Inventory Services for Landlords

The Tenancy Deposit Scheme was introduced on April 6th, 2007, and one major requirement of this legislation is for Landlords to “prove their case” if there are deductions to make from a Tenant’s deposit.

Designed to protect Tenants, under the terms of the scheme adjudicators are required to review all relevant documents – including Inventory Reports – before the dispute resolution service or the courts decide how to split the deposit liabilities between the Landlord and the Tenant.

Whether, as a landlord, you have a single property or multiple properties, there is a need to safeguard your investments. The best way to achieve this is to have an independent, professionally prepared Inventory Report. This is signed by your Tenants before they move in, and will, in time, provide an effective way for you to prove the condition of your property and its contents at the beginning of the tenancy. It also makes it clear to your Tenants that they are responsible for all damage, necessary repairs and renewal costs, other than what is deemed acceptable wear and tear.

Considering the costs involved with the purchase and maintenance of a property, and the time and money spent on presentation, the majority of professional landlords agree that a comprehensive Inventory Report is an essential tool in successful property management.

Helpful Links

The Deposit Protection Service: www.depositprotection.com

My Deposits: www.mydeposits.co.uk

The Dispute Service: www.thedisputeservice.co.uk