A Guide to the Property Market of England & Wales
Introduction
This guide has been compiled to introduce and assist business people through the complexities and stages involved in acquiring leasehold or freehold office premises, touching also on their disposal, throughout England and Wales. It provides an outline of some of the principal points that potential office occupiers will need in order to assess options and their associated costs and decide upon precisely the kind of premises which are right for their business. In addition, the guide helps to explain the principal legal complexities involved in a property transaction and defines, in the glossary, the most commonly used terminology in the property business.
It should be stressed that this is a guide only and whilst it covers in general terms most of the important aspects, professional advice from both Solicitors and Chartered Surveyors should be sought on specific properties.
The Role of the Chartered Surveyor
In relation to the acquisition of office premises Chartered Surveyors have a very important role to play in assisting companies, whether established in this country or not, to find suitable premises. Having identified the right office accommodation they negotiate the most advantageous terms on behalf of their clients, with a minimum of delay.
A Chartered Surveyor in this country has to undergo a unique training, similar to that of a Solicitor or Accountant, and, having qualified, must abide by a strict code of conduct and competence. Chartered Surveyors are required to undergo a continuing professional development programme throughout their professional careers to keep abreast not only with changes in the surveying profession but also with the property industry and commerce at large.
Surveyors do not act as brokers between parties as they only represent a single party in a negotiation - either acting for those disposing of premises or those acquiring, therefore ensuring that there is no conflict of interest.
Part I - Property Tenure
Part II - Property Leases
Part III - The Legal Principles in the Acquisition of Office Property
Part IV - The Legal Principles in the Disposal of Office Property
Part V - Lease Provisions
Part VI - Property and Associated Costs
Part VII - The Steps to Acquiring Offices
Part VIII - Conclusion
Glossary of Terms