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Like any other investment, purchasing a commercial property requires a lot of research and knowledge in order to be successful, especially when it comes to both time and cost. There are a number of factors to consider, including where you want your business to be located, and how much money you can bring to the table, so it is essential to do your research.
Here are McEwan Fraser Legal’s top 10 tips to consider when buying a commercial property…
Think about Location, location, location
Finding the perfect location is very important when purchasing a commercial property – just as important as when buying your own home. Think logically about what you will be using the premises for, and ask yourself the key questions, such as will there be enough space for the staff, and will clients be coming for meetings frequently? Is this location where you want to bring your clientele? For the most part, a central location is desirable, however, if you are spending most of your time dealing with clients remotely, a location set outside of town may be a better, and a more cost-effective, option.
Do your research and consult experts
Researching is vital. Look into long-term predictions for the location you are viewing the property in – is there anything that may help or hinder property values in the future? A decline in value of your commercial property could decrease your business capital; time spent on researching the perfect location for your new business base is never time wasted.
Also, don’t be afraid to contact experts and professionals who have years of experience investing in commercial property. They’ll put you on the right track.
Take advantage of low interest rates
When considering purchasing a commercial property, it is wise to keep a close eye on interest rates as they are constantly fluctuating. Although they won’t stay constant for a long period of time, it makes a mortgage an attractive option. Re-mortgaging your property will help to increase additional capital, which will be considerably cheaper than a business loan. If you do eventually decide to invest, you can deduct the tax from interest payments on commercial mortgages, which is highly beneficial.
Think with your head, not your heart
It is vital to be rational – don’t just jump head-first into buying a commercial property without doing your research and considering other options. In the short-term, buying a commercial property with a mortgage will undoubtedly exceed the cost of renting the same property. If your business is well-established, with the potential to grow, it is worth investing. However, if you are looking to set up a start-up, this is something to think about – it may be wise to rent in the short-term, then consider investing in a commercial property later on.
Flexibility is key
When viewing a commercial property, it is important to look for premises that are flexible. It is inevitable that your business will expand and change whilst you are occupying the property, so it is crucial to find premises that can be modified over the years to suit your business.
Don’t forget the deposit
Some businesses find it easy to forget that you will need to place down a large deposit, just like you would with a residential property. Think about how much money you have available, and whether you would be able to put down a substantial deposit. Remember, mortgage-lenders tend to ask for a deposit of 20% or more of the value of the property and may even ask to see a business plan.
Get the commercial property surveyed
It is vital that you have a full professional survey carried out on the commercial premises before making a purchase. A basic survey will not do, especially when you are spending a considerable amount of money investing in the building. Whether it is commercial premises or a private home, a survey is always a wise precaution to check for any problems before they arise.
Can you sub-let the premises?
If the commercial property you are looking at purchasing is too big for your business at present, but you wish to grow, it may be worth looking into sub-letting. This can help to manage any cash-flow challenges and maintaining flexibility in your premises. However, this isn’t available for all commercial property, thus you will need to check with your mortgage-lender first and read your lease carefully for any clauses that may prevent sub-letting.
Don’t forget to budget
Commercial property purchases are rarely cheap. Remember to budget for any new furniture, as well as long-term upkeep and ongoing costs which will inevitably incur, just like in a home. Having some extra money in the bank can help to avoid any situations that may arise.
Parking is easily forgotten about. If the location of the property is near to a public transport, such as a train station or a bus stop, there are ways for employees to travel into work, however, if you are based in an out-of-town location, a car park is valuable – not only for staff but for clients visiting too.
Finding Your Ideal Commercial Property
At McEwan Fraser Legal, we don’t just specialise in residential properties but also commercial properties. We currently have a number of commercial properties currently on the market with us:
As the Highland club gears up for a tilt at the Championship title next season, Ross County FC looking for every ounce of support from the stands for what promises to be a titanic season-long battle.
McEwan Fraser Legal’s latest campaign will offer 100 kids the opportunity to appear in the club’s official team picture for the new campaign.
A golden ticket will be provided for each of the first 100 junior sized home kits sold.
The initiative comes as Ross County kick-off a new two-year partnership with McEwan Fraser Legal. Read more here.
Modelling the stunning new kit were the signing that has stunned the Highlands, Iain Vigurs – who penned a two-year deal at the Global Energy Arena last week – and Tony Dingwall.
