In This Guide
Administration
1. Holding deposits
2. Referencing tenants
3. Credit checks and guarantors
4. The inventory
5. The bond and rent
6. Landlord's checklist
Being a landlord
Buy to let investment
Choosing the property
Finding tenants
Letting property
Lettings agents
Levels of service
Preparing the property
Problem tenants
Tenancy
Administration
The inventory
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The inventory, coupled with the schedule of condition, is a thorough investigation and report on the state of decoration, condition and contents of each room of your property. It is normally prepared with the property empty (i.e. with no tenants living in it).
You should make sure that you take an inventory at the start and at the end of the tenancy. It should include an itemised list of all the contents and their condition. It is a good idea to include readings of gas and electricity on the inventory at check-in. If there are any fittings, fixtures, furnishings or other contents that are being made available with the property, such as crockery or kitchenware for example, these are also listed individually.
If you are using a lettings agent they will normally take care of this aspect for you, though you will normally be charged for the privilege. The inventory and schedule of condition documents don't need to be put together in the presence of the tenants, but they should be signed by the letting agent or third party, the landlord and the tenant at check-in, to make sure that everyone is satisfied with the descriptions.
The schedule of condition is a full and detailed report of the state of repair of the flat or house on the day that you move in. It will list every single room in the house and list all of the major areas in each room, giving complete details of every knock, mark, stain, and bit of damage that is available to the naked eye.
You can either pay to have the inventory and schedule of condition done, at varying cost, do it yourself, or not have one at all. Most lettings agents will either be willing to perform the service or will have an agency that will do it on their behalf.
The inventory and schedule of condition allow the contents and
their condition to be checked against a point of reference at
the end of the tenancy, in order to identify missing items, breakages
and any damages that the tenants will need to pay for out of their
deposit. Any dilapidations, missing items and damage will be assessed
and the cost proposed to the tenants, to settle the deposit return.
Tenants are not liable for fair wear and tear of the furniture,
fixtures and fittings.
Without an inventory, there is no point of reference, and it will be very difficult to accurately assess any damage or missing items. You will also struggle to win a court case pursuing the tenant for funds to cover the cost of missing or damaged items without a documented review of the condition of what was in the property before they moved in.
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