The Tenancy Deposit Scheme
Landlords did you know with the introduction of the Tenancy Deposit Scheme (TDS) in April 2007, a landlord is NOT permitted to take damage compensation from their tenant’s deposit without proof that any damage or breakages have occurred during the tenancy. Hence it is important for landlords to safeguard themselves against damage to the fixtures and fittings of their property. The most effective way to avoid disputes arising at the end of the tenancy is by having the tenants agree on the specific condition of the property before they begin occupancy. This is where it is absolutely essential to have a comprehensive Inventory Report drawn up and then signed by the tenants.
Why have an independent Inventory report?
By using our services you can be confident that your property is in safe hands as we will prepare a detailed inventory report for you BEFORE the tenant moves into the property.
What is an Inventory report?
An inventory report is a visual inspection and written description to record the fixtures, fittings, decorations and furnishings of a property and their condition.
It is a legal document which protects both you and the tenant. It forms part of the contract between the Tenant and the Landlord. Whether the property is furnished or unfurnished, an inventory should be completed.
How you will be protected?
In the unlikely event of a dispute, under the terms of the TDS scheme adjudicators will review all relevant documents, including Inventory Reports, before the dispute resolution service or the courts decide how to divide deposit liabilities between Landlords and Tenants. This is why having an independent inventory report is crucial for your peace of mind.
By doing this you will be sending a clear signal to your Tenants that they will be held fully responsible for all damage, necessary repairs and renewal costs other than acceptable fair wear and tear. When you consider the costs involved with both the purchase and maintenance of a property, plus the time and money spent on the presentation, most professional Landlords agree that a comprehensive Inventory Report is an essential tool in successful property management.
Size doesn’t matter?
Whether you have a studio apartment, 1-2BR flat, a 3+ BR house or you have a large portfolio, you need to safeguard your investment. You need to be able to prove damages or breakages have occurred during a Tenancy. The most effective way to do this and to avoid a potential dispute is to have your Tenants agree on the specific condition of your property and its contents before they begin occupancy.
How we can help?
Our team have a wealth of experience visiting all types of properties on daily basis. They are able to assess damage, maintenance issues and wear and tear.
An inventory prepared by us becomes a living document of your property, i.e. once you have an inventory prepared we will keep updating this document for each new tenancy. This means that you only pay for an inventory once for the first tenancy and for any subsequent tenancies we update the inventory for a “check in fee”.
You can find further information about the Tenancy Deposit Scheme on the following websites:
The Deposit Protection Service: www.depositprotection.com
My Deposits: www.mydeposits.co.uk
The Dispute Service: www.thedisputeservice.co.uk
