Landlords are Losing out Through Inadequate Inventories

19 January 2012 Categories: News

Landlords are Losing out Through Inadequate Inventories

A rising number of private rental sector landlords are losing out on hard earned money simply because they fail to complete adequate property inventories at the time of tenant arrival. Thousands of buy to let landlords each year choose to compile their own inventories however according to the Association of Independent Inventory Clerks (AIIC); the results just aren’t detailed enough.

Pat Barber, Chairperson of the AIIC recently said in an interview “It is vital that there is a thorough and detailed inventory which will enable both parties to be treated fairly and reasonably. The inventory documentation serves a number of vital functions, especially if professionally compiled, including providing a catalogue of the let property, an unbiased record of its condition and any items included in the tenancy. It also forms part of the legally binding contract that is set out in the tenancy agreement between the tenant and the landlord.”

When it comes to court action against private tenants who have caused either wilful or accidental damage to the property, deposit scheme adjudicators primarily use the property inventory to assess whether there is a case for withholding the tenant’s deposit. An inadequate inventory often means adjudicators can’t say for sure that damage has occurred, and as a result more and more landlords are left holding the bill for repairs and professional cleaning.