Our Client, the freehold owner of a building in Camden High Street, was in advanced negotiations with the incoming tenant and was looking to complete the lease imminently. The property was a period building in a prominent location along Camden High Street, which formed two demises.
The property comprised of a retail unit on the ground floor with an ancillary basement store, which formed one demise. The second demised area included the residential accommodation above, which occupied the first and second floors. The residential demise was accessed via a separate entrance to the side of the retail unit.
The previous tenant who occupied both demises had vacated the property, leaving it in a poor condition. Our Client, and the incoming tenant, agreed to have a Schedule of Condition prepared to identify and reference the building’s condition prior to agreeing and signing a new lease. This was intended to limit the tenant’s lease liabilities in relation to their future dilapidations’ obligations in their new lease.
Completion of the Lease was imminent. Due to the urgency of the instruction to allow our Client to complete on the new Lease we made arrangements to undertake an inspection of the property the day after receiving our Client’s instructions. The inspection was undertaken during which we recorded the elements within the building along with their condition.
The Schedule of Condition was prepared and issued. This document included detailed descriptions of each element within both demises and included supporting photographs highlighting points raised in the Schedule. The Schedule of Condition was issued to our Client the day after the inspection in anticipation of being attached to the new Lease.
The Schedule of Condition was completed promptly, enabling the lease to be completed in accordance with our Client’s timescales. We always endeavour to work with our Clients to ensure that we meet with their requirements.
