PROPERTY INVENTORY AT UK

PROPERTY INVENTORY AT UK

PROPERTY INVENTORY AT UK

A written record of personal property owned, along with the current value and price paid, used for tax or insurance purposes known as property inventory. A legal, professionally prepared property inventory report can be used to validate whether or not a tenant is entitled to a partial or full return of a deposit. Landlords are advised not to take any risk and without an accurate inventory, a landlord has no evidence to prove that the property that has been let has been neglected or abused in any way. Without a professional inventory, landlords have no any kind of natural legal recourse to withhold monies lodged as a deposit.

Assured Shorthold Tenancies are the most common form of tenancy in Wales and England. Under the revised terms of the Housing Act 2004, all deposits taken by landlords for Assured Shorthold Tenancies must be protected by a tenancy deposit protection scheme and this scheme has been introduced to promote good practice in deposit handling and to avoid tenants getting ripped off. When a tenant pays a deposit against a rental property, and is entitled to get it back then they can be assured that this will actually happen. Both tenants and landlords are strongly advised to have in place from the outset of any rental agreement, a clear, fair and consistent detailed inventory. The inventory report should fairly summaries the contents and condition of the property that is being rent.

Having a professionally trained independent Inventory Management business undertakes this role and avoids the risk of biased or misinformed reporting. An inventory report will benefit both landlord and tenant and a good inventory clerk will be able to provide consistent, independent and highly professional property inventory management services for the residential lettings community.

Property inventory in UK has become a lucrative business and there are many professional providers who cover all regions of the UK. However there is still a national shortage of professional inventory clerks as many inventory clerks are still local agents, some not very professional, offering inventory management as part of many other services. There has been growth in high quality national network of property inventory businesses in UK and on choosing an inventory clerk or a property inventory company one should check some following points:

Does their inventory service comply with requirements in tenancy deposit schemes?

Understand the purpose and scope of an property inventory.

What kind of inventories is required for Tenancy Deposit Protection Legislation?

Understand preparation, structure, compilation and content of an Inventory.

Quantify the conditions and quality measures to evaluate rental property.

Will the records include photography?

Will you be at risk of negligence / supply of Goods and Services Act 1982?

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