What Is A Commercial Lease Schedule Of Condition And Why Do I Need One?

If you are dealing with commercial leases for the first time you are likely to be seeing a lot of new terms that you haven’t come across before. Here at Burgh Thorpe Solicitors, we are here to help. We know that you are great at running a business – it’s what you do best. However, if that means that you don’t know all the terms, ins and outs of a commercial lease, that’s okay. That’s why our commercial property solicitors in Peterborough are here to help you. So, in this blog post we look at what a commercial lease schedule of condition is. We also look at why you need one.

What Is A Commercial Lease Schedule Of Condition?

The terms of the commercial lease will lay out the obligations and expectations of the tenants to repair and maintain the commercial premises. Generally speaking, there will be two types of leases. These will be an FRI lease, also known as a Full Repairing and Insuring lease or an internal repair only lease.

If you have a Full Repairing and Insuring lease within your commercial lease, you will be responsible for the full cost of repairing and insuring the entire commercial premises. This will include all structural parts such as walls, the roof and even the foundation of the premises too. It also includes the internal parts of the premises. This will include all surfaces such as the walls, floor and ceiling.

When starting your commercial lease, it is important that the landlord and the tenant ensure that there is clarity over expectations and responsibilities. This will avoid potential disputes throughout the tenancy. Ideally the schedule of condition will include a detailed written report and photographs to clearly show the condition of the premises and the state of repair it is in.

While you don’t legally need to have a schedule of condition for your commercial lease, it is highly recommended. Here at Burgh Thorpe Solicitors, we can help manage and negotiate your commercial lease. This will include handling the schedule of condition. This is to ensure that as a tenant, or a landlord, you are safe and protected.

Why not call our commercial property lawyers in Peterborough now to hear how we could help you. It might seem like an unnecessary cost now, but you’ll be grateful for it in the future. Especially if things don’t go to plan with your commercial lease or schedule of condition.