Why You Need a RICS Surveyor for Your Commercial Property

When purchasing a Commercial Property, the expertise of a RICS (Royal Institution of Chartered Surveyors) surveyor is invaluable. Engaging with a RICS surveyor, like those at Nicholas & Co., is essential for your commercial property purchase. This is especially important for landlords who need a RICS surveyor to accurately assess their property’s condition. 

Landlords must establish clear responsibilities for repairs and maintenance when letting to tenants, ensuring that they protect themselves from potential legal disputes regarding property damage and ensure fair rent reviews based on the property's current state. This can be achieved through detailed reports like the Schedule of Conditions and Dilapidations, which are based on professional standards backed by RICS. 

Key Reasons Why Landlords Invest in a RICS Surveyor: 

Schedule of Condition: This document is created by the surveyor and outlines the property’s condition in detail, including photographs. This can be used as a baseline for comparing the property’s state when the tenant moves in or out, helping to avoid any disputes over damage. 

Dilapidation Reports: This is a detailed document prepared by a surveyor outlining the current condition of a rental property - highlighting any damage or disrepair that occurred during a tenant’s lease. This identifies areas where the tenant may be liable for repairs and restoration costs to bring the property back to its original condition as per the lease agreement. 

Legal Protection: RICS surveyors are qualified to provide expert evidence in legal disputes regarding property conditions, giving landlords greater confidence in their position. 

Rent Reviews: When negotiating rent increases, a surveyor’s report can provide evidence of the property’s current market value, supporting fair rent adjustments. They will provide a comprehensive analysis of the property market and comparable properties in the area to ensure you are paying a fair market rent. 

Lease Advisory Management: Our Lease Advisory service provides expert guidance on various aspects of commercial leases, including lease structuring, rent reviews, lease renewals, and lease assignments. We help landlords and tenants understand their rights and obligations, negotiate, and ensure compliance with legal and market standards. This service optimises lease agreements, manages risks, and enhances the overall value of the lease for both parties. 

Asset Management: Asset Management involves the strategic oversight of real estate assets to maximise its value and performance. This service includes asset strategy and optimisation, asset transformation, event management, and regears. From strategic planning and financial management to tenant and stakeholder engagement, a surveyor will provide the support needed to achieve your objectives. 

Investing in a RICS surveyor is essential for landlords securing a commercial property. A surveyor’s assistance can ensure that your property investment is secure through accurate assessments of the property’s condition, establishing clear responsibilities with tenants regarding maintenance and dilapidations, and ensuring legal compliance. 

Nicholas & Co. Surveyors provides comprehensive commercial valuation services. Their team of experts have extensive knowledge and experience in the commercial sector, delivering an enhanced, accurate property valuation no matter how complex. 

 

If you’re interested in how Nicholas & Co. Surveyors can help you, please contact us today.

Telephone: +44 203 633 5370 / +44 1992 939 201

E-Mail: enquiry@nicholassurveyors.com