An inventory is an essential document that provides a written record that details the fixtures and fittings of a property and their condition as well as the condition of the property itself. This should be amended, updated and recreated before the beginning of each new tenancy.
Why do I need an inventory?
The creation of an up to date and accurate inventory is so important whenever a new tenancy is created. One of the main features of the deposit schemes is dispute resolution and the inventory will play a major role in the process if needed. When the time comes to agree the amount of deposit returnable to the tenant, a fully detailed and accurate inventory will support the evidence of both the landlord and the tenant, even more so if there is a dispute. Whichever scheme the deposit has been registered with will look at all documentation as a basis for their decision and an accurate inventory will not only speed up completion of a tenancy but will also keep costs down.
What is a Tenancy Deposit Scheme?
There are two types of deposit schemes which are used in the UK:
- A custodial scheme in which the landlord/letting agent puts the deposit into the scheme and the scheme looks after it for the duration of the tenancy
- An insurance-based scheme in which the landlord/letting agent keeps the deposit, but has to pay insurance to the scheme
Each scheme has a free service which landlords and tenants can use to sort out disagreements about deposits, instead of going to court. This is called an alternative dispute resolution (ADR) service.
For more information on the schemes which operate throughout the UK please see below:
The Dispute Service (TDS): www.thedisputeservice.co.uk
The Deposit Protection Service (DPS): www.depositprotection.com
My Deposits: www.mydeposits.com
Samantha Measham our Business Development Manager says : “I would never dream of renting a property out without an inventory. For such a small upfront cost it can save you so much money in the future, especially if there happens to be a dispute”
If you have any further questions regarding deposit schemes or would like any more information please email us and one of our experienced letting management staff will be able to help you further.
Related Articles
- Should You Furnish Your Rental Property?
- Should I Let My Tenant Decorate?
- Tenancy Agreements Explained
- What Landlords Should Know About ‘White Goods’
- Landlord’s Guide to Letting Property
