Property Surveyors Return to Work
With the recent relaxations of some of the lock down restrictions, many industries are effectively open for business again. One of these is the UK housing market. The lifting of certain restrictions has meant that property surveyors return to work imminently. This is, of course, providing they follow certain guidelines to ensure safety.
This will come as a huge relief to both the general public and British businesses. It is estimated that between 350,000 and 450,000 real estate transactions, both purchases and rentals, have been postponed because of COVID-19.
What Guidelines Must Surveyors Follow?
Surveyors are again allowed to conduct surveys of properties as long as they follow the following guidelines.
- Surveyors cannot conduct surveys in residencies where a member of the household has shown symptoms of COVID-19 or are self isolating.
- Surveys are encouraged to take place by appointment only and with only 1 person visiting the property at a time.
- Surveyors must follow existing UK Government guidelines on working in other people’s homes.
- Surveyors must practice social distancing.
What does this mean for businesses?
With the reopening of the UK property market, businesses across almost all industries will be able to resume trading, borrowing and lending in and around the property market.
Real estate agents, surveyors and solicitors will be able to resume property trading.
Commercial property finance lenders will be able to conduct valuations and assessments and lend money to businesses.
It also means that businesses across the board will be able to buy and sell commercial property, whether this be for relocations, growth or perhaps downsizing.
And, of course, the general public will be able to buy and sell residential buildings.
There is estimated to be around £200 billion worth of borrowing outstanding in the commercial property lending industry.
Businesses that can boast unencumbered property assets or low LTVs will be able to benefit by borrowing at low rates. Nearly 50% of commercial property in the UK is unencumbered.
This means that many businesses will be able to leverage their assets to secure favourable refinancing terms.
Raising Commercial Property Finance with Samera Finance
The reopening of the UK property market has given commercial property finance lenders the confidence and security to resume lending to businesses, now that valuations and surveys can be conducted.
If you need to raise finance for your commercial property purchase or development, contact us today. We can help make sure you get the best price on the right deal for your business.
See how much you can raise
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