Conducting an Inventory, a few questions

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    Conducting an Inventory, a few questions

    Hi guys

    I am potentially looking to let my property from the end of this month, and plan to advertise it via an agency. However, I plan to perform an Inventory myself. Can anyone give me any tips/advice on how best do this? Any templates or similar? (as the letting agent wants to charge £80 for the priviledge of one)

    Thanks in advance

    Regards

    Ol

    #2
    You can download a useful Inventory proforma free from the Agreements section of LLZ.

    Other than that, there is no substiture for absolute rigour! The more professional and detailed your move-in inventory is, the less risk there is that tenants will 'get away with' any damage at the end. Make sure the inventory refers to state of decoration and cleanliness, as well as to state of contents/furntiture. Photographs - lots of them - help give a fuller sense of what the property was like on Day One..

    If possible, get tenants to go round property with you on move-in day to check off inventory and sign it there and then. Some people leave it, trusting Ts to return it but they don't. If you don't have an agreed inventory from the off, your chances of claiming any damages reduce.
    'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

    Comment


      #3
      £80 is fair for a decent inventory.

      £0 may end up being very expensive.

      £0.02
      Now signature free.

      Comment


        #4
        To me the inventory/condition statement is really there to protect the tenant, as you are largely in control of how you make deductions from the deposit at the end of the term. Obviously for your own protection you will want to list any items in the house that belong to you, as well as their condition. Thereafter, I now use my digital camera's video mode to film each room and talk about the condition as I'm filming. I have found a written statement is hard to work with sometimes years after the move in date.

        Comment


          #5
          Originally posted by humbleone View Post
          To me the inventory/condition statement is really there to protect the tenant, as you are largely in control of how you make deductions from the deposit at the end of the term. Obviously for your own protection you will want to list any items in the house that belong to you, as well as their condition. Thereafter, I now use my digital camera's video mode to film each room and talk about the condition as I'm filming. I have found a written statement is hard to work with sometimes years after the move in date.
          I don't think that's quite right.

          The deposit is taken to protect the LL. The deductions from the deposit taken on the basis of evidence and agreement between L & T (or arbitration or court if necessary). The LL is not in control of deductions at all, the LL just makes a case for deductions.

          There is a reason that on a professional level, the industry uses a comprehensive written report, sometimes supported with photographs (but not necessarily). Because that is what works best.

          How hard can it be to stick a copy of the report in a vanilla envelope and file it?
          Now signature free.

          Comment


            #6
            Really, the Inventory protects both parties.
            1. It's a checklist at the start of the Tenancy, to record what contents are there and received by T (so it protects L against any later arguments that items were missing).
            2. It's a checklist at the end of the Tenancy, to record what contents are there and received back by L (so it protects T against any later arguments that items were missing).
            JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
            1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
            2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
            3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
            4. *- Contact info: click on my name (blue-highlight link).

            Comment


              #7
              Originally posted by jeffrey View Post
              Really, the Inventory protects both parties.
              1. It's a checklist at the start of the Tenancy, to record what contents are there and received by T (so it protects L against any later arguments that items were missing).
              2. It's a checklist at the end of the Tenancy, to record what contents are there and received back by L (so it protects T against any later arguments that items were missing).
              + comprehensive condition report of the property of course.
              Now signature free.

              Comment


                #8
                Ideally the inventory should be carried out by an unbiased and unrelated fourth party. Especially in the instance if things go to court proceedings. An inventory carried out by the LL would be viewed as more biased and potentially contentious.

                Nevertheless if you the LL decide to do it yourself make sure you itemise everything with a condition report and take LOTS of photos and get the tenants to sign and date each and every page (as mentioned above IDEALLY on the day they move in and they get the keys)

                Party 1: LL
                Party 2: T
                Party 3: LA/MA [who acts on behalf of the LL hence is biased]
                Party 4: Professional Inventory clerk

                Comment


                  #9
                  Originally posted by sparkie View Post
                  Ideally the inventory should be carried out by an unbiased and unrelated fourth party. Especially in the instance if things go to court proceedings. An inventory carried out by the LL would be viewed as more biased and potentially contentious.

                  Nevertheless if you the LL decide to do it yourself make sure you itemise everything with a condition report and take LOTS of photos and get the tenants to sign and date each and every page (as mentioned above IDEALLY on the day they move in and they get the keys)

                  Party 1: LL
                  Party 2: T
                  Party 3: LA/MA [who acts on behalf of the LL hence is biased]
                  Party 4: Professional Inventory clerk
                  Yes, good summary. Also ensure, on the moving in/out days, that:
                  a. gas/electric/water meters are read, by the parties if not by the statutory undertakings; and
                  b. each of the parties has a note of the readings. This avoids later problems re who pays what (esp. if the Bills are sent to one party who wil need to reclaim £££ from the other party!)
                  JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                  1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                  2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                  3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                  4. *- Contact info: click on my name (blue-highlight link).

                  Comment

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