THINK THE COST OF AN INVENTORY TOO HIGH? CONSIDER THE COST OF DAMAGES!
Since the introduction of the Tenancy Deposit Scheme on 6th April 2007 it is a legal requirement for Landlords to register a tenant’s deposit and provide evidence should there be any deductions proposed from a Tenant’s deposit.
The legislation is designed to protect Tenants under the terms of an Assured Shorthold Tenancy. Should there be an unresolvable dispute and an application is made to a deposit scheme, adjudicators will review all relevant documents as proof, including Inventory and Check Out Reports before the dispute resolution service or the courts make an informed decision on the deposit return distribution.
Whether you are a landlord with a single property or have a large portfolio, it is essential to safeguard your investment. You will need to be able to demonstrate damages that have occurred during a Tenancy that are outside of fair wear and tear. The most effective way to do this and to avoid a potential dispute is to have your new Tenants agree on the condition of the property and its contents at the start of their tenancy.
This can be achieved by having an independent professionally prepared Inventory Report. By doing this you will be sending a clear signal to your Tenants that they will be held fully responsible for all damage or repair/replacement costs outside of fair wear and tear.
When you consider the costs involved with both the purchase and maintenance of a property, paired with the time and money spent on the presentation, most professional Landlords and Letting Agents agree that a comprehensive professionally prepared Inventory Report is an essential tool in successfully managing a property.
You can find further information about the Tenancy Deposit Scheme on the following websites:
The Deposit Protection Service: www.depositprotection.com
My Deposits: www.mydeposits.co.uk
The Dispute Service: www.thedisputeservice.co.uk
For further information on our Inventory services for Landlords please contact us.