- Acquisition Surveys
Acquisition Surveys
T: 0161 518 8671
E: bc@roger-hannah.co.uk
Anyone looking to purchase or lease a new premises will need to carry out an Acquisition Survey prior to completion.
Deciding to buy or lease a commercial property is likely to involve a degree of financial risk. An Acquisition Survey is key to giving you peace of mind that proceeding is worth your investment versus the potential risks.
An Acquisition Survey can be undertaken for a variety of clients. It may be needed for investment purposes, owner occupation or before taking a lease. It can also be undertaken prior to acquiring a company which may include a real estate asset or property portfolio, either freehold or leasehold.
What is an Acquisition Survey?
An Acquisition Survey provides an in depth assessment of the condition of a property, especially in terms of the structure and materials. The survey may also provide details on repair and refurbishment costs.
It can identify issues with the condition of the property that will either need addressing urgently or in the near future.
As an example, an Acquisition Survey might cover:
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The condition of external and internal elements of the property.
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Condition of services, buildings and grounds.
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Life cycle estimates and costs.
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Advice on refurbishment and restoration.
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Risks or liabilities associated with the property.
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Statutory requirements associated with the property.
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Condition review of building service installations.
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Rebuild insurance value of the property, if instructed.
Benefits of an Acquisition Survey
The in depth pre-purchase or pre-lease survey provides important knowledge regarding the condition of a building, highlighting present and potential problems.
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Knowledge: Knowledge of a property is important. Property negotiation relies upon a knowledge of the facts and the survey helps set these out clearly for all parties and early on in the process.
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Minimised Liability: An Acquisition Survey helps you understand liabilities and put measures in place to reduce risks and their impact in the future.
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Reduced Financial Risk: An Acquisition Survey can provide an estimate on lifecycle costs and highlight any issues that are present. By identifying these early on in a transaction, it helps lessen the financial risk by understanding issues and costs involved to repair and refurbish a property.
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Due Diligence: By reporting on statutory issues, it highlights items that may need immediate attention to safeguard the property and its’ users ensuring due diligence.
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