For landlords who have spent significant funds on getting
their properties in top condition to attract tenants, the last thing they want
is to see all that work undone through damage or neglect by the occupier.But, if they fail to take a proper inventory at the start of
the tenancy, this is a situation landlords could find themselves in.
The Inventory is a listing of all the contents of a property
and a record of the condition of each item. It’s also referred to as a
“schedule of condition”. The form is designed to help monitor the condition of
the items before a tenant moves in and just before a tenant leaves, so it can
be made clear what damages, if any, need to be paid for.
A lack of an inventory, or one that has not been completed
to the correct standard, could mean that, if the tenant does damage the
property or its contents, the landlord may not be able to withhold the deposit
to cover the costs.
Some landlords who let properties unfurnished mistakenly
believe that they do not need to complete an inventory because there is very
little that can be stolen, broken or damaged.
However, as proper inventories also include details on the
condition of a property, such as cleanliness and decor, even the barest of
properties should have one.
They may be able to use their landlord contents insurance to
claim for lost, stolen or intentionally damaged items, but many property owners
insurance policies won't pay out for accidental damage.
As such, it is perhaps no surprise that many landlords
choose to use professional services to ensure that the inventory is carried out
correctly.
The inventory acts as a legal contract between the tenant
and landlord that shows they agree on exactly what was in a property and in
what state it was in at the start of the rental period.
Therefore, it must be signed by both parties at the start of
the tenancy and initialled on each page. It is highly recommended that tenant
attends the check-in inspection but the tenant should also be allowed a period
of time to advise you of anything they disagree with or wish to be amended so
you should allow them a reasonable time to do so.
The Property Ombudsman Code
advises a period of five days for the tenant to respond with corrections
however be sure that if the tenant does not sign and agree the report you have
a clear audit trail that shows you have done everything to allow them the
opportunity to comment.
It is also advisable to note the readings of the gas and
electricity meters to avoid disputes both with the tenant and energy suppliers.
Stacey Wren of First Assist RLS said
"A true inventory is not simply a list of items in a
property - it also includes a description of the condition and cleanliness at
the start and finish of the tenancy, enabling one to be compared against the
other with clarity and accuracy," says Ian Potter, operations manager at
the organisation. It is also vital that an inventory clearly defines any terms
used for describing condition and that these are used consistently and using a
clear scale.
For more information on Inventories and other First Assist
landlord services visit www.firstassist-rls.co.uk
or call 0800 0830122
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