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What should I consider when viewing a 'live/work' property in London?

When viewing a live/work property, thoroughly assess the suitability of the space for both living and working. Consider the layout, natural light, noise levels, and accessibility for clients or employees. Check if the property has the necessary planning permissions for your specific business activities. Also, consider the impact of business operations on your neighbours and ensure compliance with local council regulations.

What legal requirements should I be aware of when running a business from a residential property in London?

Running a business from a residential property in London may require specific planning permissions from the local council. Check the permitted use class of the property and whether your business activities fall within that class. You may also need to comply with regulations regarding business rates, health and safety, and fire safety. Contact your local council for detailed guidance.

What are the potential tax implications of using a 'live/work' property?

When using a property for both residential and business purposes, you may be able to claim certain expenses as business deductions. However, you'll need to accurately apportion expenses between personal and business use. Seek advice from a qualified accountant to understand the specific tax implications for your situation and ensure compliance with HMRC regulations.

What are some common issues to look out for in 'live/work' properties in London?

Common issues can include inadequate soundproofing, insufficient storage space, and a lack of separate entrances for business and residential use. Check the property's electrical wiring and internet connectivity to ensure they can support your business needs. Also, consider the impact of business activities on your home life and ensure there's a clear separation between work and personal spaces.

What should I check regarding the lease or freehold of a 'live/work' property?

Carefully review the lease or freehold agreement to understand any restrictions on business activities. Check for clauses related to noise levels, operating hours, and the number of employees allowed on the premises. Ensure that the agreement allows for your specific business activities and that you understand your responsibilities as a tenant or owner. If buying, instruct your solicitor to check the title deeds for any restrictive covenants.