Information

• Why have an inventory?

  ARLA (The Association of Residential Letting Agents) states that:

  “Inventories are absolutely essential documents that provide a written benchmark, that should be amended, updated and recreated before the beginning of each new tenancy”

  An inventory provides a detailed report of all fixtures, fittings and furniture within the property at a given point in time and outlines the condition of the property and its contents at that time. This detailed report is then used at the end of the tenancy to compare and establish the condition upon exit.

  With the changes to the law and the introduction of the Tenancy Deposit Scheme it is a legal requirement that all landlords/agents that hold the tenants deposit under an Assured Shorthold Tenancy will need to participate in either:

  • Deposit Protection Service
  • Tenancy Deposit Scheme
  • My Deposits

  This will ensure that deposits cannot be withheld without justification.

  With this in mind the spotlight is very much on the inventory, check in and check out process should there be any issues with the property at the end of the tenancy the inventory is a critical document with which to benchmark against the condition at the end.

  There have been many cases where a landlord has done the inventory themselves or not had an inventory at all which have resulted in the tenant receiving their full deposit back at the end of the tenancy as the landlord has not been able to provide sufficient evidence to back up their claims compiled during the check out process.

  A judge will look less favorably upon an inventory prepared by a landlord as it could be seen as an amateur attempt to fulfill a duty and could also be viewed as biased in the landlords favour.

• Why Magenta?

  Established in 2008 Magenta is a local independent company, which has experience from both sides of the fence having been a landlord and a tenant so we know what both parties expect.

  Magenta can offer:

  • Full executive membership of the Association of Independent Inventory Clerks (AIIC)
  • All our clerks have gone through full AIIC recognized training
  • Fully insured with public liability and profressoninal indemnity insurance
  • Use of bespoke app using an Ipad, enabling detailed reports turned around within 24 hours
  • Online booking of jobs
  • Fully comprehensive reports with detailed photographic evidence
  • 6 years+ local experience
  • Competitive pricing
  • Flexibility – available at short notice to turn reports around within 24 hours
  • Non jargon language that every tenant can understand
  • Fully independent report so only an unbiased view is reported
  • Lettings Agents - your time to free you up to work in more fee generating areas of the business
  • Landlords – protect your investment and offer support in a dispute situation
  • Professional and friendly service

• DPS

  In April 2007 the Government introduced tenancy deposit protection whereby it is a legal requirement for all Assured Shorthold Tenancies (AST’s) to have the deposit insured to prevent monies being taken unfairly from the tenants deposit.

  This important piece of legislation works hand in hand with having a professionally prepared inventory done.

  When the tenancy comes to an end, without an independent third party inventory it is unlikely that all parties will be in a position to determine and prove who is at fault for any discrepancies in the event of a dispute.

  Failure to complete a detailed inventory at the start of the tenancy will result in the tenant automatically receive the deposit back in full, regardless of the circumstances when the tenancy has come to an end.

  To insure the tenants deposits, Landlords and Agents must one of the three approved schemes:

  • Deposit Protection Service
  • Tenancy Deposit Scheme
  • My Deposits

  Other facts:

  • Deposits must be insured within 30 days of receipt of funds being paid
  • A certificate of insurance must be issues to the tenants
  • Deposit amount must remain the same throughout the tenancy
  • Check out report must be sent to the tenants within 10 days of the check out date
  • The deposit amount should be paid back to the tenant(s) within 21days should there be no disputes
  • If land lord and tenant fail to come to an agreement, either party can refer the dispute to the relevant deposit protection scheme
  • Adjudication should take no longer than 40 days however meanwhile the undisputed amount is paid back to the tenant within 21 days

  Evidence Required in the event of a dispute:

  • Signed tenancy agreement
  • Signed inventory and check in report
  • Check out report
  • Any supporting photographic evidence
  • Any relevant invoices, receipts, estimates