Schedules of Condition
‘It is not just a few photos of a property stapled to the back of a Lease’
A Schedule of Condition records the state of repair to a property at a given point in time. They are used for a variety of purposes including, to limit the repairing obligations of a lease, recording existing condition prior to the agreement of a Party Wall Award following construction works and to protect owners and occupiers within shared properties.
Whilst a building condition survey is typically undertaken at the start of a lease term, it is often not until lease expiry when the benefit is realised for having a detailed schedule prepared by a Chartered Building Surveyor. They can save time in negotiations at the end of a term when a Dilapidation claim may be brought, and also limit the financial impact relating to the condition that the property is returned in. A poorly prepared schedule could result in protracted negotiations and more works being undertaken which could have been avoided.
A schedule of condition can be undertaken in conjunction with a Pre Lease survey or a Pre-Acquisition survey.
At Inform we offer three types of schedule, namely:
- Photographic only
- Photographic with accompanying text