Lease liabilities limited by way of a Schedule of Condition
A very typical purpose is to record the condition of a property prior to parties entering into a lease agreement of property so that there is a benchmark reference to judge whether the property/area being inspected at the end of the lease term is in a better or worse condition than at the start of the tenancy. The schedule of condition is particularly useful for both landlords and tenants when it comes to the letting of older or unusual property.
For tenants, a well-documented schedule of condition can help to limit and/or reduce tenant liability from landlord dilapidations claims at the expiry of the lease.
For landlords, offering older or unusual space subject to a schedule of condition can help the marketing and secure a letting of space that would otherwise be perceived by well advised tenants as a maintenance and/or dilapidation liability risk.
Gemstock have a wealth of experience in undertaking schedule of condition tasks for both landlords and tenants across commercial, industrial, retail and residential building sectors.
