Purchasing or leasing a commercial or residential property is a significant financial commitment – which is why it is essential to obtain a full understanding of its true condition.
From the outset, it is important to know if the building will cost you what the price states, or if it will continue to demand a degree of capital expenditure. A Pre-acquisition Survey offers a detailed assessment of the true condition of the building and therefore the associated obligations and commitments which will be inherited as a result of purchasing the property.
An in-depth investigation and survey allow the purchaser to avoid both stress and unexpected financial implications which would result from issues which are not immediately apparent. It is important to confirm that the building will serve its intended purpose – can it fulfil the needs of the buyer without incurring unexpected or unaffordable costs?
A Pre-acquisition Survey conducted by a chartered building surveyor can also assist in negotiations during the purchasing process. Feedback provided gives the buyer the needed information to achieve a fair deal and possible savings on the initial price. It should be noted a pre-acquisition survey is not a valuation survey, unless stated otherwise.
In addition, gaining a detailed understanding of the property will allow the planning of urgent and long-term maintenance obligations, lifecycle and refurbishment costs as well as an insight into historic works on the property, including detrimental structural changes.
The survey can also highlight statutory compliance and legal issues along with advice on any specialist testing which may need to be undertaken. This can range from services, asbestos, deleterious materials and land contamination issues.
By obtaining as much knowledge as you can about a property and understanding the future implications of a potential purchase, you can be confident that your investment will be more assured. A building survey by a chartered building surveyor involves an in-depth and accurate analysis of the condition, risks and liabilities linked to the property.
It is a key element of the due diligence process which enables you to make a fully informed decision. Bradley Hall’s Building Surveying team carry out bespoke Pre-Acquisition Surveys for commercial and residential premises of all types across the North East. Other services include; Structural Surveys, Project Management, Dilapidations Negotiations, Schedules of Condition, Refurbishment/Extension Design and Tendering, Contract Administration, Measured Surveys, Insurance Reinstatement Cost Assessments, construction (Design and Management) Regulations 2015, Planned Preventative Maintenance, Project Monitoring and Party Wall work.
For more information or to speak to a member of our team please call 0191 232 8080 or email henry.scott@bradleyhall.co.uk To find out more about our building surveying services please click here
