How to Purchase Commercial Property in London
There are numerous terrific commercial properties to buy in London. They all have their pros and cons but the rule of thumb to remember is always location, location, location. Depending on where a piece of real estate is located, the price will vary. In London, properties located near the centre of the city and close to most business and commercial hubs are the most expensive. As you move further away the prices drop in value.
However, before starting your search for commercial property in London, it is necessary for a buyer to first determine the purpose of the place they want to buy. This will help the buyer in the sorting out the area that best suits their needs. Once you have a good idea of the use of the real estate you can then move on to our Step by Step guide to buy a commercial property in London, which will help through the remainder of the process.
Instructions
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1
First you need to determine, how much money you can spent for a commercial property and in which locality you want to buy commercial property.
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2
After determining your requirements, speak to a real estate agent. Below is the list of some real estate agents in London.
(a) Arlington Estates
(b) Central Estate Agents
(c) Grosvenor International
Share your requirements with the real estate agent that you believe will deliver the best services. Then, your real estate agent will show you some available deals by keeping the requirements in his or her mind, will either fulfill or be close to your requirements.
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3
If you are not satisfied with your real estate agent’s approach, then you have another option to search for the commercial property on sale through different websites on internet. There are many websites on internet that list commercial spaces for sale. Hopefully, you can find your desired property there. Here is the list of some of those websites:
(a) Visit Find a Property Website
(b) Visit Knight Frank Website
(c) Visit Savills Website
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4
When you find the desired commercial space that meet all your requirements then, you will determine the actual value of that property. Here property valuators will help you. Below are some valuators that will help you in assessing the real value of a property.
(a) Parmentier Arthur Group Limited
(b) BNP Paribas
(c) Daltons Weekly
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5
After determining the actual value of the commercial property and finalizing the landmark, you have to make an offer and if the seller is interested to your offer then it is well and good; but if he is not much interested to your offer try to make some negotiations with him and make him to accept your offer.
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6
When your offer is accepted next step will be that you will go through it's tax papers in order to check whether vendor has kept current with his taxes. Make sure to verify for debt against the property. Because any sort of tax or other lien against the property may become a problem for you afterwards.
Check whether the vendor has leased the property from any bank or mortgage it from any mortgage company. If the property is bought on credit then, verify how many installments are left and the tenure of lease or mortgage.
If you find all these documents in order after checking then, negotiate a deal with the vendor. After reaching a deal you have to go through some legal paper work. -
7
At this point, you require assistance of a lawyer/solicitor, who will guide you through the entire legal process. This assistance is necessary in order to avoid any fraud, while purchasing a property. Below is the list of some solicitors.
(a) Abrahamson and Associates
(b) Gelberg Solicitor
(c) Bennett Welch & Co
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8
After performing all legal formalities, make payment according to your agreement and as per your agreement that property will be transferred to your name and you will be ready to operate your business from the location.
