Benefits of a Schedule of Condition

Before undertaking a new Lease, whether commercial or residential, it is important to consider how you may be affected when that Lease comes to an end. There will usually be a clause that expects the tenant to keep the Property ‘in good repair’, so it’s important to identify any repairs needed prior to the beginning of the tenancy. It helps to set a benchmark against which the property, land or structure can then be assessed in the future and helps both landlords and tenants.

• The advantage of a Schedule of Condition for a tenant is that is helps to limit liability to remedy anything which took place prior to their occupation of the property.
• The advantage for a landlord is that they have certainty that the tenant is obliged to return the property in the same date they took occupation.
• It can help avoid disputes that may arise once the end of the lease term is reached.

It is recommended under the Party Wall etc. Act 1996 to prepare a Schedule of Condition prior to undertaking any works to an existing Party Wall, structure and or adjacent excavation works. This will provide evidence of existing condition prior to commencement of the works and can be used to ascertain whether damage has occurred therefore avoiding any potential disputes which may arise.

If you need any further advice regarding a Schedule of Condition, our RICS qualified surveyors can advise you on all aspects of obtaining one prior to the signing of your new Lease or undertaking any works and will discuss any impact to you.