Posted: Monday October 16, 2017
A useful and robust tool for limiting the liability of a lease, on behalf of a tenant, is a Schedule of Condition. The schedule records the condition of the property at the outset of the lease and, providing the lease is correctly drafted, the schedule can be used to ensure the tenant does not have to put the property into any better condition than evidenced in the schedule. This is often invaluable where the property being leased is not new and is already subject to a degree of wear and tear.
Conversely, a Schedule of Condition can help a landlord in the event a tenant taking a lease of a building in good repair and condition. The schedule can evidence the good repair the property was let in and the standard in which it should be returned at the lease-end.
With our extensive knowledge of dilapidations, we have a solid understanding of the detail required in a Schedule of Condition and the pitfalls often found in poorly drafted schedules.
Schedules can be tailored in detail to suit the property or budgets of the parties. The savings, in the long run, will almost always exceed the cost of compiling a Schedule of Condition.