|  | | Dilapidations | | | A modern commercial lease will describe in detail the obligations placed on the tenant in keeping the property in good repair and decorative condition throughout the term.
When acquiring property either under a new lease or by taking an assignment it is essential that the exit liabilities are closely considered and that financial provision is made. A detailed schedule of condition can serve to protect the interest of an ingoing tenant by limiting the extent of work that can be claimed on expiry. In some circumstances the tenant may however be better placed by taking a capital contribution from the landlord or insisting that the landlord puts the property into good repair from the outset.
Whether acting for landlords or tenants, we are able to advise the parties at the critical stage of entering into the lease and towards the closing stages as a terminal schedule of dilapidations should be anticipated. We aim to provide the optimum solution on behalf of our clients through the process of negotiation.
For further information please contact Jeremy Gilbert.
Case Study
£674,000 reduction negotiated from landlord’s initial financial claim in conjunction with a surrender transaction of 34,000 sq. ft. office building at 100 Victoria Street, Bristol, for Brann Limited.
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