Landlords
Whether you are renting out your home, or a property you have bought as an investment, it will be an integral part of your life to which you will have devoted a great deal of time, money and emotion. Unfortunately, no matter how respectful the tenants are - accidents will happen and you need to make sure that you're protected.
Why is an inventory needed?
A professionally drawn up inventory and schedule of condition will protect you from any unwarranted disputes by the tenant at the end of the tenancy. If there is an insufficient, outdated or even worse no inventory then you will have no evidence of what the property was like at the start of the tenancy. This means that if you or the agent are unable to provide documentary evidence that the tenant caused damage, then you will not be in a strong position to make a claim, in the event the tenant contests the matter.
How often should the inventory be updated?
The inventory should be drawn up from scratch when an agent first takes on the property. Thereafter it should be properly updated at the start of each new tenancy. Each new tenancy should have an inventory that is unencumbered by comments relating to previous tenancies at the same property.
Why not save money and do it yourself?
Compiling an inventory and schedule of condition is a skill and should be carried out by someone qualified to do so. The inventory is an important document and one that may need to be relied upon as evidence in the event of a dispute and may be liable to the scrutiny of a Court of Law.
The inventory is not just a list of items placed in or on the premises, a proper inventory will include a schedule of condition of the property itself as well as the fixtures, fittings and contents. A professionally qualified inventory provider is also likely to be deemed to be impartial and will note the property in the condition in which it is found both at the start and end of the tenancy.
What happens when you don't have an Inventory?
There have been a number of decisions by adjudicators under existing voluntary schemes which show that unless you follow these rules there is little or no chance of you recovering anything out of the deposit for damage.
In any case, you must remember that a deposit will not cover fair wear and tear.
Likewise, the precedent for decisions by District Judge in County Court small claims have also shown that unless you follow these procedures exactly, it is unlikely that you will be awarded any part of the deposit to make good any damage.
It is common for a tenant to claim that the damage already existed when the tenancy started. Unless you have proof of the state of the furniture/property at the beginning, in the form of a properly prepared and agreed inventory/condition schedule you are unlikely to succeed.
If you want to claim the cost of damage to an item of furniture, you should retain proof of purchase to show the cost at the time of purchase.
You must make sure that you carefully preserve all of these records. It is advisable to keep a proper tenancy file containing all of this information.
What is the Tenancy Deposit Scheme?
In short, from April 2007 all Landlords, Estate Agents, Property Managers who take a tenancy deposit are required to join and register the deposit with a tenancy deposit scheme. Below we have provided a list of the current tenancy deposit protection schemes. Please use the websites below to find out more information on each of the providers.
All schemes offer a dispute resolution service at the end of a tenancy should a disagreement arise between landlord and tenant. All schemes promote/advise that an independent inventory check-in and check-out report be carried out for each tenancy so that a satisfactory and informed decision can be made to resolve any disputes. All schemes impose regulations on the time it takes to return a tenants deposit.
What other evidence will the landlord need?
If, following the end of the tenancy you have to make good any damage, you will need to have proper receipts/estimates/invoices.
You should obtain at least two estimates for the cost of making good the damage; otherwise the tenant can challenge the cost.
We enjoy meeting new clients and would be happy to pop in, introduce ourselves and discuss any questions you might have.
We're equally happy to take advantage of today's technology and utilize programs like skype if you're managing your assets from afar.
As a rule we feel that our prices are very competitive for the high quality service we provide so do not generally offer discounts. However for large volumes of guaranteed work, we are of course willing to discuss this.
We welcome the opportunity to discuss how we can help you to manage your inventory needs if you have a large portfolio.
Here are some sites for more information...
Tenancy Deposit Protection Schemes (TDS)
Gas Safety Regulations
Landlord Information
Electrical Safety Regulations
Other Useful Sites
Furniture and Furnishings (Fire) (Safety) Regulations