A Guide to the Property Market of England & Wales
Part VIII - Conclusion
There is no doubt that the various traditions, regulations, laws and market peculiarities affecting the leasing or purchasing of offices in this country are complex. Furthermore tenants and their surveyors are dealing with very large sums of money, whether rental or capital and mistakes can be extremely expensive. Conversely, shrewd negotiations can be money saving or even profitable and allow for future flexibility regarding disposal of the premises if business circumstances change.
The vast majority of property transactions in the City are negotiated between two firms of surveyors or agents, each party being represented by a separate firm. We have set out above a surveyor's task when representing you to find premises and without question a good surveyor will always put his clients interest before his own and as such we would always advise you to use the services of a Chartered Surveyor/Incorporated Valuer.
We have noted over the years in practice, those transactions where a tenant or purchaser has chosen to act alone, without professional advice. It seems to us inevitable that those transactions either fail to be completed, or the terms agreed are highly disadvantageous to the tenant/purchaser.
Only an experienced practitioner can be expected to have knowledge of:-
- Estimated rental value of the property.
- Likely period of void and rent free period.
- Market practice.
- A negotiating skill which can achieve the best possible result in the context of the market at that time.
- Knowledge of supply and demand of properties.
- The strengths and weaknesses of the landlord/owner.
- Assessment of the competition in the market.
- Ability to deal with problems as they arise (see text above).
- Assessment of covenant status.
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