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Instructions were received to represent the former Tenant where the Landlord had served a Schedule of Dilapidations (a report that provides a precise breakdown of repairs that must be scheduled to reinstate a property to its original condition as stated in the lease agreement) at £1.5 million.
Our Building Surveyor assessed the Schedule of Dilapidations at £800,000.
In light of this, we produced a Diminution Assessment (loss of value) at £250-£300,000 stating that certain works agreed between Building Surveyors would not impact the reletting of the building considering its age, character and locality. These included:
- Cleaning roof, painting warehouse floor, painting internal steelwork
- Offices/welfare facilities are dated and likely to be fully stripped out and modernised
This enabled a settlement to be reached at £400,000, saving the client in excess of £1 million from the Landlord’s original claim.
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