Pre-acquisition Surveys
Whether you’re a buyer or prospective tenant, purchasing a property or buying a new long-term lease on a commercial property is a big investment so it is essential that you have a clear understanding of the condition of the building before you make a financial commitment. Manor Surveyors Limited undertake pre-acquisition surveys that help our clients make informed decisions on a purchase of a property or a lease so that you can be sure that the property you are buying is in sound condition and appropriate for your needs.
Whether you’re acquiring a freehold or leasehold interest, it’s imperative you get the property looked at by a surveyor to ensure it is in a sound condition. Not having a survey done can have serious cost implications in the future. The appointment of a Chartered Building Surveyor from the outset is highly likely to pay for itself many times over.
What is a pre-acquisition survey?
Pre-acquisition surveys are a comprehensive assessment of the structure and condition of a commercial property. The reports give a detailed account of each element of the building allowing you to understand the structural integrity of the property and its condition and what future costs and other liabilities you will be responsible for once you purchase the property. This will allow you to make an informed decision on whether or not you should proceed with the purchase or if you will need to negotiate further to mitigate the cost of the necessary repairs. In this way, pre-acquisition surveys often end up saving clients far more than the original outlay for the survey.
Your survey report will include a detailed assessment of the building, internally and externally. The report will contain photographs plus a breakdown of the anticipated costs of the necessary repairs and upgrading works. It will also include information on any deleterious or harmful materials (e.g. asbestos) that were identified, advice on legal compliance issues, consideration of environmental hazards and advice on whether specialist investigations. such as drainage surveys or land contamination assessments, need to be carried out.
Do I need a pre-acquisition survey?
Pre-acquisition surveys are carried out for purchasers so that they can be sure that the property they are buying is in a sound condition with no hidden defects that may cost thousands of pounds to repair in the future. Prospective tenants also instruct pre-acquisition surveys, particularly when entering into substantial leases.
Whatever the size of the building, a pre-acquisition survey will ensure that you have a thorough understanding of the building’s condition and also the liabilities you are taking on.
Our surveys will provide you with detailed information about the condition of the property and the extent and costs of repairs and maintenance that are required. This will allow you to anticipate any potential problems and plan accordingly.