McEwan Fraser Legal Chief Executive Ken McEwan comments: “We are delighted to be able to support Ross County, this coming season.
“It’s sure to be a very tough battle in the Championship and with some of the other clubs lining up in the division, there will be some big, big games along the way.
“We know how important the supporters are to Ross County, and so as they prepare to dig in for the challenges ahead we thought a big, big official team picture would reinforce the message of everyone being in it “together”.”
“It’s great to kick off our two-season agreement with new kit sponsor McEwan Fraser Legal with such an exciting initiative,” said General Manager, Emily Wilson.
“It’s brilliant that 100 young fans will have the chance to be part of our team photo! It’s a once in a lifetime opportunity!
“Many of our young fans were actually involved in choosing the design for our new Away kit by Macron,” added Wilson. “The tartan design with a return to red for our change kit was instantly popular with our fans and it was the clear winner in the poll the club ran.
“The new Home kit, which is also a bespoke design, is quite different from last season’s. The feedback from the players and managers has been really positive and we expect it to be really popular with our supporters.”
Ross County’s kit is supplied by Macron. Country Manager Andrea Palilla adds: “Macron is delighted with the outcome of the new bespoke kits, working very closely with the club and fans.
“We used a more modern design keeping the classic Navy with red and white trims for the home kit while we are introducing a red as away kit a more classic tartan theme. We hope the shirts will help Ross County to return back to the Scottish Premiership!”
Here are some photos when Ross County launched their new home and away kits, with a stunning promotion for kids in partnership with McEwan Fraser Legal.
The Isle of Arran, they say is ‘Scotland in miniature’, it is a beautiful island set off the west coast of Scotland. Awaiting you are beautiful sandy beaches, rugged mountains, an abundance of outdoor activities for all ages, explore the ancient castles and enjoy the relaxing spas that will make you fall in love with this wonderful island day by day.
Planning to move to or looking to buy a new house in the Isle of Arran?
McEwan Fraser Legal is now marketing a number of stunning properties on the island.
Take a look around these houses:
Achabhealaidh, Machrie, Isle of Arran, North Ayrshire, KA27 8DZ
12 Kinloch Court (‘The Sanda’ – Plot 1), Blackwaterfoot, Isle of Arran, North Ayrshire, KA27 8EF
The Byre, Glencloy, Brodick, Isle of Arran, North Ayrshire, KA27 8DA
Big Beach House, Whiting Bay, Isle of Arran, North Ayrshire, KA27 8PZ
Tigh An Eilean’ Cordon, By Lamlash, Isle of Arran, North Ayrshire, KA27 8NQ
Byre Cottage, Lakin Farm, Torbeg Shiskine, Isle of Arran, North Ayrshire, KA27 8DU
West Mayish Cottage, Brodick, Brodick, Isle of Arran, North Ayrshire, KA27 8BX
Tuxedo, Pirnmill, Isle of Arran, North Ayrshire, KA27 8HP
Sealladh Breagh, Shiskine, Isle of Arran, North Ayrshire, KA27 8EP
Chestnut Cottage, Glencloy, Brodick, Isle of Arran, North Ayrshire, KA27 8DA
Mayfield House, Dippen, By Whiting Bay, Isle of Arran, North Ayrshire, KA27 8RN
Plot 9, Torbeg Country Lodges, Torbeg, By Blackwaterfoot, Isle of Arran, North Ayrshire, KA27 8HE
For those who are interested in owning a commercial property, we are marketing Jolly Molly Gift Shop. This unique Island business was established in 2009 and has grown in popularity over the past 8 years and is now an iconic part of the Arran visitor experience and is much loved by both the locals and visitors alike.
Jolly Molly, Shore Road, Brodick, Isle of Arran, KA27 8AJ
Last weekend, McEwan Fraser Legal held their fifth annual staff conference & awards ceremony at The Principal, Charlotte Square, formerly known as The Roxburghe.
We were delighted this year to have singer/comedian and Britain’s Got Talent finalist Edward Reid performing on the night, he has once again put on a great show, getting everyone in the celebration mood. We also had a special surprise during the dinner for the team at MFL, we invited the Secret Opera Singers (SOS). They were absolutely fantastic and everyone loved the surprise!
