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Do I need a Schedule of Condition when taking over a lease?
Thursday 21st November 2024
Carl O'Boyle BSc MRICS FCIOB MFPWS
When taking over a lease, one of the most crucial steps is ensuring that the property’s condition is documented accurately. Without a Schedule of Condition, you risk inheriting liabilities for existing defects under a Full Repairing Lease. Here’s why this step is essential and how it can save you from costly disputes in the future.
Why is a Schedule of Condition Important?
A Schedule of Condition is a detailed record of the property’s state at the time you take over the lease. It serves as a “line in the sand,” protecting you from being held responsible for pre-existing defects.
Under a Full Repairing Lease, tenants are typically obligated to maintain and repair the property, returning it to its original condition at the end of the lease. If existing damage isn’t properly documented when you move in, you could be held liable for repairs that weren’t your responsibility.
In many cases, a Schedule of Condition from the previous tenant may exist. However, this should be thoroughly reviewed and updated to include any additional defects that may have arisen since it was created. Ensuring this process is handled correctly is typically done through your Conveyancer, but it’s important to work with professionals experienced in property surveys.
How We Can Help
At Tayross Associates, we specialise in producing comprehensive Schedules of Condition for commercial and residential properties in areas including Watford, Stanmore, Harrow, and across Middlesex and West London.
Our detailed reports include photographs and descriptions of all visible defects, ensuring an accurate record of the property’s state. If you’re preparing to lease a property, simply contact us with the details, and we’ll promptly provide a tailored quote for carrying out a Schedule of Condition.
For an example of our work, you can download a sample Schedule of Condition from our website.
Case Study: Industrial Park in Ruislip
Recently, we conducted a Schedule of Condition for potential leaseholders at an industrial park in Ruislip. During the survey, we identified several significant defects that might otherwise have gone unnoticed:
• Defective windows and roofs
• Damaged floor finishes
• Areas where asbestos was suspected
Thanks to our findings, the prospective tenants were able to negotiate with the landlord to address these issues before signing the lease. Additionally, we included practical recommendations in the Schedule, which proved helpful during lease negotiations.
Beware of Aggressive Landlords
In today’s property market, landlords - particularly those owning freehold properties -can be stringent when it comes to lease repairs. Without a Schedule of Condition, tenants can find themselves facing substantial repair bills at the end of the lease, even for damage they didn’t cause.
A professional Schedule of Condition protects your interests, ensuring you’re only responsible for issues that arise during your tenancy.
Get Expert Advice
Taking over a lease is a significant commitment, and understanding the property’s condition is key to avoiding unexpected costs. If you have any questions or would like to arrange a Schedule of Condition, feel free to reach out.
You can contact us at Tayross Associates directly—our team is happy to discuss your requirements and guide you through the process. Call us at 07976 820628, and we’ll ensure your lease journey starts on solid ground.
