subject: What Is a Property Inventory? [print this page] What Is a Property Inventory? What Is a Property Inventory?
Today, all landlords that rent property to tenants must hold deposits within an independent scheme set up by the government, namely the Deposit Protection Service (DPS). This service was introduced as a result of thousands of tenants being in dispute over outstanding deposits, due to the lack of an impartial body in the process.
The DPS now act as an intermediary agency that hold deposits independently, conducting Alternative Dispute Resolutions (ADR) If any disputes arise between landlords and tenants. As a result of this change, landlords must complete a property inventory, detailing the condition of the property (and all items within it at the beginning and end of each tenancy.
What is a property inventory?
It is a complete breakdown of a property's condition, including doors, walls and windows. It also includes a breakdown of all internal items that are being provided as a part of the tenancy, and their condition.
Photographic Records
An inventory clerk will conduct a property inventory inspection with digital photographs to record the condition of the property at the beginning and end of the tenancy. If there is any dispute, the inventory clerk can provide the photographic records to provide evidence of the condition of the property or items in question. What does a property inventory have to do with a tenancy deposit?
If you are a tenant and you are paying a deposit on a property, you may forfeit your deposit if the property or items within it are not in the same condition at the end your tenancy as they were at the beginning. Your deposit is therefore directly tied into the impartial inventory record which is produced at the beginning of your tenancy, and then checked at the end of your tenancy.
Who can complete a Property / Tenancy Inventory?
A property inventory should be completed by an independent third party, that specializes strictly in inventories. By having a third party (property inventory companies) complete the process, both the landlord and tenant can have peace of mind over the condition of the property and also the protection of the deposit being held.
How can a dispute arise?
If a dispute arises between the landlord and tenant, the DPS will get involved at request and analyse the property inventory records, from the beginning of the tenancy and the end. Based on an impartial decision disputes will be resolved and monies returned according to the outcome.
