Schedule of Condition…Always be Prepared
Schedules of Conditions (SoC’s) are a useful tool for landlords and tenants, but all too often poor drafting leaves parties wondering why they are not better protected by the document when an issue arises. Common drafting errors are sections of the property missed, services such as electrical, air conditioning, etc., poorly or unreferenced, poor quality photographs… the list goes on. The Devil is in the Detail when it comes to SoC’s.
Why have a SoC?
SoC are commonly appended to leases to limit obligations such as repairs or decorations (Dilapidations). They can also be appended to a party wall award, or other such scenarios where the condition of a property needs to be clearly and accurately documented.
Another application for a SoC which is underutilized is when a tenant leases or landlord lets a property and it is useful to document the properties condition at lease start. This document may not be formally appended to the lease, but its presence is still very useful should a dispute arise during or after the term relating to the standard to which a property should be returned in.
As a tenant a SoC could save tens of thousands later down the line, or as a landlord ensure recovery to the correct standard. Definitely money well spent.
Control is key
Whether you are a landlord or a tenant it is always best to prepare a SoC. Instructing a competent consultancy such as Vantage will ensure the SoC is commercially written, the often and unnecessarily painful process of agreeing amendments is reduced, saving time.
Mediocre advice
A well prepared SoC will always help when it comes to dilapidations, but like a formula one car, it can be the most advanced, or fastest on the grid, but without an experienced driver behind the wheel any benefit can be lost. A dedicated and specialist dilapidations advisor like Vantage knows how to best use a SoC to their client’s benefit.
Every building is different, as is the lease and therefore obtaining the right advice is essential. Off the shelf reports prepared by a poorly supervised staff using templates, are they of help?
First Class Service
At Vantage the client the comes first and our template can be adapted to suit your bespoke needs. Our focus is on meeting our clients brief so you can be assured that once instructed we have your best interests in mind at all times.
Vantage have various bespoke SoC templates and procedures including 1- Photo and text report, 2- Photo only report, 3- Text only report, 4- Video report and 5- Pre occupation report (a shortened style generally not appended to a lease).
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