When you think you have found the right business property, compare the price with other similar properties in the area. If you are satisfied that the price is fair, you can then make a conditional offer to the property agent. This means telling the property agent that you want to buy the property for a particular price, provided that certain conditions are met, such as:
- a satisfactory building survey
- being able to raise the finances
- planning permission for any alterations is granted
The property agent is obliged to forward your offer to the client, the vendor. If the vendor is happy with the price you propose, the offer will be accepted. If not, you may want to negotiate further to reach a mutually agreeable figure.
Reaching agreement to buy a property
Make sure you get a lockout agreement. This means that from now on, the agent will not market the property or negotiate with anyone else about selling the property. However, you should note that if another offer is received, the agent is still obliged to pass this on to their client. Your part in the agreement is to make sure that all the necessary checks are made and you have raised the money to buy it.
If you have applied for a mortgage, you will need to have a written offer from the lender before committing yourself to buy. See commercial mortgages and lenders.
It is advisable to seek professional expert financial advice when buying a business property.
Structure your business
Name your business
Register your business
Choose your premises
- How to employ staff for the first time
- National Minimum Wage and National Living Wage rates
- Carry out pre-employment checks
- Ensure your workers are eligible to work in the UK
- Get employers' liability insurance
- Issue a written statement of employment
- Set up your payroll and register for PAYE with HMRC