If a property lease is approaching the end of its lease term, both the landlord and the tenant will want to ensure that a Schedule of Dilapidations is prepared.
The Schedule of Dilapidations will ensure that the landlord has a full understanding of the defects and issues that the tenant has caused and will be accountable for, now that they are leaving the property and completing their lease term.
Schedule of Dilapidation inspections are comprehensive and thorough. The surveyor is going to find themselves working their way through the property in a methodical manner, carefully checking all of the elements and items of the property for issues and defects.
When an issue is noted, it will be flagged up and documented, usually referring back to the lease clause that the tenant is in breach of, whilst also putting forward a recommendation and likely cost to remedy and rectify.
At the end of the Dilapidation schedule, the tenant is going to have a full list of the issues that their landlord expects them to rectify and make good.
There are a couple of different options for the tenant at this stage.
Reimburse the Landlord
First and foremost, they can reimburse the landlord for any issues that have been noted. This will be in the form of a contribution or payment to the landlord upon the termination and expiry of the lease.
Rectify the Defect
Alternatively, they can rectify and make good the issues themselves. This tends to be the preferred method for the vast majority of tenants, as it ensures they will have cost control over the dilapidations noted.
In any event, the dilapidations schedule is a key part in the termination of the tenant’s tenure. Ultimately ensuring that the landlord isn’t left in an unreasonable or unfair position, having to contribute to unnecessary tenant caused issue and defect.
Here at Stokemont, we are very proud to assist landlords and tenants alike with their dilapidation survey requirements throughout London.
If you would like to discuss how we can be of assistance to you today, please feel free to get in touch. We will be more than happy to assist and advise you.