Pre Acquisition Building Condition Survey

Seeking to ensure the protection of their interests, client sought to undertake a technical due diligence exercise in order to inform their leasehold property acquisition process.  The proposed demise extended to the ground and part upper floors of a wider property, relative to which repairing covenants would be applicable, should a lease be entered into.

Contextual Close Consideration

The leasehold nature of the subject property, comprising a component of a wider building, necessitated consideration of the matters at hand in context. Owing to the limitations of the demise, the responsibilities of the landlord under the proposed lease and limited relevance of various external elements, bespoke consideration in a proportionate manner was necessary. 

Although the roofs and other such external elements would not be demised to client, repair shortcomings would act to the detriment of client's enjoyment and operational activities within the property, thus requiring due consideration.

Intention and Obsolescence 

Ensuring that commentary and direction was not provided to irrelevant effect, also having potential to negatively effect negotiation of terms, client's stripping out and fitting out proposals were to be carefully considered. The retail premises nature of the property and applicability of broad fitting out works, aligning with client's brand, gives rise to supersession of various internal building fabric,  mechanical and electrical issues. 

The closer specifics of the challenge presented yielded the necessity to take a bespoke approach to the preparation of the pre acquisition building condition survey report. Setting aside a formulaic approach enabled omission of excessive descriptive commentary, acute focus on those materially significant matters and time saving, yielding comparably reduced professional fees.

Proportionate Consideration

Having full regard for those particulars discussed in The Challenge, a bespoke, overview, pre acquisition building condition survey report was prepared in multiple page letter format. Accompanied by a table format schedule of key considerations, the combined report acted to afford client a concise, understandable and appropriately detailed survey report allowing their development of an understanding of condition and compliance shortcomings relevant to client's proposals.

The table format report component set out those quantities and cost estimates applicable to all those wants of repair, achieving legal and regulatory compliance or further investigation necessity, inc matters relative to which legal guidance ought to be sought.

Post receipt of the bespoke, overview, pre acquisition building condition survey, client was enabled to make an informed decision as to the factors materially relevant to the proposed letting. The survey report also acted as a tool to negotiate the letting deal terms with the landlord, being able to evidence shortcomings and associated cost implications. 

Reliability and Liability

Procurement of the technical due diligence building condition report affords the client a document on which they are able to place reliance, should matters later arise that may have been unforeseen or only later coming to light. The survey report, in itself enabling the client in their endeavours, further serves to protect interests owing to the professional liability then carried by the provider for a forward period of time. 

As a firm of chartered building surveyors and project managers, acting not only in a building pathology capacity, but also providing architectural services in the design and specification of project works to achieve legal and regulatory compliance, Node Building Consultancy are perfectly placed to assist clients with their technical due diligence exercises. Readily tendering a broad scope of varied works packages for a number of schemes, our exposure to up-to-date cost information and market trends allows the team to add further value through accuracy of estimation and contractor understanding.