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Property Inventories Together With The Tenancy Deposit Scheme - In What Way The Two Interact
In rental contracts there may be provision for a landlord to get a deposit or a bond at the start of the tenancy contract. The main purpose of the deposit or bond is to serve as security against financial losses incurred by the landlord if a tenant fails to perform its commitments of the contract. The level of deposit received by the landlord can be a substantial amount. The deposit does not constitute income to the landlord and need to be returned to the tenant at the end of the tenancy if the tenant has faithfully performed his or her responsibilities.
To help reduce a variety of the difficulties associated with deposits, some countries have introduced schemes to stop the misuse of the deposit. In the United Kingdom this is known as the Tenancy Deposit Scheme. The Tenancy Deposit Scheme directs the deposit since it is a legal prerequisite for a landlord to preserve the deposit very soon after the landlord has acquired it at the outset of the tenancy.
Protection of the deposit can be achieved in two ways. One way is by the landlord transferring the deposit amount to a government approved organisation who looks after the money on both parties behalf. The other way is for the landlord to obtain an insurance policy certificate from a government endorsed company. With the second method the deposit will be kept with the landlord for the entire duration of the tenancy until the tenant has vacated the property. If the landlord has not given back the deposit by the end of the contract then the tenant can speak to the administrators of the Tenancy Deposit Scheme to claim the money by means of arbitration. Arbitration will look at both sides' cases to see if there are any valid reasons for the landlord to withhold the deposit.
Property inventories become important in deposit dispute scenarios because these documents can be submitted as written evidence to support their cases. Generally, the burden of proof is for the landlord to send the reason why a deposit should be retained by the landlord. If the reasons are to do with property damage then the relevant document to submit is the property inventory. The property inventory is a carefully written document signed by the tenant which states the condition and contents of the property when the tenant first moved into the property. The landlord also needs to send evidence of the condition of the property at the time the tenant moves out. Any discrepancies in the property at the time the tenant initially moved in and the time the tenant moves out will give a good indicator of how the tenant has or has not taken care of the property. It is imperative therefore that all landlords should document property inventories before it is leased out given that the case for withholding a deposit will be really poor if there is no written account of the starting state of the property.
Property inventories can be written by companies who specialise in the documentation of the condition and contents of properties and flats. These same property inventory services providers can also help in the mediation between the landlord and tenant should there be property damage to prevent the necessity to go to arbitration under the Tenancy Deposit Scheme. The desire by the government is for the landlord and tenant to work matters out together before it goes to arbitration and property inventory services firms do have lot of practical knowledge in mediating things before further devices of resolution are necessary.
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