Property Inventory: Who should prepare the inventory report?
Property inventory, why it is so important?
The property inventory is a catalogue of the property and its’ contents – containing record of the property’s condition and any items that are included in the tenancy. This is essential protection for both the landlord and the tenant. It is part of the legally binding contract that is set out in the tenancy agreement between the landlord and the tenant. It can be used in a court of law as evidence in the event of disputes between landlords and tenants.
Reasons why property inventory is important for landlords and tenants
- It provides both parties with the details of the current condition of the property.
- It will highlight any areas that needed to be fixed before the tenant moves in.
- It will help protect both the investment of the landlord and the deposit of the tenant.
Who should prepare the property inventory report?
For years, the property inventory has been written by landlords. Some landlords got away with just a few scribbling notes on a paper about the condition of their property. But with the Tenancy Deposit Scheme, the situation changed. Deposit monies are protected and insured and therefore an accurate inventory should be taken by landlords and signed by tenants if the landlords want to be protected in the future.
It is more important to have a carefully prepared inventory at the beginning of the tenancy and end of the tenancy, otherwise, it could end up into disputes or losing money in either party. Property inventory lessens the likelihood of disputes and allows the process of exiting tenancy hassle-free.
The property inventories can be done by either the landlord, letting agent, or by an independent inventory clerk. But in the time of dispute protection schemes usually favors inventories done by inventory professionals as compared to the report carried out by the landlord.
If you are interested in hiring an independent inventory clerk, Hamilton James is a property inventory specialist based in London. Hamilton James provides property inventory, check-in inventory, mid-term inventory, and check-out inventory. Visit www.hamilton-james.co.uk for more information.