Inventories

Why should I use an inventory?

Tenancy deposit protection does not make inventories compulsory. However in practice they are essential and should even be considered best practice if not taking a deposit. Not only will you need an inventory in the sense of a list of items included in the tenancy (e.g. beds, curtains, sofas, etc) but the inventory will also record and damage/the condition of each item along with the condition of the general property (ceilings, walls, floors, doors etc) and existing defects at the beginning of the tenancy will need to be set out.

If your deposit is intended to cover damage to the property itself you will also need a schedule of condition. Again this records any damage which exists when the tenancy starts.

Our inventories, as well as detailing the condition of the property and its affects also included digital photographs of each room and any major damage easily identifiable by a photograph.

Once your property it all ready to let out we would arrange an appointment to visit  which takes between 1-3 hours depending on the size and whether it is furnished/unfurnished. We typically need 48/72 hours turnaround to type and finalise the report before sending back to you.

A Sample inventory

Tenancy Deposit Protection schemes – when to use them

Tenancy deposit protection (TDP) schemes guarantee that tenants will get their deposits back at the end of the tenancy, if they meet the terms of the tenancy agreement and do not damage the property. Landlords must protect their tenants’ deposits using a TDP scheme if they have let the property on an assured shorthold tenancy (AST) which started after 6 April 2007. If these conditions don’t apply – for example, because you live in the property with your tenant – you do not have to protect your tenants’ deposits. However, it is still good practice to do so.

Landlords or agents must use one of the three approved TDP schemes to protect tenants’ deposits where these conditions apply. If any other scheme is used, deposits are not protected in law. The three approved schemes are:

• Deposit Protection Service (DPS)
• MyDeposits
• Tenancy Deposit Scheme (TDS)

If you don’t protect your tenants’ deposits when required to, your tenants can take you to court and you may have to repay them their deposit plus three times the amount of their deposit. You will also be unable to seek possession of your property in certain circumstances.

The schemes:

• encourage landlords and tenants to draw up clear tenancy agreements
• provide a free service to resolve disputes

TDP schemes do not cover holding deposits. Tenants can pay you holding deposits before they have signed a rental agreement. You are not required to protect a holding deposit with a scheme before someone becomes your tenant. However, once they are your tenant the holding deposit becomes a deposit which must be protected with a scheme.