When looking at a new commercial or retail investment property for the first time, it is a good idea to have a checklist and method to help you through the process. We’ve produced this checklist to help you get started.
When inspecting the property, it’s almost as if you’re conducting your own due diligence. Do not believe everything you see and, if in doubt, look into it. Anything significant that someone informs you about the property should be thoroughly researched.
The only method to inspect investment UK properties is to have a keen eye for property detail and a meticulous record keeping process as you go around. It’s amazing how these documents must be examined at a later date for reassessment.
So, consider the following as some of the fundamental topics to examine during your property inspection procedure.
Before you begin your examination, you must obtain a copy of the land title records. As part of this process, obtain a copy of the survey records as well as any existing leases or licences. Look for any unregistered interests that may not appear on the property’s title. If in doubt, consult a good property solicitor.
Take attention to comprehend the position of the property lines and search for survey pegs that are pertinent to the survey plan. When in doubt, hire a skilled surveyor.
There may be a multitude of easements, encumbrances, and other registered interests inside the property land title that must be thoroughly investigated. These interests can have an impact on the sale price of the property as well as the type of lease occupancy. If there are any registered interests on the property title, the first stage of the investigation should be a copy of the appropriate papers, followed by questioning.
Local government records could potentially have an impact on the property. Are there any orders or notices on the property that have been issued or are still ongoing, and can these things be of concern to a potential investor?
A property’s zoning, as well as zoning activities or changes in the precinct, can have an impact. It is prudent to include neighbouring properties in this procedure and investigate them to ensure that they have little or no effect or impact on your subject property.
Copies of the local town plan will assist you in comprehending current planning difficulties. A conversation with the local planning office or planning officer can get you started in the correct direction and clarify any current concerns or issues that may occur. It is prudent to retain records of the talks and findings during this process.
If a copy of the lease papers for neighbouring homes is available, seek it out and review it. It’s usually a good idea to know what your neighbours are up to and how long they’ll be there.
The local topography and plans in the surrounding area will assist you in understanding the land’s fall and the influence of any slopes and natural drainage. Examine the location of any waterways and flood plains. Investigate any previous flooding in the region.
Ayana Properties is a top-tier UK estate agency with offices in the Middle East, Africa, and India. Its award-winning and highly skilled staff provides professional guidance on purchasing, investing in, and managing real estate in London, Manchester, Birmingham, and other parts of the UK.