The Schedule of Condition
The Schedule of Condition is prepared prior to completion of your business lease. It is prepared, almost exclusively for the benefit of tenants, but can also be prepared for landlords.
It is factual record of the property at the beginning of the tenancy. The purpose of the Schedule of condition is to prevent tenants being made responsible for repairs to elements of the property in poor repair at the start of the lease.
This often overlooked document can potentially save tenants tens, if not hundreds of thousand pounds in repair costs alone and help to mitigate areas of inevitable dispute at the end of the lease. In most cases, if there is no Schedule of Condition then the tenant will be exposed to unnecessary costs for defects existing at the start of the lease.
If you are thinking about taking a lease of commercial property, then speak to us about obtaining a Schedule of Condition before you sign your lease.
The Schedule of Dilapidations
A Schedule of Dilapidations can be prepared during, towards the end and after the lease has ended. The purpose of the Schedule of Dilapidations is identify tenant breaches of covenant, usually items of disrepair, decoration, reinstatement and statutory compliance. Failure to deal with dilapidations claims properly can potentially cost landlords or tenants tens, if not hundreds of thousand pounds.
Schedules of Dilapidations are usually prepared by the Landlord’s Surveyor and are intended to represent the landlord’s opinion of tenant works which are required to put the property into the condition required by the lease.
If prepared in time, the Schedule of Dilapidations can be served on the tenant so that they can complete the works before vacating. If prepared after the lease has ended, the Schedule of Dilapidation will form the basis of the landlords claim for compensation.
We can prepare Schedules of Dilapidations for landlords or defend Schedules of Condition for tenants.
As Chartered Surveyors, we adhere to RICS Guidance Note – Dilapidations 6th Edition. RICS Guidance Notes are intended to represent best practice, i.e. recommendations which in the opinion of RICS meet a high standard of professional competence.
Get in touch
For further information, call us on 01782 659 905 or email us at firstname.lastname@example.org