Learn why it is beneficial to protect your investment by using independent inventory services.
Property inventories are there for a good reason. For a landlord, it protects the valuables in their let property and for a tenant it provides them with an accurate state of the condition of all the furnishings and fittings provided by the landlord.
It is beneficial to protect your investment by conducting an inventory or related reports such as a check in, check out or mid-term inspections, which help prevent disputes over the return of deposits at the end of a tenancy.
The main reason inventories are key in the lettings process more than ever is due to the introduction of the tenancy deposit scheme that came into force on 6th April 2007. This policy dictates that all monies should be returned to the tenants, if they have honoured the terms of the tenancy agreement.
The Deposit Protection Service (DPS) says ….
“The deposit is first and foremost the tenant’s money; this remains the case until the landlord can justify their claim to it. The onus is on the landlord to show why they are entitled to claim money from the deposit.
This process is evidence based. The landlord must support their claim with evidence to show that the tenant has broken the tenancy agreement, and that the landlord has suffered, or is likely to suffer, a loss as a result.”
Although it might be tempting to write your own report, a judge or adjudicator will more than likely not see this as a fair representation of the original condition of the damaged items under dispute. Using professional inventory clerks report will therefore become an independent and vital piece of evidence to help resolve the situation fairly and quickly.
Although it seems as though tenants are the only ones who get caught out when it comes to inventory reports, there are also problems faced by landlords when they choose to write the report themselves. Although the document that they compile may tick all the correct boxes and seem extensive and thorough, you will still fail to be as secure in your report as you could be when using a professional clerk.
Sean, a landlord of twenty years, from Hertfordshire, explains his story.
“I had been writing my own inventory reports for many years and had never had any problems, perhaps because my tenants had always been pretty reliable.
After two years of living in one of my London properties, the twenty-something’s I had rented the house to had reached the end of their second lease and had clearly had a party. The entire house was completely trashed. Items were missing, there was a great deal of damage done to the walls all over the property and it was barely usable for the next set of tenants. I presumed that I would be able to claim some money back because I had compiled what I thought to be a decent report but found that it was not sufficient evidence enough to prove that the property was not let to them in this condition.
Many friends of mine, who are also involved in aspects of the property market, they too have always written their own reports. Many continue to do so despite such incidents. Ever since my bad experience, I have used professional clerks and I have to say, it is money well spent. It is just not worth the hassle.”
As you can see, it is not enough to scribble on a piece of paper how many forks you have left in the kitchen or how many table legs are intact. Seeking professional can help you save time and should you be unfortunate to let your property to tenants like Sean’s, it will protect your investment and be money well worth spent.
Contact us today to discuss why you should use us as your third party property inventory supplier.