New guidance on landlord inventories published

One of the UK’s tenancy deposit schemes has offered new guidance to help landlords avoid deposit disputes.

Mydeposits’ ‘The Ins and Outs of Inventories’ provides information “to help avoid deposit disputes occurring at the end of the tenancy and to help ensure that rented property is left in the same condition in which it was originally let.”

The guide explains that just 1 per cent of deposits require formal dispute resolution. Some 39 per cent are returned with deductions agreed by the tenant, while 60 per cent are returned by the landlord or agent in full.

Despite the low number requiring formal resolution, disputes do happen, and the new guide is intended to reduce these by underscoring the importance of a comprehensive industry, and by providing landlords, agents, and tenants with key information to help them understand their respective obligations.

According to Mydeposits chief executive Eddie Hooker, “a large proportion of deposit disputes concern issues over cleanliness and damage to the property, so it is best practice to carry out a comprehensive inventory at the start of the tenancy.

“Landlords and agents can enlist a reputable inventory company to do this but many choose to undertake the inventory themselves, and this new guide should be their first point of reference.

“The guide will enable them to compile a solid and clear inventory which they can later rely on should they face a dispute. It should also educate everyone about their responsibilities under the tenancy agreement which can only help to further strengthen relationships between landlords, agents and their tenants.”

‘The Ins and Outs of Inventories’ is available as a free download from the Mydeposits website.

Article courtesy of Simply Business

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