The importance of a condition and acquisition survey when securing a new commercial property

This informal CPD article, ‘The importance of a condition and acquisition survey when securing a new commercial property’, was provided by Glass Aftercare, one of the leading commercial glazing specialists in the UK, with 150 years’ combined glass and glazing industry experience, covering everything from maintenance to consultancy.

Signing up to buy or rent a new building is an exciting development. Yet the process must also be approached with caution to ensure the property is in the expected condition. To get a clear, thorough picture, a condition and acquisition survey from an experienced company is crucial.

What is a condition and acquisition survey?

A condition and acquisition survey makes sure you can be certain about the state of the property you are buying or renting before you sign any official documents. They are important surveys usually carried out on behalf of investors or purchasers, and designed to ensure the property meets your needs and expectations. They include a broad scope of issues, including a thorough health and safety glazing inspection.

Why is a condition and acquisition survey crucial?

If you’re taking possession of a property, you certainly don’t want to do so without having a full picture of what you’re making yourself legally obligated to lease or buy. A purchase is, naturally, a significant asset, and a lease is a long-term investment, with many leases for commercial lets lasting around five years initially.

A condition and acquisition survey will reveal the condition of the property and make you aware of any structural deficiencies. It should also show you what the cost for repair and maintenance of any issues discovered will be so you can budget and plan accordingly.

What are the risks of not having a survey carried out?

Without a condition and acquisition survey, you are taking a substantial risk – not only with your finances but with the safety of your occupiers, employees and yourself. For example, you may find the inadequate weather protection on the windows in the sixth floor fails the moment you exchange contracts – leaving you with a heavy price to pay that you hadn’t anticipated.

A survey protects your assets, gives you full perspective on any issues to minimize risk, and makes sure you are not unwittingly taking responsibility for extensive repair work.

What if my property is a new building?

It’s natural to anticipate that an older property will present more significant problems. Yet in reality, this is not true as key structural features, such as the glass and glazing, may have already failed. For example, you could discover anything from glazing leaks caused by ineffective draining or accidental damage, no matter how recently the work was carried out.

You need any potential (or even existing) problems highlighted, so you know exactly what you’re taking on and paying for. This gives you scope to negotiate with factual information, as well as avoid unnecessary expense for repairs, refurbishment or ongoing maintenance. What’s more, you’ll ensure that any relevant warranties or insurance will remain valid for your lease or purchase period, too.

How do I secure a condition and acquisition survey?

A survey with a full health and safety glazing inspection assesses your property’s condition and minimises risks to your security and budget, both immediately and in the long term. A leading specialist in the sector can conduct a full condition and acquisition survey on your new property.

That way, whether you’re purchasing or leasing a new commercial property, you’ll be totally prepared and have complete peace of mind.

We hope you found this article helpful. For more information from Glass Aftercare please visit their CPD Member Directory page. Alternatively, you can go to the CPD Industry Hubs for more articles, courses and events relevant to your Continuing Professional Development requirements.