Buying or Renting Commercial Space in Scotland

With its unspoiled natural beauty, this country is one of the best places to travel in Europe. With its booming tourism industry and with lots of hospitality establishments around, it would be a good idea to take advantage of the opportunity and establish a complementary business there. However, before you rush out and buy or rent the nearest commercial property available in the vicinity, you need to know a few important things so your purchase or rental will go smoothly.

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First, you cannot buy or rent land or commercial space by yourself in the country. Instead, you must hire a Scottish solicitor to represent you to a real estate agent who will, in turn, manage your deals with the property owner. If the owner agrees to your offer, then the solicitor sends an acceptance contract to both you and the other party. Upon signing, both parties are bound by the terms of rental or sale, and the area is listed as "under offer."

It is not advisable to back out from the contract. If you withdraw, you are bound to pay an extremely large bill that possibly costs thousands of pounds. The process of early commitment by both parties is to prevent anyone from "gazumping," or refusing to formalise a property sale agreement at the last minute in order to accept a higher offer or because there is a change of mind. Also, when the documents are completed and signed off, you are legally responsible for the construction and maintenance of the structure in the area you bought or rented. That is why you need to have adequate property insurance in place.

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One final important point that you need to know is that the price advertised for the sale of the space is just the minimum payment. This means that you cannot bargain for a lower price. As a rule of thumb,properties are usually sold at 10 percent more than the cost being advertised.

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