A professional property investor
Our client was the freeholder of a property in Portsmouth comprising of approximately 2,782 sq ft (258.46 sq m) of office accommodation. As a result of the tenant deciding to vacate the premises upon expiry of the lease, there was a need to determine the tenant’s dilapidations responsibility under the terms of the lease and to arrange for the premises to be returned to a lettable condition.
Our Building Consultancy:
Our Building Consultancy team recently successfully completed a dilapidations settlement on behalf of the landlord.
Our role included:
- Agreement of client instructions
- Reviewing the lease to determine the outgoing tenants liabilities upon vacation
- Internal and external inspections of the property to attain the condition of the internal office accommodations and the external building envelope
- Preparation of the schedule of dilapidations
- Negotiation of the final settlement with the outgoing tenant
The Benefit to Our Client:
Our client received a final settlement equivalent to one year’s rent, allowing the property to be brought back to a lettable condition at no extra cost to the freeholder.