Commercial Property Services
Acquisition Service
Once the precise size of the accommodation required has been established we would undertake, as quickly as possible, the following tasks:
i. Review Criteria and Confirm Brief
We will need to discuss in detail the brief and ensure that we have covered all relevant issues. For example this would include such information as your VAT status, which depending on your recovery rate could have a significant impact on all costs.
ii. Undertake Search
We will commence a thorough search of the market using our market knowledge, extensive database, and contacts with all active surveyors in the office market and occupiers direct. We will produce a list of collated properties to those that meet your basic requirements in terms of location, size and specification.
We will arrange and accompany you over as many buildings as is needed to ensure that you have identified a number of suitable short-listed alternatives.
iii. Initial Negotiations
Once a short list of properties has been identified we would undertake to ensure that each complies with all your requirements. This exercise may necessitate the production of a checklist, which would be submitted to the respective landlords for completion. At the same time we would prepare detailed proposals to be sent to the respective landlord or their agents.
A detailed financial analysis will be undertaken based on what we believe to be the final negotiated financial result. This will allow you to undertake detailed budgeting over any period specified by you. We would include revenue items such as rent, rates, service charge and insurance together with capital items including fit out and if necessary dilapidation liabilities.
Our negotiating strategy would include detailed consideration of the following:-
- The term of the lease.
- The ability to determine the lease in order to obtain maximum flexibility.
- The rent payable.
- VAT issues.
- The rent review mechanism.
- Latent and inherent defects.
- Warranties/Duty of Care letters.
- Alienation provisions.
- Level of incentives such as rent free periods and capital contributions.
- Responsibility for repairs and maintenance.
- Level of running costs and rates.
- Alterations required allowing maximum flexibility.
iv. Final Negotiations
With the above and other matters being resolved satisfactorily, we will prepare a comprehensive Heads of Terms in conjunction with the other party on your chosen property. This will form the basis of the instructions to both parties' legal representatives to proceed with legal documentation.
We will undertake on site measurement of the premises in order to determine the net internal area on which the annual rent and service charge will be calculated.
v. Lease negotiation
We will be actively involved in all lease negotiations and will require a copy of the draft lease on issue in order that we can provide detailed input to your solicitors. We believe we have a very important role to play in this matter, as we can interpret the practical issues involved and how they effect you as the leaseholder.
We pay particular interest to the alienation provisions, service charge provisions, user clause and rent review provisions.
vi. Other issues
During the course of the lease negotiations apart from our close liaison with your lawyers, we would look to assist both you and your fit-out consultants to ensure that you have a detailed specification of the fit out ready to submit to the landlord prior to entering into the lease. We strongly recommend that no client ever enters into a lease without getting formal approval to their fit-out proposals, except in exceptional circumstances.
We can provide you with a list of specialist fit-out consultants if you are currently considering a change from your existing one and furthermore can provide you with specific advice on rating and building issues including full mechanical and electrical surveys, either using our in-house consultants or recommending outside specialists.