Thank you for visiting today’s Property blog. In this week’s run, we are going to be discussing property surveying and particularly dilapidations.
Dilapidation services are one of the core services that we offer here at Stokemont, over the years we have been very proud to assist on some very interesting and challenging properties.
This includes properties such as offices, retail units, factories and even educational premises.
What is a Dilapidations Survey?
A dilapidations survey is completed upon the run up to the expiry of the tenant’s lease.
A dilapidations survey is in place to ensure that the landlord is not left out of pocket for necessary yielding up, making good and repairs to their property.
With the vast majority of commercial leases in England and Wales being fully repairing and insuring (FRI), this principal ensures that the landlord is not unreasonably left out of pocket upon the tenant’s lease expiry, whereby they would then need to incur cost to rectify and remedy the various defects that have arisen and occurred to the property over the course of the tenant’s contract.
A dilapidations survey will effectively work its way through the property in a comprehensive and point by point manner, ensuring that both the lease, property and condition are all carefully considered and recorded.
Upon completion of the dilapidations survey, the surveyor will then prepare a dilapidations report, commonly also referred to as a terminal Schedule of Dilapidations.
Once this is in place, the landlord will then circulate the report with their tenant, giving them a reasonable period of time, usually 56 days, to rectify, make good, or alternatively reimburse the landlord for the accumulative cost of the dilapidations that have been recorded and noted.
How can a tenant prepare?
Here at Stokemont, we are often asked how tenants can best protect themselves in the run up to the start of a lease.
Our biggest advice, is that tenants instruct a surveyor to complete a Schedule of Condition report prior to taking occupancy of the property.
This Schedule of Condition report will become an all important part of their lease and contract with the landlord.
Mainly because the Schedule of Condition report is going to protect them against issues and defects that pre-existed their occupancy.
This will ultimately ensure that they are not placed in a position whereby they then need to remedy and rectify defects that were in place when they took occupancy of the space.
Here at Stokemont, we are very proud to offer both Schedule of Condition reports and Dilapidations Surveys. As building surveyors by trade, this ensures we are well placed to best assist our clients.
If you would like to discuss dilapidations surveys with our team of building surveyors, please feel free to get in touch with us today.
