Do I need a Schedule of Condition when taking over a lease?
Thursday 25th July 2019
Carl O'Boyle BSc MRICS FCIOB MFPWS
It is essential when taking over the lease from another party that a line in the sand is drawn at this stage as you will become liable for existing defects by inheriting those obligations under the Full Repairing lease. It is likely that a Schedule of Condition exists from the other Leaseholder and this Schedule of Condition needs to be updated and any additional defects that have occurred need to be recorded and dealt with through your Conveyancer.
At Tayross Associates we carry out Schedules of Condition for parties located in Watford, Stanmore, Harrow, and other areas in Middlesex and West London. You can download a copy of a typical Schedule of Condition here and if you contact us with your proposed property that you intend to lease we can very quickly supply you with a cost for carrying out a Schedule of Condition.
Schedule of Condition Case Study
We carried out a Schedule of Condition recently in a industrial Park in Ruislip where we were able to highlight a lot of serious defects to the potential Leaseholders that they were able to have dealt with by the Landlord prior to taking up occupation. These ranged from defective windows, roofs, floor finishes and areas where asbestos was suspected. Within our Schedule of Condition, we were also able to add other useful hints and suggestions to be taken on board with the lease.
Landlords of Freehold properties can be particularly aggressive these days when it comes to lease repairs, and by not having a Schedule of Condition carried out you can leave yourself open to substantial costs. Should you have any queries I would be more than happy to discuss these with you you can ring me at any time my mobile number is (07976) 820628.
This article was written by Carl O'Boyle BSc MRICS FCIOB MFPWS. Carl is a full professional member of the Royal Institution of Chartered Surveyors, a member of the Faculty of Party Wall Surveyors and a Fellow of the Chartered Institute of Building for which he currently sits on the CIOB professional conduct committee and adjudications panel.
If you have any Schedule of Condition enquiries then please call us at our Pinner office on 0208 426 1448. We cover all of Pinner, Harrow, Stanmore, Northwood, Central London and the surrounding areas.