One of the most contentious issues that arises at the end of a tenancy is the return of deposits paid by the tenant to the landlord on the signing of the initial agreement.
Since 2007 tenants’ deposits have had to be paid into an account under the Tenancy Deposit Scheme. This has not significantly reduced disputes, as inventory issues still arise.
A guide to inventory issues has been published with advice from the National Landlords Association and the UK Association of Letting Agents to help solve some of the problems which have come to light.
It was created after research from the government’s authorised tenancy deposit scheme, My Deposits, found that over one third of tenants did not read their inventory correctly at the start of the agreement.
The guidance aims to ensure disputes at the end of the tenancy are reduced and that tenants do not face a deposit deduction.
Establishing a clear understanding on both sides at the outset of a tenancy agreement can help to alleviate the problems that appear at the end of the lease. Fortunately, as in all aspects of modern financial agreements, new technology is providing the potential solution.
Both landlords and tenants are increasingly aware of property inventory software, such as that provided by inventorybase.co.uk, and how it can provide resolutions to disputes at the end of the lease.
Verifiable Line of Communication
The best software not only provides a 360-degree view of the property, but it allows access from a diverse number of platforms and laptops or hand-held devices. By allowing tenants to receive information electronically and securely, landlords can be sure that both parties have an accurate inventory, which should minimise disagreements at the end of the lease.
Creating a secure, verifiable line of communication also means that landlords, agents and tenants have a record of the condition of the property at the outset of the agreement. This should lead to a smooth end to the contract. Novice renters, such as students, will also feel more comfortable with this kind of technology rather than lengthy leases with appendices attached.
The emergence of 360-degree inventory technology allows for an online experience which many potential tenants will be utilising when searching for a property. It can also reduce costs for landlords when seeking to market their properties.