We now have endless information and resources, at our fingertips which we can access day to day. By not instructing a professional for their advice, many people see this as a way of saving time and cutting costs. Sadly this often has negative consequences as cutting out any professional advice makes people liable to the ‘free’ – often dubious information, which is available online. Much of the available information provided is not reliably checked and very often misses vital information. This often results in what should have been a relatively simple task turning into a much more time-consuming and unnecessarily expensive project. Property agents and surveyors in London are all too familiar with people getting into trouble after thinking they could do it on a ‘do-it-yourself’ basis.
When negotiating commercial leases, it is common for many people to ‘save money’ by cutting out the middle-man and not instructing an agent. People often think they have negotiated a good deal, however it is very common for them not to have accounted for other clauses within the lease. This can cost them significantly more than what was originally budgeted for; examples include large dilapidation costs at the end of the term, or significant rental increases with limited flexibility to surrender the lease.
Lease renewals and rent reviews can become a messy affair. Both landlords and tenants have been caught out by excessive costs if negotiations have failed. This can result in paying for a 3rd party surveyor or even going to court. If suitable advice had been taken at the beginning much of this would have been avoided, and the best deal for both parties could be reached.
As so much information is now accessible many tasks are thought to be easy enough to solve on your own. When managing property there are numerous things that can catch you out, I would suggest it is worth speaking to someone before you take the first step!