Commercial Property – Open for business
Commercial Property Department update as of May 14, 2020
As our colleagues in the WSP Residential Conveyancing department have already reported, the Housing Secretary Robert Jenrick has advised that the Covid-19 restrictions relating to the housing market can be relaxed at present, and the reaction has been positive.
For everyone in the property market, the last few weeks have been unprecedented. We have however heard from surveyors that they have remained open for business, and have been able to undertake surveys whilst practising social distancing measures. Equally, EPC providers have been able to produce their reports. However, offices have been temporarily closed to the public and removals have been limited.
The property and housing markets are vital to the UK economy, and the resulting Stamp Duty Land Tax forms a sizeable part of the taxes received by the UK government. Whilst ensuring that social distancing measures are observed and people stay alert, the decision by the Housing Secretary has been welcomed.
Last month the commercial property department, reported on how the government guidelines on Coronavirus may affect commercial property transactions. You can read it by clicking here
Our commercial property team have maintained a steady stream of transactions and new enquiries, and remain confident that most commercial property and land transactions can still proceed and will be able to complete. If a ‘move’ is required, social distancing measures will need to be introduced and observed as appropriate. However our team finds that many commercial properties are already vacant and do not have ‘moving day’ for sales and purchases in the same way as is traditional for residential properties. Similarly, with properties that are to be leased, the units are often vacant, or the tenant is already in occupation.
As with the residential market, commercial land agents are adapting to the new normal and finding new ways of advertising and marketing land and properties. Although viewings may now be possible, virtual viewings are still likely to provide a useful tool for the foreseeable period.
Whilst we are continuing to work remotely, our commercial property team has adapted well and we have the technology to provide you the same level of service, undertake ID checks digitally and process all payments online. We have seen that other organisations that we deal with on a regular basis have also adapted and are continuing to operate as close as normal as possible. Together, the consensus seems to be that the commercial property market is ‘open’ and everyone involved is able to assist in order to ensure your transaction goes through, although with a slightly different ‘as normal’.
Get in touch today so we can help with any queries you may have around commercial property transactions. You can use the enquiry form here or in the sidebar of this page. Alternatively, you can call 01453 847200.