The importance of independent inventories has been made by me many times now and I hope that members are heeding this advice, especially if the property is being managed personally. There are several good reasons for this:-
- The inventory provides essential evidence if there is a dispute and is given greater weight by those involved in the disputes resolution service.
- The inventory is a shared document and should belong to the tenant and the landlord. As such its cost should be equally shared by both parties and should include a charge for a recheck at the 3 month point. This keeps both parties on their toes and informs the tenant that it will be re-inspected which will put off canabis farmers!
- The charge for inventory and also for checking residency status should now be included in any private rental agreement as well as charges for credit reference checks. This cost should not be met in full by you, the landlord even though I know that many of us do not make an initial charge for this. It is something we should consider as part of our professional approach to the business we are in, however large our portfolio. Thorough checking will provide peace of mind and help put off tenants who set out to abuse landlords.
I am sure the guide will be of use and interest to us all. Click the link below to view guide.
Mydeposits Guide – The ins and outs of inventories