Providing Independent Inventory Services to Landlords and Tenants
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:
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.
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:
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:
Evidence Required in the event of a dispute: