Looking to buy a new-build property?

By Lancashire Business View

18 Dec 2018

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With more and more new-build commercial property being built and sites being hard to get hold of, many businesses are committing to purchasing buildings off-plan.

By Paul Dignan, partner at Lea Hough

The risks are high; involving paying a large deposit and signing onerous legal contracts, often before a single brick has even been laid.

Whilst many clients will appoint a solicitor to check over documentation and Titles etc., they do not always take the same precaution with the building process itself. Here are some of the reasons appointing a Monitoring Surveyor can pay dividends.

Before

At the Heads of Terms stage, a Monitoring Surveyor will review drawings, specification and programmes to ensure that documentation is appropriate and identify any exclusions before committing.

During

During construction, a Monitoring Surveyor will regularly conduct site visits – inspections can help to ensure that the building work meets specification standards, is on programme, and that the developer is not claiming for extra costs unnecessarily. Additionally, the role involves confirming that the level of the interim part-payment is satisfactory.

After

At the end of the build a Monitoring Surveyor will undertake a snagging inspection, check that gas and electric are live, and ensure that all appropriate paperwork/certification is in place – e.g. Building Regulations, health and safety file, gas safety certificates, electrical certificates etc. Lea Hough undertake the role of Monitoring Surveyor on behalf of cash-purchasers (owner-occupiers and investors who will be leasing commercial buildings) and banks who are providing lending for purchasers on commercial or residential property.

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