Everyone had a great evening, celebrating our successes over the past year – 2017 was another great year, achieving a number of awards to add to our collection of plaques in reception. The night was also a great opportunity to set the McEwan Fraser Legal’s objectives for 2018. And lastly, a total of 18 different awards were presented on the night to those who have excelled in making a lasting contribution to the company.
The winners were as follows:
Negotiator of the Year – Jackie Lyell
Day Shift Client Specialist of the Year – Logan Watt
Night/Weekend Shift Client Specialist of the Year – Lisa Grieve
Best Single Design of the Year – Ben Daykin
Best Photo-shoot of the Year – Grant Lawrence
Business Support Employee of the Year – Natasha Collie
Contribution to Legal Service – Jamie Miller
Legal Employee of the Year – Stephanie Wright
Employee with the Highest Number of Reviews – Lewis Hunter
McEwan Fraser Legal is delighted to reveal that it has agreed to become the new main club sponsor at Ross County Football Club from next season for at least a two-year agreement.
As well as extensive branding at the Global Energy Arena, McEwan Fraser Legal’s logo will appear on the front and back of Ross County’s new home and away kits for next season.
Making it a Highland double, Ross County join Inverness Caledonian Thistle Football Club who will again be sponsored by McEwan Fraser Legal after a contract extension was agreed for next season.
Completing a hat-trick of sponsorships at this time is Dundee Football Club. McEwan Fraser Legal have agreed to extend their partnership with the Dens Park club for season 2018-19.
McEwan Fraser Legal Chief Executive Ken McEwan comments:
“We are delighted to welcome Ross County to our portfolio of clubs. Doing so allows us to support both professional clubs in the Highlands.
“Our experience of both County and Caley Thistle is that they are rooted in their communities, committed to supporter engagement, and share our vision to “think differently” about how we do things.
“Inverness have been a terrific partner for us, and so it was an easy decision for us to extend our relationship with them. We want to play a big part in their revival and return to the Premiership!
“I am also very pleased that we have reached an agreement with Dundee to continue to support them next season. We’ve developed some brilliant fan activation campaigns with the club over the last couple of years and we are committed to continuing that work with the Dark Blues into season 2018-19.
Ross County Chairman Roy McGregor comments:
“We are delighted to sign a two-year agreement that sees McEwan Fraser Legal become main club sponsor from the beginning of next season.
“We’ve seen what fantastic sponsors McEwan Fraser have been to other SPFL teams in the past and think their commitment to fan and community engagement, particularly, will be a great fit for Ross County Football Club.
“We look forward to working closely with McEwan Fraser Legal on a number of exciting supporter-focused initiatives set to commence in summer 2018.”
Inverness Caledonian Thistle Chairman Graeme Rae adds:
“We look forward to building on the successful partnership we have built up with Chief Executive Ken McEwan and his team at McEwan Fraser Legal in the coming year.”
Dundee Commercial Manager Keith Haggart says:
“We’re delighted to partner up once more with McEwan Fraser Legal for season 2018/19. We’ve developed a great relationship over the last two campaigns and look forward to continuing to build on the great work we’ve done together engaging with the Dundee FC fan base.”
McEwan Fraser Legal are also proud main club sponsors at Motherwell FC for season 2017-18. An announcement about the future of that partnership will be made in due course.
McEwan Fraser Legal can now assist you with the preparation of your Will, Power of Attorney, Guardianship Application, Trust, Inheritance Tax Planning and Executry Administration.
With many people ignoring the importance of planning ahead, here are a few of the facts explained:
It is estimated that about 70% of the population do not have a Will. It is vital that you make a Will so that your estate can be distributed according to your wishes.
A Will can be a complex legal document and should be completed by professionals you can trust and in the manner you desire. In Scotland, if you die without having made a Will, any property or assets you hold at the time of your death would fall into the hands of intestate law where the Government will decide who the estate beneficiary becomes.
This may not be the person you would wish your assets and belongings to be passed to and the law does not always take an obvious course. A far longer process than necessary ensues and can even include court proceedings, creating more stress and anxiety for your relatives.
If you are living with someone (cohabiting) but not in a civil partnership or married to them, they will have no right to any part of your estate, and this could result in serious financial problems.
