Joined up Langham Park Success
2nd November 2018
Acting on behalf of landlords Oxford Regency Ltd, Richard Brown of NG Chartered Surveyors has overseen the settlement of dilapidations works as part of a surrender and grant of a new lease handled by colleague Jonathon Seddon.
This process involved the quantification of the outgoing tenant’s dilapidations liability, which was qualified by a Schedule of Condition, and the review and approval of the incoming tenant’s Schedule of Condition.
Richard Brown of NG Chartered Surveyors said: “Given both tenants were seeking to rely upon Schedules of Condition to limit their repairing liabilities, this had the potential for there to be a gap in liability which would fall to the landlord, ultimately costing them works and potential impact on the property’s investment value. We identified that shortfall, being the difference between the property’s repair now and that as recorded at the commencement of the lease by the Schedule of Condition.
“This required the detailed examination of the existing tenant’s Schedule of Condition and preparation of a Schedule of Dilapidations to quantify the tenant’s liability. The exercise was complicated by the tenant agreeing to leave in a substantial mezzanine floor and other alterations for the incoming tenant.
“The loss to the landlord was quantified and agreed with the outgoing tenant, which at approximately £15,000 compensated the landlord for their loss.
“The review and agreement of the ingoing tenant’s Schedule of Condition completed the services, and enabled the surrender and grant of new lease to proceed in a timely manner.”