Property Inventories for Landlords
Your rental property is undoubtedly one of your most valuable assets. Unfortunately, it is a fact that other people won’t look after your investment as you would and even for the most discerning tenants, accidental damage can happen during a tenancy.
At Inventory House, our London based inventory clerks aim to help protect your investment by reducing the impact dilapidation’s, damage and accidents have on your rental income with property inventories for landlords.
By recording the condition of your rental property during the inventory, with a concentration on detail and accuracy we strive to reduce the chances of a tenancy dispute. And if there is a dispute, the purpose of our inventory report is to make it clear and simple to resolve, making it more straight forward to recover any costs incurred. A comprehensive inventory will more often than not encourage your tenants to look after your property.
We hope you will continue to visit our website, you can register on-line to keep up to date with our news blogs and receive relevant information on both our services and the lettings market in general, such as our Property Cleaning Schedule and a guide to the Tenancy Deposit Scheme issued by the scheme providers.
The Inventory House Property Cleaning Schedule is designed to provide you with a list of cleaning requirements for all properties which all Inventory House personnel work to during an inspection. This can be used to guide you in preparing an inventory for rental property for a new tenancy or to provide the cleaning company you are using with a comprehensive list of what is required to ensure the property is cleaned to the highest standard, hopefully avoiding any unnecessary deposit disputes over cleaning.
Why do I need an inventory?
On 6th April 2007 the government introduced the tenancy deposit scheme. For all short hold tenancy agreements where a Landlord or Agent takes a tenancy deposit, it must be protected in a government approved scheme. Failure to do so can result in a fine on the Landlord of up to 3 times the deposit amount.
All tenancy deposit schemes provide a free and impartial resolution service should a dispute arise over the return of the deposit at the end of a tenancy. If landlords and tenants decide to use this service, both parties must accept their decision is final. All schemes insist that to reach a resolution there must be a detailed inventory report which includes documentation of the condition of the property at both the beginning and the end of the tenancy.
Do I need property inventory services if my property is unfurnished? In short, yes. We would advise there is at least a detailed and thorough check-in report carried out on an unfurnished property. It’s not just furniture items that get damaged, our experience tells us that more often, the costly damage is that to decorations, carpets and floors or fixtures and fittings.
Why use Inventory House?
With over 10 years experience Inventory House to put it simply, provides the most thorough inventory services in London. Our dedication and enthusiasm in what we do offer added value giving you complete confidence in us and complete peace of mind in our service.
We produce inventory reports for rental properties that you can rely on to be detailed, thorough and to the very highest standard. We record any damages with accuracy and with the support of digital photographs; making any dispute clear and simple to resolve and thereby making it far more straight forward to recover any costs incurred.
If an item is in good condition, we say it is, leaving no doubt of the condition the item was in at check-in come check-out. Oh and no silly abbreviations either!
Inventory House operate a completely transparent pricing policy. The price we quote is the price you pay. There are no additional fees for additional rooms, or for evening, weekend and bank holiday bookings, or for the congestion charge and we won’t charge a cancellation fee unless made within 2 hours of the booking.
What is the Tenancy Deposit Scheme?
A full guide to the scheme is available on our website, but 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 with links to all of the current tenancy deposit protection schemes. Please click on the links to find out more information on each of the providers.
Deposit Protection Service www.depositprotection.com
Tenancy Deposit Solutions www.mydeposits.co.uk
The Dispute Service www.tds.gb.com
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.
Why do I need an independent inventory service?
With more importance being placed on inventory, check-in and check-out reports by the tenancy deposit schemes, it is vitally important that this documentation is as detailed as possible. There is no better person than a well trained inventory clerk to report and inspect a property with the professionalism and accuracy that is required. Producing a report to such a high standard takes time and experience. Time you may not have. You wouldn’t try to do a mortgage survey yourself would you? Why try to do the letting inventories yourself?
Inventory reports created by Landlords themselves are seen to be biased. Of course it is possible and reasonable for a landlord to ‘talk up’ their property and investment as much as a tenant can talk it down. An independent inventory for rental property offers complete fairness and impartiality. Likewise to use an ‘in-house’ service provided by your letting agent may also be seen as biased. Remember as their client and the person paying their fees, the agents are working on the Landlords behalf, acting in your best interests.
An independent inventory promotes a more trusting and amicable tenancy between you, the landlord, and your tenants. A comprehensive inventory report will prevent any unnecessary disputes and will encourage your tenants to look after your rental property.