One of the costliest processes a business undertakes is entering into a lease. Becoming a Tenant sometimes for a lengthy period of five years or longer means the business is not only obliged to pay the rent, but must also commit to ongoing repairs and maintenance and particularly dilapidations liabilities at the end of the lease term. Tenants are often unaware of the potential associated costs of such dilapidations claims, which can run into tens of thousands of pounds.
At the start, to reduce your liability, you should obtain a Schedule of Condition on the property you are looking to lease.
A Schedule of Condition is a professionally prepared document that includes both detailed written descriptions and extensive photographs to give a clear record of the condition of a building when you take possession.
Prepared by a Chartered Surveyor after a detailed inspection of the property, a Schedule of Condition identifies any existing disrepair present providing a you with evidence that the damage already existed before you took occupancy.
The purpose is to ensure that you is not required to put the building back into any better condition than that in which you found it. This will then help to counteract elements of repair work and dilapidations that the you would otherwise become responsible for when a Schedule of Dilapidations is prepared by a Landlord at a later date.
After a Schedule of Condition has been prepared, this should be appended to, and referred to, in the Lease, to give the Tenant protection.
We offer a variety of surveys and valuations for properties, new and old – no matter the condition. Take a moment to browse our other services, below.
We will carry out desktop search to check on important issues before conducting a detailed on-site inspection to record the building’s condition and construction.SEE MORE
A Snagging List details issues your builder needs to address after they have completed the property to make sure it is finished properly.SEE MORE