Landlord Inventories: how important are they?
Landlord inventories are probably one of the most overlooked but important elements of a tenancy agreement. Donna Cheney, Head of Lettings, explains why.
Many landlords feel that they can manage their property/properties without the help of an agent as they consider the management fee to be an unnecessary expense. However, the lettings industry is complex and ever changing; 125 items of legislation and regulation were calculated in 2018 and 2019 has become even more confusing with the introduction of the tenant fee ban, client money protection scheme and Homes (Fitness for Human Habitation) Act, (to name a few!)
Let’s look at Landlord Inventories and Schedule of Condition. Are they compulsory? No. Are they essential Yes! And why? If you don’t have an extremely detailed inventory, then you will have absolutely no claim in the case of damages at the end of a tenancy. Damages can be a huge expense and a landlord must consider whether it is worth risking the cost of damages when it is likely that the cost of having a professional inventory produced will be less.
Our property inventories are often over 100 pages long, detailing everything from the woodwork and light fittings through to general cleanliness. We ensure to photograph and annotate, ensuring there is no risk of financial loss to our clients at the end of a tenancy. Unfortunately, a generic landlord inventory will no longer stand up or be accepted in the case of a dispute as there is no real proof of condition.
Don’t worry, in order to have an agent create a detailed inventory you don’t need to be signed up to a full property management service. However, in an ever changing and complex industry, we do suggest that you always have a fully managed service to protect you.
For more information, please give our team a call:
Alnwick 01665 511989
Newcastle 0191 284 7171