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  • Deposit Protection

    Are Inventories really worth the money?

    Do you regularly use the full services of property reports for your properties?

    Or is this something your letting agent organises for you?

    Or do you feel they're a waste of time and money?

    I'd really like to get an idea of how landlords and lettings feel towards these services, something that I have noticed is a lot more landlords have been moving away from their letting agent organising their property inspections and that they are now going direct to inventory companies/clerks

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    Are Inventories really worth the money?

    - Yes

    Do you regularly use the full services of property reports for your properties?

    - Just an inventory at check-in. I do check-out's myself unless i know there are significant changes, potential disputes in which case I will use the same inventory clerk I used at check-in.

    Or is this something your letting agent organises for you?

    - I don't use an agent but if I did I would expect this as part of their service. 

    Or do you feel they're a waste of time and money?

    - Absolutely not. Is building/car insurance a waste of money?


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    Thank you for answering Adam, I like your comparison to building/car insurance. That's a reference I have used myself when talking to landlords and letting agents. 

    Having the same clerk do the check out I feel adds another level of accuracy to the reporting process as they've got the benefit of seeing the property in its check in condition first hand.

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    If you take a deposit it is very important otherwise it's your word against the tenants. Not having one in place when one is required, will really make you understand they are worth the money.

    In addition to property standards, which tenants can claim to have been sub-par to avoid eviction or even privately prosecute the landlord.

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    _________________________________________________________________________


    My posts are not financial advice, just a rambling guy passing time on a coffee break.
    The team at Bespoke Finance offers advice, including Limited Company Buy-to-Let , HMO Conversion and Cheap Life Insurance.

    _________________________________________________________________________

    Agreed, without reporting it's easy to get into a "he said she said" situation with no clear evidence to settle and agreement on. It's also down to the landlord to provide the evidence to an adjudicator to support a claim. Without it, chances are the tenants will win the case. 

    Great point about the property standards, that is a benefit I have never considered. Extra important now since the FFHH act came into play.

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    I agree with you that an inventory is very important but it also needs to be independant .Its a professional job.

    When I first started out I never imagined some of the situations that I have had happen in some of my properties.

    I used to carry out my own inventories but it just doesnt work in every case and how frustrating it can be if you have not made notes as only a professional clerk can do . Now I give myself  protection regarding the good conditions that my tenants take on at the start of the tenancy  and this gets signed by them. Its fairer on the tenant and the landlord.

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    That's right - you can get these inventory apps that obtain a signature from the tenant. So we exchange "independent" with "agreed" which I think is a stronger argument.

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    _________________________________________________________________________


    My posts are not financial advice, just a rambling guy passing time on a coffee break.
    The team at Bespoke Finance offers advice, including Limited Company Buy-to-Let , HMO Conversion and Cheap Life Insurance.

    _________________________________________________________________________

    What about those who don't take deposits letting out unfurnished property which includes only kitchen fixtures.


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    I have an article about not having an inventory report on unfurnished properties https://hinchpm.com/unfurnished-property-inventory/

    It protects the property against any unwanted changes too. If tenants decided to repaint the property a bright green without the landlords permission, there's no evidence to support claiming the cost to return it back to a neutral colour. 

    Unfurnished properties will be at risk of cosmetic damage to the walls and doors too, moving in furnishings can be an "accident prone job" 

    I think it's important to remember that even an unfurnished property can be damaged or left in a less than desirable state

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    The answer is still the same - Always do an inventory.

    A tenant could still cause £1000's in damages to 'an unfurnished property which includes only kitchen fixtures' which you may want to pursue via the court.

    They may also tamper with the gas and/or electrics, rendering the property unsafe and potentially try and sue you. Without any proof of what the condition was like prior to the tenancy, you'll have no leg to stand on!

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