Power of Attorney
A Power of Attorney is a document in which you detail who is to look after your affairs, in the event of you no longer being able to control your affairs (becoming incapacitated), after an illness or accident, you will have the peace of mind that the person you selected is looking after your finances and making the decisions you are no longer able to. Granting a Power of Attorney is a protective step and is not an acknowledgement that capacity has been, or is about to be, lost.
Inheritance Tax (IHT)
It’s important to remember that when you die, your estate could be subject to inheritance tax, with careful planning you can reduce the amount payable. The IHT threshold is currently £325,000 per person, so married couples and civil partners can have a joint estate of £650,000 before any IHT is payable. In most cases, tax is currently payable at 40% of everything over the IHT threshold.
There are various ways you can reduce the size of your taxable estate, such as with lifetime gifts, trusts, charitable giving and other forms of planning. It is important to think a long way ahead, as some aspects of IHT planning need seven years to take full effect.
McEwan Fraser Legal have formal strategic relationships with many professionals in the financial sector throughout Scotland and we would liaise with them or your professional connections to help mitigate any taxes against the estate.
The team at McEwan Fraser Legal understand the importance of planning for the future.
Contact the Private Client Division on 0131 524 9797 for more details on any of these services.
Are you looking to buy your first home but not sure where to start? McEwan Fraser Legal shares our top 10 tips for first time buyers looking to get onto the property ladder.
Make sure you can afford it
Avoid setting yourself up for a disappointment by getting your sums straight first. You’ll need a deposit of at least 5% of the property price – but the more you can put down the lower rate you’ll get on your mortgage.
Remember you’ll also need to save enough money to cover your legal fees, stamp duty and moving costs etc.
Consider making a budget plan and make a commitment to saving a set amount each month.
Consider Government schemes
The Government offers a whole range of schemes to help first-time buyers ranging from Help to Buy ISA, LIFT scheme to shared ownership.
Secure a mortgage agreement in principle
Once you’ve found the right mortgage, you can get an agreement in principle from your chosen mortgage lender, after they have run a credit check on you. It’s not a commitment to either you or the mortgage lender, but it does let you start house hunting at ease, as the first stage of the approval process is out the way.
Do your research
Now your budget is established, you can search for homes you know you can afford. But preparation is key and, as ever, start with location. This is the most important factor as it’s the one that can’t be changed.
In terms of the property itself, think very carefully about your requirements and narrow them down to must-haves and nice-to-haves. List these down, remain focused on them and your search will be a lot easier.
Viewings are key
Take your time when you view the property, if you need to view it more than once or bring family and friends for second opinion, just do it!
Ask direct questions on viewing, such as if there have been any major works or extensions to the property?
House purchases rarely stick to the expected time frames. It might take you several months to find your ideal property, and then the transaction can take a while as well. It’s probably one of the biggest financial commitments you’ll make in your lifetime, so it’s important not to rush it.
Appoint a solicitor
Instructing an approachable and proactive solicitor can help your transaction run as smoothly as possible. At McEwan Fraser Legal, our experienced conveyancing team will be happy to guide you through the process.
Remember to negotiate
It’s always worth negotiating on the price – as a first-time buyer with nothing to sell, you’re in a strong position.
You’re ready to go!
Once your offer has been accepted, all you need to do is arrange when to pick up the keys and start ordering in your new furnitures. When you have completed your move, don’t forget to crack open a bottle of bubbly and sit down and relax before the housewarming commence!
Make a Will
Now that you are a homeowner you need to think about making a Will. This is vital if you want to ensure your assets are passed onto your loved ones when you pass away.
For further information about buying your first home, please contact a member of our buying team – 0131 524 9797.
In early November 2017, the Bank of England raised interest rates for the first time in more than a decade – this is a move welcomed by savers, but not by homeowners paying off mortgages!
The bank’s monetary policy committee (MPC) decided to double the base rate from its record low of 0.25% to 0.5%. This rise has result in nearly four million British households now facing higher mortgage interest payments, however hard-pressed savers should get a small lift in their returns.
Autumn Budget 2017: Stamp duty axed for first-time buyers
From 22 November 2017, the Chancellor Philip Hammond announced in the Autumn Budget that the first-time house buyers south of the borders will pay zero stamp duty on the first £300,000 of any home that costs up to £500,000 with immediate effect. This means on a home worth less than £300,000, you’ll pay no stamp duty at all. This move could save buyers up to £5,000!
