A Schedule of Condition is an accurate record of the condition of a property at the start of a lease term. This will assist you, the Tenant’s repairing liability or assist the Landlord in pursuit of reinstating the premises and / or a dilapidation claim at the end of the lease term.
Many Tenants who enter into a lease or licence to occupy premises do not tend to think about what their repairing obligations may be during the lease term and won’t give this further consideration until they reach the end of their occupation.
Sadly, many also fail to understand the repairing liabilities and responsibilities they are signing up to and the likely financial impact, which may be involved in rectifying the premises, back to an agreed condition. It may not be at the forefront of a Tenant’s thinking to assess these likely cost implications when they vacate premises, but unfortunately this can often prove to be an expensive error.
Without having proper documentation in place, it can prove very difficult for either party to establish what condition the premises were in at lease commencement, let alone several years later at the end. If parties are unable to reach a settlement the matter can take many months, if not years, to resolve and at a great cost, especially if the matter is referred through to the Courts.
Depending upon the client’s requirements, the Schedule can record the asset’s principal features only, or may be prepared to a very high level of technical detail. It may be drawn-up for a variety of purposes.
A Schedule will usually be a document with photographic evidence of the condition of the property at the outset, accompanied by a description of conditions or specific items within the premises. It will identify any defects or where any obvious visible changes have already been carried out by the present owner / previous Tenant against any agreed alterations.
If you are considering entering into a commercial lease and require further information and advice on Schedules of Condition, get in touch either by calling 0203 355 5045 or using the contact button below.
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If you are completing a lease of a commercial unit, this a photographic report that is designed to be attached to the lease to record the condition of the property upon your commencement date.
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