- Pre-Acquisition Building Surveys for Commercial Properties
Pre-Acquisition Building Surveys for Commercial Properties
Sanderson Weatherall provides commercial building surveys for a wide range of clients across all types of commercial property. We listen carefully and tailor our building surveys to meet the specific requirements of our clients to ensure we add value to their property transactions.
We understand that different clients have different objectives and we work hard to ensure that our reports and advice are relevant and accurate.
There are two main types of commercial building survey that we provide.
Occupier and Tenant Building Surveys
An occupier / tenant survey highlights building fabric issues and provides concise commercial advice to help deal with issues that could affect a tenant’s business continuity once in occupation.
We can provide advice in respect of the anticipated cost of works to put a building into repair ready for fit out and occupation and as an additional service can negotiate directly with landlords to agree a scope of repairs to be completed prior to occupation.
Longer term we can provide strategic dilapidations advice to minimise the final exit cost when the tenancy concludes.
The key benefits of instructing SW to provide a building survey are:
• We provide an understanding of the constraints and risks associated with a property;
• We provide budget costs for putting the property into suitable repair;
• Our findings can often be used to help negotiate incentives with landlords, such as increased rent free periods;
Investment Building Surveys
Our investment building surveys differ somewhat from occupier surveys, we still provide accurate and comprehensive details in respect of the buildings condition, however, the report focusses on the longer term investment potential of the building including dilapidations advice for any pre-existing leases that will exist with tenants once the ownership of the building changes.
We will consider works that may be required over the proposed investment period and calculate budgets for major capital expenditure such as replacement roof coverings, cladding or glazing schemes.
We can review service charge agreements and recommend service charge maintenance schemes to improve the building for both the occupiers and as an investment asset.
Expert advice from Sanderson Weatherall
Whether you are a tenant, occupier or an investor SW can provide an accurate and professional tailored service to satisfy your individual requirements. We are a medium sized professional service company so we have the resources to undertake the majority of commercial property instructions but also have the flexibility to be able to react quickly to clients’ instructions and provide commercially focused advice.
Our key objective is to provide an outstanding level of service that genuinely adds value to our client’s property transactions.
Building SurveyingOur building surveying team will give you a detailed understanding of the condition of the property you are planning to buy, or rent, or already own.
Our building surveying team will give you a detailed understanding of the condition of the property you are planning to buy, or rent, or already own.[fulltext] =>
We provide several different types of building surveys, (each of which can be tailored to suit your requirements) including:
- Pre-acquisition surveys – an analysis and quantification of potential risks to the building you are about to purchase or rent
- Technical due diligence – a detailed technical analysis of the property you about to purchase or rent, currently own or rent, including full ananlysis of any related legal, statutory and construction documents;
- Pre-divestment surveys – an analysis of the existing building you are about to dispose of, which may be transferred to any purchaser that acts to speed up your property sale
When looking for a new property, a building survey will ensure you know of any defects to the building before entering into a contract and the costs of remedying any disrepair.
Working with us also allows you to plan ahead, taking into account any extra costs that may be require allocating to satisfy any key defects, repairing liabilities, legal or regulatory obligations and give you long term knowledge on the costs of the property’s maintenance during your ownership.
To find out which survey best suits you and your property, please get in touch.
Building Reinstatement Costs Assessments (BRCA’s)Guy Owen, building consultancy specialist at Sanderson Weatherall discusses building reinstatement costs and why getting an assessment is essential. What is a BRCA? A BRCA provides an accurate assessment of the likely cost of demolishing and reconstructing a commercial property in the event of a total loss, such as in a major fire. Most commercial property insurers will require a sum to be insured and this amount will be factored in when pricing a policy. It may be tempting to provide a lower figure to reduce the policy cost but this can be a false economy and have serious consequences.
Guy Owen, building consultancy specialist at Sanderson Weatherall discusses building reinstatement costs and why getting an assessment is essential.
What is a BRCA?
A BRCA provides an accurate assessment of the likely cost of demolishing and reconstructing a commercial property in the event of a total loss, such as in a major fire. Most commercial property insurers will require a sum to be insured and this amount will be factored in when pricing a policy. It may be tempting to provide a lower figure to reduce the policy cost but this can be a false economy and have serious consequences.[fulltext] =>
Why are BRCA’s important?
An accurate and up to date BRCA enables the individual or company responsible for the insurance of a property to ensure that it is adequately and accurately insured.
What are the consequences of an inaccurate BRCA?
There can be serious consequences if a property is inaccurately insured.
If a property is over insured, the insurance premium will likely be more expensive than necessary. Conversely, if the building is under insured, in the event of a claim for reinstatement the policy may not pay out a sufficient sum to rebuild the property which may leave the business or occupier unable to continue trading.
Over a large portfolio of properties the unnecessary costs of over insuring or the risk of under insuring can be a significant issue.
Complications can arise in calculating the building reinstatement cost for unusual or complex properties, such as listed buildings, mixed use properties and properties in remote locations.
Expert advice from Sanderson Weatherall
Thankfully, SW has extensive experience across all sectors of commercial property and can provide accurate BRCA’s using the most up to date industry pricing information all backed by our comprehensive Professional Indemnity Insurance.
We are commercial property experts and typically carry out 5-10 BRCA’s per month for clients throughout the UK.
We can also provide expert valuation advice for plant and machinery within commercial properties, such as factories and advanced warehouses.
Contact one of the team to discuss your building, plant and machinery insurance queries today.
What happens during a party wall dispute?In many cases, work completed on a property’s boundary wall can lead to a party wall dispute between neighbours, this needs to be resolved with the assistance of Chartered Surveyors.
In many cases, work completed on a property’s boundary wall can lead to a party wall dispute between neighbours, this needs to be resolved with the assistance of Chartered Surveyors.[fulltext] =>
Chris Eglin, partner in our building consultancy department, explains what a party wall is and what should be done in the case of a dispute.
A party wall is a structure which straddles the boundary between two properties. This can be either vertical, as in a typical semi-detached property or horizontal, as in the floor of a flat. It can also be a wall which stands solely on the land of one person but is used to separate the adjoining property.
Party Wall Act 1996
The Party Wall Act 1996 enables an individual who shares ownership of a wall to work on the full thickness of the wall without trespassing on the adjoining owner’s property. This can lead to what is known as a party wall dispute between both the Building Owner (the person undertaking the work) and the Adjoining Owner (the neighbour).
What is a party wall dispute?
A party wall dispute occurs when a Building Owner serves a notice that they intend to undertake building works under the Act, but the Adjoining Owner objects to the work or fails to respond to the notice.
In this situation, the neighbours may each appoint a surveyor or jointly appoint a single surveyor to act for both. The role of the appointed surveyor (s) is to act impartially in the implementation of the Party Wall Act and to draw up a document that settles the dispute between the two owners in much the same way as a judge would in court. This legally binding document is referred to as an Award.
The Award may relate to the works themselves, such as the extent of the works, restrictions on timing of the works, and any additional works that might be required. With cases that result in loss or damage suffered by the adjoining owner, the Award will also include the level of compensation payable.
If either Owner disagrees with the surveyor’s Award then they may appeal this to the county court. Owners have 14 days to do this and the Award will only be overturned if the court feels that the surveyors have not abided by the dispute resolution procedure, set out in the Act.