Buying your own commercial property is a huge step for any business. Whether you are a new start-up company or an older business looking to expand, there is a lot to consider when acquiring your own property. Here at Jordans Solicitors we have provided legal advice and support to countless Wakefield businesses purchasing their first commercial property and have come up with a checklist of the top things you should be considering before you take the plunge.
Finances of course are first thing you should be assessing. If you cannot buy the property outright do have the cash for the substantial deposit required on a commercial property and are you able to budget effectively for the mortgage repayments? There are also countless additional costs you may not have initially thought of, such as insurance, property surveys, stamp duty and the general cost of moving and setting up.
When looking at premises it is important to always keep remembering what you require out of the property. Do you need additional room to expand? How much parking do you require? Does it have the right configuration of meeting space and work space? Buying a property is a big commitment and you need to make sure you have found the right one for you.
Finding a location to suit your business needs can be a tricky one. You need to balance your company’s specific needs with accessibility and cost. City centre properties can be more convenient for commuting staff and clients with good local amenities, but can be expensive. Compromising with a property out of town but with good transport links and adequate parking may be a better choice.
When undertaking any type of property or land transaction, it is essential to obtain specialist legal support from a solicitors you can trust. An experienced solicitors can minimise any disruption to your business by addressing any potential problems early, negotiating effectively and helping to manage risk.
If you are considering purchasing a commercial property in the Yorkshire area our team of specialist commercial property solicitors, headed by Keira Rawden, are committed to achieving the best possible outcome for your business. Call the team on 0330 300 1103 and see how they can help you.