With landlords continuing to come off on the wrong side of tenant deposit disputes, the Association of Independent Inventory Clerks have told landlords to shore up their claims.
During the fifth year of the Deposit Protection Service, only 16% of claims were given in the landlord’s favour. The AIIC believe this would change if landlords were better prepared, they’ve put together a checklist in a bid to turn the tide:- Continue reading Landlords still not getting the inventory right
My first intentional property investment part 4 – “My first Property Management Checklist“
In the last instalment of the story of my first intentional property investment I promised to share with you the first property management check list I put together, it wasn’t perfect but it was a lot better than nothing. If you want to catch up on the other stories in this series please see my Landlords Log.
Having agreed to buy my first intentional property investment I soon realised that it’s a bit like a visit to the loo, paperwork is important!
I’d purchased my first home a few years before but to be honest I’d forgotten about all the paperwork I’d done at that time. All of a sudden it all came flooding back to me. I wonder if women go through something similar when they give birth to their second child? Never say never again!!! Continue reading Part two of the story of my first intentional property investment
If you ask 2 different letting agents how they do inventories and condition reports, you’ll probably get 3 different answers.
The systems in place range on one extreme from None! by many landlords to carrying out detailed reports with lots of photos and notes. Continue reading Inventories, the easy way
Pictures are great, but there’s no substitute for a good description when it comes to inventories according to the Association of Independent Inventory Clerks (AIIC).
The before and after photos that fill inventories should always be accompanied by a “clear narrative as to what the photo is showing”. Photos, they say, are mainly for reference and should be dated. Continue reading Pictures aren’t worth a thousand words say AIIC
Landlords are losing cases when tenants complain about non-return of deposits because they are failing to take good property inventories.
Most landlord inventories fail to stand up in court or dispute resolution, argues the Association of Independent Inventory Clerks (AIIC).
The AIIC slams landlords for inventory failures and suggests they should employ professional inventory clerks at property handovers. Continue reading Necessity is the Mother of Inventories
Landlords are seeing a rising amount of deposit disputes over the cleaning of properties according to The Association of Independent Inventory Clerks.
They say 40% of all tenancy deposit disputes involve some sort of cleaning cost. They also claim tenants don’t see cleaning costs as anything more than “fair wear and tear”, hence the disputes. Continue reading Cleaning Costs are Adding Up
You can reference tenants, you can use your own judgement to select ones you think you can trust and you can be a good honest considerate landlord, but there is still no guarantee they will treat your property with respect.
If you have not experienced any issues with tenants damaging your property then you are very lucky. As a landlord myself I have had my share of bad tenants but am regularly horrified at some of the checkout videos I see back from our inventory clerks. Perhaps I am too emotional about the subject, but I really feel that some of these tenants should be prosecuted for criminal damage rather than just forfeiting their deposit. Continue reading Warning: Upsetting Footage For Landlords
There have been some really interesting comments on the EU Trying To Kill Buy To Let – sign the petition to STOP it now. blog and it is great to see some new people contributing to this important discussion but I am feeling a bit frivolous at the moment and I thought that I would post on a lighter subject.
According to MyDeposits one of the main reasons that landlords stop money from a tenants deposit is to cover the cost of cleaning. This is interesting because I would have thought that damages might have come above cleaning. Continue reading Frivolous it might be but I don’t fall out with my tenants because…..
One thing I have learned from our experiences working with letting agents around the country is that they operate in many different ways. That’s not just between different agencies but also between different offices within the same company. Here in Altrincham, Cheshire, for example, they tend to operate in a very different way from letting agents just a few miles away in Manchester city centre.
Although Altrincham is an affluent area, it is extremely competitive and agents need to include inventory costs within their fee structure, whereas in the city centre, agents tend to charge landlords £100-£120 in addition to the standard fees (although the inventory costs are usually absorbed by the agent if the property is being fully managed). Continue reading Should Landlords Pay For An Inventory?