,308,309],"class_list":["post-1494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-lease-property","tag-small-business","tag-medium-business","tag-stamp-duty","tag-buying-commercial-property","tag-commercial-property"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Factors to Consider When Buying a Commercial Property | LegalVision UK<\/title>\n<meta name=\"description\" content=\"Are you thinking of buying a commercial property? 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