As with renting, you will need to spend time and effort finding the right premises for your business at the right price.
There are significantly fewer negotiation options with buying than with renting, although buying a property for your business to operate from is normally a long term decision and you will want to ensure that there are no nasty surprises.
Obtaining the finance to purchase often involves much more time and effort than most people allow and can test the patience of a saint!
This is why Attwaters Jameson Hill’s Commercial Property team is here.
We pledge to provide every client with outstanding personal service and communication, unrivalled industry knowledge and a proven track record of advising our clients regarding the purchase of commercial property.
How do we achieve this?
Seeking our advice early will enable us to help you:
Investigate what you are wanting to buy
Are you buying a long lease at a nominal rent (often the case where premises are on an industrial estate with private roads or other shared facilities) or are you buying a freehold property?
Are there any restrictions on the use of the property (these may be private restrictions protecting neighbouring properties or public restrictions such as the planning laws)?
What will you need to do to make the property suitable for your use and how much will that cost?
How energy efficient is the building and will you be required to make improvements to save wasting money or to comply with government requirements in this area.
Will the premises still be suitable if the size or needs of your business change?
Take into account all the costs of ownership – not just the price.
Look into all the options for financing the purchase and who should buy the property
Attwaters Jameson Hill’s adept Commercial Property team will work with you and your accountant/adviser to assess whether it would be wise for the property to be kept separate from the business, and the mechanisms for doing so.
For example; whether a company scheme or a SIPP (with or without your pension borrowing additional monies), using funds in your pension to purchase a property that will then be rented to your business can be very tax efficient. The rent paid by the business to your pension fund is tax deductible to your business and free of income tax within your pension.
Our Commercial Property experts have acted for many pension schemes and SIPP trustees, both in the purchase and in the lease to the business, as well as for the business owners.
We will recommend how to structure the transaction towards maximum tax efficiency, taking into account how much flexibility will be required if your business needs change.