When choosing new premises for your business you will be faced with many different decisions and considerations. As the owner or director of the business, you are the legally responsible person for the choices that you make on behalf of your business. It is therefore imperative that you are aware of all the legal implications of your decisions. When it comes to choosing your new business premises there are a few things to keep in mind. In this post, we will be taking a closer look at the factors that you should keep in mind when looking for commercial property for sale.
Is the building you have in mind zoned for business use?
In the United Kingdom and many other countries across the world buildings that are used for business, purposes must be zoned accordingly. If your premises are not zoned correctly you may be breaking the law by conducting business from the premises. If you are renting the property the landlord should be informed of your intent to conduct business from there, he or she will then be able to advise you of the zoning status of the property. Under most circumstances, you can expect that property advertised for commercial use will have the appropriate zoning status.
Does the property comply with building regulations?
There are a whole host of regulations that buildings must comply with, this is especially important for commercial properties as you are liable for the safety of every person who enters your business premises. Building codes include regulations regarding fire, health and safety. Since building codes change often you should ensure that you are aware of the current codes and check if the commercial property you are interested in complies with them. It can prove to be an expensive exercise to make buildings compliant with codes if you are aware of shortcomings you can budget for them.
Duties and rates to consider
Often buildings that are used for commercial purposes are subjected to higher rates for utilities. Stamp duties are also levied on commercial lease agreements. It is worth your while to confirm these if you intend to let your property to a tenant. When looking for commercial property for sale it is important to take the rates into consideration as they often vary from area to area.
Are the premises accessible?
Legislation requiring every public building to be accessible for disabled users have come into effect in recent years. Ensuring that your building is accessible will save a great deal of money and time.
Are there any special terms in your lease agreement or purchase agreement?
It is very important to study your purchase contract or lease agreement in detail before moving in. If there are any special considerations in the agreement you will be contractually obliged to honour them. It is always advisable to seek the advice of a solicitor before committing` to contractual agreements, you may have overlooked something in the agreement which a lawyer would not overlook.
In some areas, it may be a legal requirement to ensure that your premises are properly insured against fire and other natural disasters. Although this may not always be a firm legal requirement it is always a good idea to ensure that you are insured against any potential damages.
As you can see from the above there are quite a few legal considerations to take note of when it comes to commercial property. When choosing a commercial property be sure to take note of any possible areas that needs improvement to comply with legal requirements before purchasing the property.