A Schedule of Condition acts as written and or photographic evidence of the state of the property at the time the lease is granted. It will consist of a list of photographs and additional description of the property and is appended to the signed lease.
We were commissioned by Grill Shack to undertake a survey and prepare a Schedule of Condition at the pre-lease stage on a takeaway restaurant for the ingoing Tenant (Grill Shack). A on-site inspection was carried out and a record of the condition of the proposed leased areas along with photographs were taken and compiled into a report, which is intended to be appended to the proposed signed lease.
- We identified a number of defects and advised that these would be a liability during the Lease term.
- Having flagged-up these issues, the Tenant was able to negotiate and ensure that the repairs became the Landlord’s responsibility – removing this liability.
- The schedule helped to decide whether to go ahead with the lease and influence negotiations regarding price.
- Listed liabilities which needed to be factored into the client’s negotiation.
- The report provided the enabled the client to make informed decision about the proposed premises and its investment potential.