INVENTORY
An inventory is an essential document that provides a written record that details the fixtures and fittings of a property and their conditions, as well as the condition of the property itself. This is created at the beginning of each new tenancy and updated at the end of each tenancy.
You need an inventory because an Inventory provides protection for both landlord and tenant
Since the introduction of the statutory Tenancy Deposit Scheme in April 2007 where a dispute arises over the deposit in relation to condition or the contents of the property, it is vital to have a professional inventory that can be referred to and the matter resolved. One of the main features of the scheme is dispute resolution, whereupon the independent adjudicator will make his decision based on the documentation to examine – the inventory plays a major role in the decision.
Without an inventory the landlord effectively has no evidence to support his claim making it hard to justifiably and successfully withhold monies where required. The inventory also works for the tenants by protecting their deposit from unjustifiable claims.
We use two different companies for our inventories:
a) BOROUGH INVENTORIES
b) HAWKEYE INVENTORIES
LEGAL HOT POINTS
Disclaimer: The following is only our opinion and is written without liability to Galleria Lettings whatsoever. For clarification of any issues we strongly advise that you contact your solicitor or local authority.
ENERGY PERFORMANCE CERTICATE (EPC).
From the 1st of October 2008, all rental properties with a new tenancy in England and Wales will be required to have an Energy Performance Certificate (EPC).
A landlord needs to provide an EPC, which will be valid for five years, to prospective tenants the first time they let or re-let their property after the 1st October 2008. However you will not need to provide an EPC certificate to tenants that renew their contracts as it is not necessary to supply an EPC to an existing tenant.
What is an Energy Performance Certificate?
The Energy Performance Certificate tells you how efficient and environmentally friendly your property is. The energy efficiency is worked out on a scale of A-G.
A being the most efficient and G being the least.
Part of the EPC is a recommendation report which will list the potential rating that your home could achieve, if you made changes. The report lists improvements that you could carry out and how this would change the energy and carbon emission rating of the property.
Who carries out the EPC's
Energy Performance Certificates are carried out by a fully qualified Domestic Energy Assessors (DEAs). The assessor will visit your property and assess the age construction and location of all the information that he takes down will be fed into a computer, which will calculate ratings and generate a certificate. Either yourself or your letting agent can organize this for you. Each property will require an EPC which will last for 10 years.
How do I get one?
Either yourself or your letting agent can commission one from an accredited Domestic Assessor (DEA).
DEAs can be found in your local directories.
TENANCY DEPOSIT PROTECTION SCHEME
The start date of the tenancy is after 6 April 2007 (existing tenancies prior to this date will not be effected by this legislation) and
The tenancy is let under an Assured Short Term tenancy agreement.
The schemes are:
The Deposit Protection Service (The DPS) - the only custodial deposit protection scheme – is free to use and open to all Landlords and Letting Agents. The service is funded entirely from the interest earned from deposits held. Landlords and Letting Agents will be able to register and make transactions online. Paper forms will also be available should internet access be an issue. The scheme will be supported by a dedicated call centre and an independent dispute resolution service. For more information, visit www.depositprotection.com or call 0870 707 1 707
Tenancy Deposit Solutions Ltd (TDSL) is a partnership between the National Landlords Association and Hamilton Fraser Insurance. This insurance-based tenancy deposit protection scheme enables landlords to hold deposits this is directed primarily to landlords. The fee for joining this scheme is £58.75 joining fee and £30.00 per deposit protected by the deposit protection scheme and an annual membership renewal fee of £14.70. For more information, visit www.mydeposits.co.uk 0871 703 0552
The Tenancy Deposit Scheme (TDS) is an insurance-backed deposit protection and dispute resolution scheme run by The Dispute Service that builds on a scheme established in 2003 to provide dispute resolution and complaints handling for the lettings industry. The new scheme enables letting agents and landlords to hold their deposits. The fee for joining this scheme is £95 per tenancy for unaffiliated Landlords and £45 for Landlords who are members of a landlord trade association. For more information, visit www.tds.gb.com or call 0845 226 7837