Schedules of Condition
Schedules of condition arise from a survey that is undertaken before a lease is signed in order to determine the condition of a building. Having a schedule of condition can protect leaseholders and freeholders by identifying existing defects in a building and the potential for repair work in the future. These schedules can save leaseholders thousands of pounds when it comes time to end a lease by, for example, specifying that the property will be returned to the freeholder/landlord in no better condition than at the start of the lease.
Schedules of condition are also prepared for adjoining properties so that an accurate assessment can be made in the event of any damage being caused. In these instances schedules of condition are included in party wall awards.