Updating post from Reddit.
I am familiar with residential property process but wouldn't mind getting into commercial property in the future. In particular small warehouse/industrial type buildings.
Has anyone done this type of building before and anything I should know? It will be a few years off before I am ready.
Finance on Commercial is not the easiest, void periods can be long .
Plus, if the commercial property is not already the minimum EPC it can be almost impossible to purchase.
Not an area i'd want to get into, unless I was also the tenant.
Thankyou, I did think void periods could be long but I also heard commercial mortgages still have tax perks unlike the residential ones. Also with rent reform you can't have fixed periods anymore whereas Id assume commercial leases fall differently so they can still be fixed terms?
Not realy. By default, most commercial leases gives tenants "security of tenure." This means that when the fixed term ends, the tenant has a statutory right to request a new lease.
However, I still think its possible for You & Tenant to agree to opt-out of that.
That is good though isn't it meaning that once you have a tenant in commercially they should be there for fixed periods meaning more security as a landlord. Residential is about to become periodic so tenants can leave after 2 months of starting a new tenancy.