Schedules of Condition
Most commercial leases place a responsibility upon the tenant
to keep the property in good repair, often referred to as
a full repairing or FRI lease. Many tenants however do not
appreciate that this liability extends to 'putting' as well
as 'keeping' the property in good repair and under these terms
the tenant is required to hand back the property in good repair
regardless of the condition at the beginning of the lease.
The costs of minor disrepair can be offset by incentives,
such as rent free periods etc but where there is more extensive
disrepair, especially in older buildings, it may be possible
to have the lease modified so that the tenant's liability
is limited to handing back the building in no worse condition
than at commencement.
This will require the landlord's agreement and a record of
the original condition, known as a Schedule of Condition,
which is attached to the lease agreement.
Our professionally qualified surveyors are able to undertake
pre lease surveys and prepare Schedules of Condition.
The cost of taking professional advice before signing a lease
can be a fraction of the potential liability at the end.
Contact:
Ray Arrowsmith
Direct Line: 020 8370 2531
ray.arrowsmith@bowyerbryce.co.uk
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