SCHEDULE OF CONDITION
Whether you’re a tenant entering into a new commercial property lease or a landlord preparing to grant a new lease, the purpose of a schedule of condition is the same; to ensure that, at the end of the lease term, the property will be returned in the same condition in which it was acquired.
Fail to take adequate protection before entering into a new commercial property lease agreement and you could find yourself at odds with your lease obligations and vulnerable financially – Trinity Rose Chartered Surveyors are here to make sure you don’t fall foul of some very costly dilapidations disputes in the future.
Read more about our Schedule of Condition reporting services, then contact us to ensure you’re not taking on the responsibility of the other party’s repair costs.
Thorough Schedule of Condition reports that cover you today and when your lease ends
A Schedule of Condition is essentially designed to limit the repairing liability of the incoming tenant. When a new lease agreement is to be assigned, an accompanying Schedule of Condition will serve as a written and photographic report that will identify the precise state of repair and condition of the property. In the event of a dispute at the end of the lease term and the condition of the premises is contested, a Schedule of Condition will provide the requisite evidence that a tenant has returned the property in the same state it was at the outset of the term.
Trinity Rose Chartered Surveyors acts for both landlords and tenants by producing concise, yet thorough Schedules of Condition that ensure tenants keep their property in a good state of repair and in accordance with the obligations under the terms of their lease. Our reports contain detailed descriptions and full colour photographs and are annexed to the lease documents.
A schedule of dilapidations listing the repairs that should be carried out on the property can be served by the landlord at the end of the lease – without a robust Schedule of Condition, a tenant is potentially at risk of having to make hefty dilapidations payments in the event that the restorative work isn’t completed. In the case of an older or poorly maintained property, this document may prove invaluable to an incoming tenant.
If you’d like to talk about how Trinity Rose Chartered Surveyors’ Schedule of Condition surveys can support your next lease transaction, please contact us.
- A formal document to accompany a new lease agreement
- Protection for landlords and the condition of their leased property
- Limited repairing liability for the incoming tenant
- An effective safeguard against potential significant dilapidation payments
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FAQs
What’s included in a commercial property management service?
Trinity Rose Chartered Surveyors Property Management services are tailored to suit each client and extend from basic landlord services to sophisticated programmes for more complex commercial estates. You can discover more about what’s included here.
What are the main benefits of an acquisition survey?
An acquisition survey will help you avoid any unexpected issues and costs that may appear in the future and give you greater power to negotiate a better deal on your new commercial property. You can find out more about what’s involved in a Trinity Rose Chartered Surveyors acquisition survey here.
Whose responsibility is it to conduct a Schedule of Condition?
It is usually the landlord that agrees to allow a Schedule of Condition to be incorporated into a commercial lease but, as the beneficiary, it is usually the tenant that arranges for the Schedule of Condition to be prepared. The document is then assessed by the landlord for agreement before incorporation into the lease. Trinity Rose Chartered Surveyors acts for both landlords and tenants in the production and review of Schedules of Condition. It helps to protect the condition of the landlord’s property and is a safeguard against dilapidations claims for the tenant. Read more about what this service entails here.
How can you avoid a dilapidations claim at the end of a commercial lease?
Trinity Rose Chartered Surveyors recommend that dilapidations is a key point of consideration for both landlords and tenants from the commencement of a new commercial lease – this way we can help our clients negotiate the most favourable terms and manage their liability. Read about our dilapidations services here.
How often should you conduct a rent review for a commercial property?
A rent review should take place according to the terms of the commercial lease although, typically, rent reviews take place at five to 10-year intervals. You can read more about Trinity Rose Chartered Surveyors’ rent review service here.
When should you carry out an IRV assessment?
We recommend that building owners, landlords and tenants who are responsible for insuring commercial premises carry out regular IRV assessments, ideally every three years, to ensure reinstatement values remain accurate. Read more about our IRV Assessment service here.
Trinity House 123 Winchester Road, Chandlers Ford, Hampshire. SO53 2DR
t: 02382 002500
info@trinity-rose.co.uk
Top Floor, Trinity House, 123 Winchester Road, Chandlers Ford, Hampshire SO53 2DR
t: 01962 888900
Trinity House 123 Winchester Road, Chandlers Ford, Hampshire. SO53 2DR
t: 02382 002500
architecture@trinity-rose.co.uk
