Buy to let landlords 'must make good inventories to avoid money loss'

09 July 2010

Written by Gavin Elley

Buy to let landlords are losing £12 million per annum due to poorly-made inventories, a survey has found.

Research by the Video Inventory Agency has revealed that there were 23,500 disputes over deposits in 2009, 92 per cent of which were won by the tenants.

Since the introduction of the Tenancy Deposit Protection Scheme in 2007, it has been up to landlords to produce their own evidence in the case of arguments over the condition of a leased house.

This legislation means that it is important for private rented sector professionals to ensure that comprehensive inventories are taken of a property before tenants move in.

"Landlords have traditionally got away with the bare minimum," Frazer Fearnhead, founder of the company, said.

"In my time I have seen inventories that have been scribbled on the back of an envelope."

With the law now favouring tenants, it is important that the practices of portfolio investors are improved, Mr Fearnhead stated.

The Deposit Protection Service and the National Union of Students recently advised those currently at university to ensure that they are aware of the regulations and guidelines that landlords must follow in order to avoid renting from an unscrupulous investor, according to Landlordzone.co.uk.

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