Shocking new figures released by The Video Inventory Agency have shown that poorly prepared inventories are costing the residential property market millions in lost claims. Journalist Tina Clough spoke to Belvoir Sheffield, the leading letting agent in Sheffield to find out how Landlords can safeguard themselves against such costly disputes.
The new report found that 23,500 disputes were logged in 2009, with a staggering 92 per-cent of cases being found in favour of the tenant, costing UK landlords an estimated £12 million in lost claims.
Rick Flay, Director at Belvoir Sheffield, who offer a wide range of property to rent in Sheffield, said, “As a result of badly-prepared inventories, landlords are finding themselves locked into disputes with tenants over deposits and the latest figures demonstrate that landlords now have as little as a one in ten chance of winning a dispute, which is a huge cause for concern.”
“Ever since 2007 under the Tenancy Deposit Scheme (TDS), landlords now have to prove their case when keeping a proportion of a tenant’s deposit, unfortunately, a rise in badly prepared inventories are making this very hard to do, especially as this move has placed the balance of power firmly in the hands of the tenant. It is important that landlords are made aware that where there is no inventory in place at all, the Deposit Scheme will automatically award in favour of the tenant.”
Favoured by many within the property industry, some landlords are finding that their photographic inventories are incomplete, encouraging many to seek the advice of a professional letting agent like Belvoir Sheffield.
Rick added, “When landlords come to Belvoir Sheffield, we not only offer them a ccomprehensive credit referencing service of all tenants and the most up to date legal advice available from our free legal helpline , we also create a professionally written Inventory for them, including digital photographs to ensure that they are protected, should a dispute arise.”
Belvoir Lettings Agency Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances.
