What is a property inventory?
A Property Inventory is a record of all household items, fixtures and fittings, walls, ceiling and floors and the condition that they are in. The report is dictated into a dictaphone by a clerk, photos and meter readings are taken, and the report is then typed up and sent to you by email in PDF format.
Why is it important to have an inventory?
Since the introduction of the Tenant deposit scheme (TDS) which came into effect in April 2007, all deposits taken for assured shorthold tenancies must be protected. It is important to have a Inventory and schedule of condition in case of damages, disputes at the end of the tenancy. The TDS were created to protect deposits, and resolve disputes impartially if needed.
When is an inventory required?
A new inventory is required when there are new tenants moving into your property or it is being let for the first time. It is not necessary to have a new inventory done if your current tenants are renewing their lease. If there have been renovations or changes though, we do recommend an updated inventory is recorded, to note any necessary new items or maintenance work.
It is important to note that a inventory should be done as close to the beginning of the tenancy as possible.
What if I do not have an inventory?
In the event of a dispute a landlord may find it very difficult to claim damages, as there is no written or photographic proof stating what condition the flat/ house was in previously. Historically, Claims courts are more likely to find in favor of the tenant.
Do I need to be present at the inventory?
No you don`t. It is recommended the Tenant is present for the check in though. If there is anything specific that you (the landlord) would like to point out, such as new items, it is advised to prepare a list so our clerk can verify these on the inventory(as new). This would include newly painted walls, ceilings, new furniture, fittings and appliances.
Information on the tenancy deposit scheme can be found here
Useful links to regulatory bodies can be found here
Copyright Stencel Inventories 2012