Tag Archives: Inventory

Landlords warned that DIY inventories could cost them dearly

It might be a tempting way to save cash but landlords are being warned that producing their own inventory may see them make common mistakes which could lead to a costly tenant dispute. The warning comes from Imfuna Let who say that the mistakes are made at tenant check-in and check-out which puts the landlord at greater risk of losing a dispute with their tenant. The biggest mistake made by landlords who carry out their own inventory check is the lack of detail. One reason for this is that landlords fail to write a description which details the condition of the property as well as its contents. They also fail to take appropriate photographs as evidence. Whenever an inventory report is written it should contain a full description of the property’s condition with any damage clearly noted and its location pin-pointed. Show the property’s damage   By taking photographs of good quality, particularly when printed on A4 or A3 paper, they will show the property’s damage and could prove to be vital evidence. The founder of Imfuna Let, Jax Kneppers, said: “Landlords have failed to record the condition of bathroom fittings and sinks as well as doors, floorcoverings and skirting […]

Property damage affects “400,000 landlords”

According to the National Landlord’s Association (NLA), around 400,000 landlords have had tenants damage their property in the last year. That’s around 29% of all UK landlords and, the NLA claims, around 120,000 landlords or 8% have had to make an insurance claim as a result. This means that the average landlord is now spending around 5% of their rental property income on premiums for landlord insurance. The survey also reveals that 49% of landlords have not spent any money on such insurance premiums and 46% say they spend up to 10% on premiums. Around 4% of landlords are spending more than 10% of their rental income on premiums. Insurance premium tax for landlords is rising   The survey follows the announcement in the recent budget when the Chancellor revealed that insurance premium tax is rising from 6% to 9.5%. This new increase should generate around £1.75 billion for the government. Carolyn Uphill, the NLA’s chairman, is urging landlords to insure against the unexpected and to cover all possible eventualities. She added: “We hear from landlords who suffer for failing to check their tenants properly before granting a tenancy. “It’s a hard way of finding out that a basic home […]

Seven tips on spotting a troublesome tenant

Every landlord gets lumbered with a troublesome tenant at some point, but is there a magic formula to cut the risk?

Greater risk of disputes as 65 % of landlords carrying out …

Research revealed in a live broadcast on LetYourProperty.tv, a live web TV show providing advice and guidance for landlords, has found that 65 percent of landlords carry out their own ‘schedule of condition’ inventories, which experts say is exposing them to greater risk of deposit disputes. The independent survey carried out by Total Landlord Insurance, members of the Landlord Syndicate, found that over half of landlords have experienced a dispute over the return of the deposit when their tenant comes to move out, with 88 percent saying the most common grievance is cleanliness. In addition to having a tenancy agreement, the importance of ensuring other formal agreements and procedures are in place, such as an inventory and schedule of condition, have been highlighted. Nick Lyons, co-founder and Managing Director of inventory management company, No Letting Go, says “We always say that the outcome of a deposit dispute is determined at the beginning of the tenancy and so clear documentary evidence on the condition of the property is critical in order to overcome, for example, differing expectations of what constitutes clean.” The perception that inventories are an expensive procedure is thought to be the deterrent for many landlords who choose to […]

Who pays for rental property damage?

Who pays for putting right damage at a rental property depends on what has gone wrong.

How to take a letting property inventory

Taking an inventory when a tenant moves in to a home is one of the cornerstones of sound letting property management.