Schedule of Condition
A schedule of condition records the condition of a tenant’s demise in order to clearly define and provide clarity in respect of a tenant’s future dilapidations liability at lease expiry. Whether you are a landlord or tenant involved in a leasehold transaction, then you may need a schedule of condition prepared to best protect your interests and/or your investment in the property that is being leased.
A schedule of condition is prepared by carrying out a full inspection of the demise/property. The condition is clearly noted and photographed during the inspection to give a fully documented record of the demise/property at a point in time. This is generally at, or just prior to, the commencement of the tenancy. The schedule is then prepared and agreed between the parties and annexed to the lease.
As these schedules come in differing levels of detail due to the specific requirements of the client, the uniqueness of the property and the circumstance of the transaction, it is important to take advice on what is and is not required. Without this advice, costs can potentially be incurred unnecessarily.
We are able to prepare schedules of condition at short notice, liaising with clients and their legal team to help in providing timely and professional advice.