Unfortunately, it is not good news for first time buyers in Scotland. The changes only apply to purchases by first-time buyers in England, Wales and Northern Ireland. Scottish buyers will have to wait and see if the Scottish Government will make a similar change north of the border in its own draft Budget on Thursday, December 14.
Stamp Duty in Scotland is now known as the Land and Buildings Transaction Tax (LBTT).
LBTT is not paid until a purchase price exceeds £145,000. Between £145,000 and £250,000 the rate is 2%, and rises to 5% between £250,000 and £325,000. From £325,000 to £750,000 the rate is 10%, and jumps to 12% above £750,000.
House Prices Rise and Lack of Supply
As a bustling capital city with lots to offer its residents, it’s no surprise that Edinburgh is a very desirable place to live. But with properties in high demand, prices are continuing to rise at an extraordinary rate.
According to research from ESPC, the average price for a home in the Scottish capital is £253,182. On average, it takes just 16 days for a property in Edinburgh to sell, and 77.8% of properties exceed their home report valuation.
In Edinburgh, those living in EH2 have seen their property values rise on average by nearly £50,000, or 14%, in just one year. This is perhaps unsurprising, given the easy access to the buzzing city centre.
The high prices and quick selling times are due to a shortage of suitable properties coming onto the market.
The shortage of properties coming to the market means that there are multiple buyers looking to buy the same property which encourages competitive bidding at a closing date. It is now common for such properties to sell 10% or more above the home report value.
We’re here for you
Thinking of selling your property? Feel free to get in touch with us by calling 0131 524 9797 to organise a free valuation of your home. Don’t forget we are open throughout the festive period.
Are you starting to feel the winter blues about selling your property? Whilst spring and summer are commonly busy periods in the property market, they are not always the best time to sell. The majority of people think that Christmas is a bad, or the worst, time to sell and would rather wait until the New Year when in reality, this is not always a good option.
Here are three reasons why marketing your property over Christmas is a good idea:
There tends to be less competition as only a few new properties come on the market and many properties have been taken off the market until January, meaning your house is more visible to buyers.
The people looking at properties during this period are more motivated and serious about buying. For example they may need to find a new house by January. If so, they will have a sense of urgency.
Not only buyers are in a jolly mood, they are less distracted by work commitments at this time of year as they will have more time searching for the right property.
So if you are thinking of selling your property during the Christmas period, we have four top tips to help maximise the number of people viewing your property:
Give your home a quick DIY makeover – Small DIY jobs that you have been put off all year can make a difference to the property. For example; giving your walls a fresh coat of paint can dramatically improve the brightness and appearance of your property.
The garden is just as important in winter– A lot of sellers forget about the garden when it comes to this time of year. Ensure the grass is cut and free of leaves and debris.
Always clean and de-clutter – Make sure the property is clean and tidy as this will make the place appear more inviting. Furthermore, if there are less personal items it will be easier for potential buyers to envisage their own items in the property, which is always a positive outcome.
Home sweet smelling home – First impressions count for everything. Often people roast coffee, or home baking to create a warm baking smell, but simple things like candles or air fresheners can make all the difference to first impressions, and don’t cost a lot of money!
How can McEwan Fraser Legal make this work for you?
If you know you want to sell your property this winter, McEwan Fraser Legal is here for you… we are open everyday throughout the festive season, making sure no enquiries are missed. If you would like to discuss things further, please feel free to visit our website or contact us on 0131 524 9797.
Did you know that 1 in 4 children across the UK are living in poverty and will not receive a present to open on Christmas day?
Each year, the team at McEwan Fraser Legal supports Cash for Kids and raise money and presents during ‘Mission Christmas’ with Forth One to try and bring an end to children living in poverty in the UK.
We’re really pleased to support the campaign again this year, which Cash for Kids hope will be the biggest appeal to date. Please do consider buying an extra gift this year, which you can drop off at our Edinburgh Head Office reception area. The gifts can be suitable for children aged from birth to 18 years of age, and they don’t even need to be wrapped.
The gifts will be collected on Wednesday 13th December so it can be delivered to Santa in plenty of time. Santa will be delivering all these lovely gifts to children across Edinburgh, the Lothians and Fife.
It’s a fantastic cause so please show your support if you can- let’s help to make this the best Mission Christmas yet!