Commercial property has been one of the best performing types of asset in recent years despite uncertainty generally in the property market, and more and more people are looking at buying commercial property, either for their own business premises, or as an investment to be leased.
There is a very wide range of property available for any type of business imaginable – some specifically purpose built or with the potential to convert for business use. For many people starting in business, running their business from their home is the first step before thinking about buying or leasing a commercial property. Within certain limitations, planning permission is not needed to use a home as an office, a doctor's or dentist's consulting room or to teach music or languages.
However, turning a home into a bed and breakfast, for example, or bed-sit accommodation or perhaps providing care home or child-minding facilities will require permission.
Planning permission from the local authority would not be needed to change the use of an existing business premises within the same class of business (retail, agricultural, manufacturing etc). There are also some instances where the premises may be altered to another class of business without permission. However, if there is any doubt, it is always a good idea to fully investigate the possibilities for use of a building before making any financial commitment to buy it, by talking to a chartered surveyor or to the local planning authority. Anyone can apply for planning permission for a building, provided the current owner is informed and permission can take 8 – 16 weeks to be granted.
If you would like to talk to one of our specialist mortgage advisers, please complete a Mortgage Enquiry Form and we will arrange for one of our experts to contact you.