Why an independent inventory is important

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04th December 2010

Why an independent inventory is important

Now more so than ever with Tenancy Deposit Protection, is the need for 'a written document detailing the condition and contents of a property to be let' - an 'Inventory and Scehedule of Condition' report.

An inventory is not just about the furniture in the property, it is a detailed description of the contents of the property, the fixtures and fittings and the state of the decorations at the start and end of the Tenancy. (An inventory is neccesary whenever a property is let out to tenants for the first time or when it is let to different tenants.)

At Martin & Co Reading we insist that an independent Inventory is drawn up if we are providing a Fully Managed Service, and strongly reccomend an inventory to all of our Landlord clients. Testing the electrical appliances and the heating and plumbing system is not part of the inventory process and an inventory cannot itemise the miscellaneous contents of garages, outbuildings and attics.

In theory any party should be able to provde an inventory. However should the inventory need to be used to settle a dispute between a landlord and tenant, an external provider is generally considered by both parties to be unbiased. External inventory providers are considered specialists with the appropriate qualifications, training and insurance.

Generally the cost of an inventory is passed onto the landlord. However this should be regarded as an investment and protection for both the landlord and tenant.

The need for an inventory stems from being produced on granting a probate of a will (or intestate) and the requirement for such inventories were confirmed in the sixteenth century under an act of Henry VIII. However today landlords are unlikely to win deposit disputes with their tenants if the claim cannot be backed up by evidence from a written inventory.

If the property is fully managed by Martin & Co Reading, we will visit the property during the tenancy to ensure the property is being looked after in an acceptable way and the terms of the Tenancy Agreement are being followed.

With damage to the property and cleaning the property, two of the most common reasons as to why a deposit has been witheld, adopting a comprehensive process for inventories is key to ensuring peace of mind at the end of a tenancy for landlord and tenant alike.