Why you need a property inventory
Renting a property is usually an amicable and stress-free arrangement for both landlord and tenant. Sometimes though, even with the best will in the world, issues can arise and disputes occur.
Most of these happen at the end of a lease when landlord and tenant disagree on the dilapidation of the property. Assessing the condition of a property can be very contentious and the two parties can often wildly disagree. Unsurprising when the tenant has no wish to pay for repairs and the landlord is equally reticent to shell out more cash to prepare the property for its next occupant.
Fortunately, all this can be avoided, with both parties being equally protected, by commissioning an Inventory at the commencement of the lease.
What is a Inventory?
A survey often, but not necessarily, carried out by a qualified inventory clerk (AIIC). An inventory records the exact state of the house, flat or building being rented. It is a hugely important document for both landlord and tenant as it can be used at the end of the lease to forensically compare the present condition of the property to its state of repair at the beginning of the lease.
This makes the document equally valuable for the tenant looking to avoid unfair charges as it is to the landlord looking to take procession of the building in the same condition as when it was first let.
The report will cover both the external and internal condition of the property and will be presented as a detailed written document including many photographs. All text or just photographic reports are also an option but these can be ambiguous without other supporting evidence.
What's in the report?
The report is a detailed, comprehensive and systematic analysis of the condition of the property. The clerk will walk through the building room by room detailing its state, noting any defects and taking as many photographs as necessary to create an accurate record. The same systematic approach will also be taken with the exterior of the building.
Using the report
From a tenants point of view the final report is an invaluable negotiating tool when finalising the terms of a lease. Defects can be highlighted and rectified before taking possession of the property saving time, inconvenience and cash on future repairs or dilapidation claims brought by the landlord.
The report is equally beneficial to the landlord. Any dilapidation claims at the end of the lease can be proven by referencing the document but it can also act as a schedule for the future maintenance and improvement of the property.
A condition report is usually provided by the landlord, or the agent acting on their behalf, as an obligation under the terms of a new lease but, when it is not, any prospective tenant would be well advised to insist on one being provided or commissioning their own report before signing the lease.
Makeurmove are able to arrange a property inventory with a qualified independent third party inventory clerk. Property Inventory Service