The best kept secrets for property inventories in business
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The definition of a property inventory is that it is a legally binding document, that ensures that the client s provided with in-depth, accurate review of the conditions and contents of the property, before the commencement of a tenancy in either a business or residential property.
A landlord should be fully conversant regarding property inventories and be able to walk you through this process. As a prospective tenant, you should make it a priority to learn all you can about this legal document. Otherwise, this may result in legal litigation issues, proving to be costly and potentially damaging to the tenancy of your property.
During initial documentation of the contents of the property, a Schedule of Condition will need to be written and drawn up. The document should contain a detailed itemisation of every part of the property; this should include floors, decor, ceilings and walls. A Schedule of Conditions will ensure the tenant is protected should the landlord pursue any claims of damage during or at the end of the tenancy.
A Schedule of Condition should be created on commencement, and at the end of the tenant’s contractual agreement, this will easily denote any changes that have occurred during the tenancy. A checkout report will also clearly state who is responsible should any damage occur; it should clearly state who is accountable for what, either ‘Landlord’ or the ‘Tenant’.
So, who compiles the inventory for your property?
The inventory will usually be conducted by either the lettings agency or the landlord of the specified property. Most inventories are compiled on the day of commencing the tenancy, and both parties will be required to sign the inventory document to agree to this legal document formally.
During the COVID19 Pandemic, the government guidelines advise that property inspections are carried out remotely. Therefore landlords and letting agents will now have to make a pictural document which includes images of the interior of the property. The document will form a dual inventory document ensuring that social distancing guidelines are being adhered too.
Consider hiring independent property inventory services rather than taking a DIY route. In this instant, the third party service will offer the tenant or landlord indisputable benefits. The service will support either of the parties with obtaining any required signatures. An inventory service will act as an intermediary between both parties in the event of any form of dispute.
Therefore, tenants and landlords should not skimp on ensuring that all documentation is comprehensive and compliant. Renting a property can be a costly experience, minimising any additional costs is essential especially in the current economic climate when businesses are having to balance the practical and impractical options available due to the lockdowns and local restrictions.
Both the business owner and landlord will now have to judge how this process can be navigated safely, and accurately without allowing any element or loss of detail. After all, the devil is in the detail, as this is a legally binding document with cost implications.
