What is an Inventory?
An Inventory is a detailed list of fixtures, fittings and Landlord items found within a rental property-this includes listing all decor(colours of paintwork, woodwork, flooring) and appliances-including brands and model numbers, furniture, crockery/kitchen items etc.
What is a Schedule of Conditions
The Schedule of Conditions is the detailed recording of the conditions of the Inventory items. A record of the cleanliness of the property and the general items is also recorded.
Who requires one?
Every landlord and tenant should have an Inventory together with a Check-in report for the property that is being let out as part of the legal documentation relevant to the rent.
Who should compile the Inventory?
This report should be done by a trained inventory clerk and, advisably, one which is a member of the Association of Independent Inventory Clerks (AIIC). The impartial and professional compilation of the report is viewed very favorably should the Inventory be required to settle a legal dispute rather than if it is done by the landlord.
Is it necessary for an unfurnished property?
Absolutely. An Inventory, together with a Check-In report, does not only cover the furniture contained within the property but also the property itself in terms of the condition of the walls, woodwork and carpets together with the kitchen appliances, bathroom suite, garden etc. If a part of the property is not listed in the Inventory, for example a door, and is subsequently suffers damage it would not be covered legally.
What is a Check-In?The ‘Check-In’ is the term often used to describe the time when the Tenant moves in to the property, the keys are handed over and meters read. At this time the Inventory will also be completed and the condition of the property at that particular time recorded.
What is fair wear & tear?
Fair wear & tear is generally considered to be a measure of the natural wear and decline of decor, fixtures and furnishing etc based upon normal day to day use. Various factors need to be taken into consideration, The length of the Tenancy, The age and style of the property at the start of the Tenancy, The quality of the fixtures, furnishing and fittings.
What is a Check-Out?
The Check-Out Inspection takes place on the final day of the Tenancy term or on a date and time as close as possible to the last day of the Tenancy. At the time of the Check-Out Inspection the Tenant should have completed removing all personal items and all cleaning should be completed. At the conclusion of the Check-Out Inspection all the keys belonging to the property should be returned to the relevant Agent or any other third party as instructed.
At the Check-Out Inspection the original Inventory & Schedule of Conditions will be checked in full. Any differences and missing items are recorded and the main issues highlighted to the Tenant. Photographs of any damages and general photographs will also be taken at this time. It is not a necessity that the Landlord/Tenant attends the Check-Out Inspection.
At the end of the Check-Out Inspection the meters are read(where accessible), the keys counted and checked and the Tenants forwarding address recorded. A handwritten schedule is also completed highlighting the main points. The Check-Out Report is then typed up and returned to the Landlord/Agent/Tenant. At this point the Tenant/Landlord/Agent will discuss the Report with a view to reaching an agreement on the return of the Tenants deposit with any possible deductions highlighted.