Schedule of Condition
What is it?
A Schedule of Condition is a report carried out by a surveyor to record the condition of a property when a lease is entered into, either commercially or domestically. Schedule of Condition surveys protect you against dilapidation claims.
Dilapidations are part of the law that relate to your lease covenant requirements that mean you have to give the property back in the condition that is stated in the lease.
Benefits of Schedule of Condition
In general terms, a Schedule of Condition is a record of the condition of a property and what it looked like at the point it was occupied / purchased and which may identify any existing defects prior to occupation or commencement of work. It stands as a point-in-time reference to the condition of a property and will assist to either limit 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 a lease 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. Many fail to understand the repair liabilities and responsibilities they are signing up to and the financial impact which may be involved in rectifying the premises back to an agreed condition.
A Schedule of Condition will usually be a document with photographic evidence of the condition of the property at the outset, accompanied by a narrative description of conditions or specific items within the premises.
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