When agreeing a lease on a commercial property, a schedule of condition is one of the most valuable documents you can have in your file. Leases contain obligations for tenants to repair and maintain the property to an agreed standard. Usually, the lease will either require the tenant to repair and maintain the full interior and exterior of the building, or just the interior.
A schedule of condition records the condition the property is in at the start of the lease. This helps to protect tenants against claims for existing damage and disrepair around the property caused by the previous occupiers.
A schedule of condition can not only help tenants to save thousands of pounds in repair bills – often tens of thousands on larger properties – it can also make the lease-end settlement process easier to resolve with the landlord. However, this document has to be comprehensive in order to offer the level of protection required.