Helen Thomas, Partner, Commercial Property
Property portfolios are still in neutral, I’m afraid. Nervous developers and alarmingly low levels of sales have stalled the property market and there’s an overwhelming sense of “wait and see” in the residential and commercial sectors.
So now is a perfect time for developers to indulge in some detox therapy. Not the carrot juice slurping kind, but something far more appetising that I’m calling “portfolio overhaul”. In a nutshell, taking a good look at your properties and tying up loose ends, making sure you have all the information at your fingertips for when the market picks up again.
Key things to think about:
1. Title - put together a bible of all title documents. Sort out any issues about ownership, registration, access, occupations.
2. Planning – have a separate bible of planning documents. Do you have written confirmation from the local planning authority that planning conditions have been discharged? Can you reclaim any unspent money paid to the local authority for section 106 agreements? Get hold of any missing planning permissions.
3. Compliance – arrange for an Energy Performance Certificate if the property doesn’t have one.
4. Construction (new or partly built property) – put together a bible of construction documents to include things like your building contract, professional indemnity insurance, collateral warranties, record of professional team appointments and copies of certificates of practical completion/completion of making good defects.
Trust me, the idea of detoxing is far worse than the reality. You’ll feel a million times better afterwards, especially when the deals start going through on time and on budget because of the effort you’ve put in now.
And if you need some moral support, call me.
For further information please contact Helen Thomas T: 029 2047 4498 E: h.thomas@capitallaw.co.uk
