Lincolnshire Landlords Newsletter Issue 22 - Why should I have an Inventory
It is good practice to have a detailed and accurate inventory completed at the start of the tenancy, and again when the tenancy ends. If the tenant has agreed the inventory at each stage, this reduces the potential for a dispute to arise at the end of the tenancy, enabling the landlord to enjoy a much more risk-free tenancy.
An inventory, which records the condition of the property with written notes, photographic evidence, as well as details of the contents, including fixtures and fittings, will be helpful in supporting a claim on a deposit, because if a disagreement does arise, a decision to resolve the matter will be based on the evidence provided by both the landlord and the tenant. Failure to provide suitable evidence, such as an inventory, in support of a claim, may affect the outcome of the dispute.
Landlords can opt to do their own inventories or use an independent inventory company. If you are unhappy with the service provided by an inventory clerk you can now hold them to account, because both the Association of Independent Inventory Clerks (AIIC) and nationwide licensee inventory organisation VeriSmart have joined the Property Redress Scheme (PRS).
The AIIC, which was founded in 1996 and is the UK’s largest membership organisation for independent inventory clerks, provides specialised training and support for inventory professionals, while VeriSmart is a market leading smart inventory provider, operating in more than 40 locations across the UK.
Dealing with a deposit dispute can be stressful and costly for those involved so it’s always preferable to avoid this if possible. We advise that all landlords carry out an inventory at the start of any new tenancy.