RESIDENTIALlettings
Charge of the light inventory
A sloppy inventory could cost you money, says Nick Lyons.
T
he new, higher threshold for Assured Shorthold Tenancies which came into force on 1 October 2010 means that properties with rents up to
£100,000 per year must now be protected by one or other of the Tenancy Deposit Schemes. This has brought an even closer focus on
the importance of the inventory, its quality and its timeliness. A property with a rental value of £2000 per week has the potential to create huge costs in repair and replacement at the end of a tenancy; whether those costs will be met by the landlord or the tenant can often depend on the rather vague term ‘fair wear and tear’. There is a very fine line between what
can be happily termed ‘fair wear and tear’ and what constitutes ‘damage’. The Dispute
Inventory specialists
Professional bodies The aiiC The Association of Independent Inventory Clerks AIIC was established in 1996. Its aim is to ensure that every landlord, tenant and agent in the UK is aware of the importance of the inventory process and the benefits of employing an independent, professional independent inventory clerk. The AIIC ensures that proper
information and training is available for all members to provide the best possible service to the highest standards. Members have to follow the AIIC
Guidelines to Professional Practice and abide by the AIIC’s Code of Practice. They must have Professional Indemnity and Public Liability insurances.
www.theaiic.co.uk
aPiP The Association of Professional Inventory Providers is part of NFoPP. It aims to provide a service for in-house and independent inventory providers with advice, guidance and professional development through training courses and assessments.
www.apip.org.uk
invenTory Providers
www.inventorycheck.co.uk www.nolettinggo.co.uk www.arpm.co.uk www.rushbrookrathbone.co.uk www.thevideoinventoryagency.co.uk www.propertyinventories.com www.theinventorymanager.co.uk www.inventoriesinc.com
Service website details countless case studies relating to disputes between landlords and tenants on this very subject; it is quite evident that there is plenty of scope for landlords and tenants to be treated far from fairly if good practice is not followed. A meticulous and consistent approach to check-ins, check-outs,
What one person deems acceptable may be considered to be sub-standard by another...’
inventories and interim visits should be an absolute priority for landlord and letting agents. Correctly undertaken, these will deliver the vital foundation for a successful and uncontested tenancy by providing all the necessary supporting documentation to avoid any dispute between the landlord and tenant in discussions about the condition of the property and its contents. An independent inventory management
company is almost certainly better- equipped to provide an unbiased assessment of a property throughout the period of the tenancy. Tenants are likely to respond better to someone that is not linked to the landlord in any way and whose judgement is not clouded by any existing or historic business relationship. Extensive experience of the business which includes an in-depth understanding of the potential pitfalls associated with the ‘fair wear and tear’ debate will also pay dividends – protecting both the landlord’s property investment and reducing the risk of unscrupulous claims affecting the safe return of the tenant’s deposit.
PROPERTYdrum NOVEMBER 2010 59
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