Importance of inventories highlighted by AIIC

The Association of Independent Inventory Clerks has moved to further underline the importance of professional inventories.

In light of the host of tax changes, the AIIC says inventories can save landlords money at an expensive time for investors.

Costly

From April, mortgage interest tax relief for landlords is to be phased out and with letting agents’ fees to be banned in 2018, the next two years could be extremely costly for landlords.

Chair of the AIIC, Patricia Barber, noted: ‘ It’s clear that while the private rental sector remains a strong investment option-with high tenant demand and the opportunity to generate strong yields-Government intervention in recent years has made the prospect of being a landlord more expensive.’[1]

Barber stresses this is why it is so important that landlords ensure they are covered when it comes to damage to their property caused by tenants.

In addition, she reminds landlords and agents acting on behalf of them that an inventory is vital in confirming the condition of a property at the conclusion of a tenancy. This will make it clear if any deposit deductions will have to be made.

Difficulties

Those without an inventory at their disposal at the end of a tenancy will find it difficult to claim back funds should there be any damages or lost items.

Concluding, Barber said: ‘During a period when letting property is becoming more complicated, not providing an inventory could prove damaging to the landlord’s investment.’[1]

[1] https://www.lettingagenttoday.co.uk/breaking-news/2017/2/fees-ban-highlights-need-for-professional-inventories–claim