Estate Agent Local - A Directory Of UK Estate Agents

Commercial Property

Any person of any nationality can purchase a single commercial property in UK either in their own name or using a company. A company can buy more than one commercial properties and may have tax benefits.

Holders of European Union passports can have unrestricted access to their property. There are large number of other passports that also have this access and include such countries as Canada and New Zealand. Check with you local UK consulate.

Ownership of property or directorship of a UK company does not have any affect on visa applications.

Sale of commercial notes raises cash quickly. A commercial note is the loan document created to finance sale of the investment property. It could be a mortgage note or a land contract or contract for sale whereby payments are made in cash by the buyer.

A risk involved is that while a seller won’t get the full face value for his note there could be other fees needed to be paid. Questions arise such as whether there is a normal discount on a note or whether the buyer is trustworthy. Some guidelines for these are:

1. There should be no upfront fees. Certainly there will be some buyers who will check on the buyer’s credit and give a note without charging any fee.

2. Some exceptions could have a fee. The property owner may have to pay for the title policy if there are problems with the title that prevent purchase. There may be an appraisal payment if the property appraises at less than the sales price.

3. It is necessary for the note buyer to give a written purchase agreement with the purchase price and contingencies. All clarifications should be made in case of any doubt.

4. The note buyer should check the credit of the property buyer upfront.

5. Several note buyers should be contacted for quotes. With information provided on the type of property, sale price, payment amounts, current balance etc., there should be a response within a day or two.

6. When a quote is selected, copies of the Mortgage or Deed of Trust, the Note, the closing or Settlement Statement and the Title policy will have to be sent.

7. The property owner should ask about the processing time. Usually once the offer is agreed upon and documents sent over, a certified check or electronic transfer to the account is expected within two or three weeks.

View Commercial listings

¨ Office Buildings
¨ Business & Franchise Opportunities
¨ Apartments buildings
¨ Investment Analysis
¨ Retail Centers
¨ Property Management
¨ Hotels and Motels
¨ Site Selection
¨ Industrial Sites
¨ Commercial & Industrial Leasing
¨ Farms and Ranches
¨ Undeveloped Land

Commercial area prices are totally different as compare to residential area. You pay a lot for small piece of land as compare to residential area. So be careful before buying a commercial property, take a complete market survey before buying a property.

Disclaimer
This information in this article has been compiled from a variety of sources and to the best of our knowledge is correct as at earliest 2007. However we recommend that you contact your nearest UK Consulate to check on the latest requirements.