Why Star
What is an Inventory?
The government has now awarded contracts to three companies to run tenancy deposit protection schemes from 6 April 2007.
Statutory tenancy deposit schemes will apply to all assured short hold tenancies, where a deposit is taken after April 6 2007, in England and Wales.
There are two types of scheme: a single custodial scheme (where deposits will be paid into and held in a separate account managed by the scheme); and two insurance based schemes where the landlord or agent will hold the deposit and any failure on his/her part to repay it to the tenant will be covered by the scheme’s insurance arrangements.
The custodial scheme run by Computershare Investor Services Plc will be free to use for tenants and landlords. The scheme will be funded by the surplus from interest generated on the pool of deposits, with interest also being paid to tenants.
The two insurance based schemes, run by The Dispute Service Ltd and Tenancy Deposit Solutions Ltd sponsored by The National Landlords Association, will be funded through a fee paid by landlords or agents.
The service will be free to tenants (the law prohibits these charges being passed on to tenants).
Failure of a landlord to comply and safeguard any deposit taken will mean they cannot issue a Section 21. In addition, the tenant will be automatically entitled to 3 times the deposit amount as compensation!
All three schemes will offer alternative dispute resolution (ADR) services which will be free to use for both landlord and tenant.
Where landlord and tenant are in agreement at the end of the tenancy, the deposit will be split according to their agreement.
Where a dispute arises then two options are available. If both landlord and tenant agree they can use the free ADR service. An adjudicator will assess all documentation and make a judgement which both landlord and tenant will be bound by.
If either landlord or tenant do not agree to use the ADR service then the matter must be referred to court for judgement.
A thorough, detailed, accurate and unbiased inventory will now be vital in the event of a landlord wanting to claim against a tenant’s deposit. Lawrence Greenberg, Chief Executive of the Dispute Service Ltd (who have been awarded one of the new contracts and will also be running the dispute resolution service for that contract) was recently quoted in Agreement (ARLA magazine) as saying that whilst inventories are not a legal requirement, without one, and a good one at that, you may as well not bother even taking a deposit!
- An Inventory is an itemised list of the components and contents of a property, providing fully comprehensive descriptions and details of their precise condition.
- An Inventory Clerk will inspect the property before the commencement of each new tenancy, after which a report will be submitted for signature (by the landlord and tenant) before the date on which tenants take up occupation.
- Star Inventory Services have been providing a professional inventory service to Tenants, Property Landlords and Residential Estate Agents across Greater London since 1999
- Our Inventory Clerks undertake fully comprehensive Inventories of the condition and contents of residential properties. We are fully independent.
- We currently serve over 30 estate agents (testimonials available) and private landlords who benefit from our professional, but flexible level of service as well as our extremely competitive prices. We particularly pride ourselves on our attention to every small, but important, detail as well as our renowned speed of reporting.
- The areas in which we specialise are Central London, North London, North West London, West London, Middlesex and Hertfordshire.
- Its very simple. Call our offices on 020 8954 0139 to arrange a convenient time; agree the applicable fee; and ensure that we can gain access to the property
- A detailed Inventory will be received within 1-3 days. All inventories are emailed as PDF files. Bound Hard Copies are available on request.
- Take a look at our prices here
- We never forget the importance of accuracy and detail and our reports will provide both landlord (or Managing Agent) and tenant with an exact account of the property's contents and condition during tenancy.
- And our Inventory Clerks will meet with tenants at the commencement of a tenancy, to obtain signed Agreement to the contents of the Inventory, issuing a Check-In report to Landlords/Agents.
- We also carry out final inspection at the termination of a tenancy, and issue Check-Out reports to Landlords/Agents.
- Inventory Reports are emailed via PDF file, to our clients no later than 3 working days after the appointment.
- Our clerks operate 7 days a week, at the convenience of our clients, and we respond to urgency and can often accommodate our customers on the same day if needed.
The government has now awarded contracts to three companies to run tenancy deposit protection schemes from 6 April 2007.
Statutory tenancy deposit schemes will apply to all assured short hold tenancies, where a deposit is taken after April 6 2007, in England and Wales.
There are two types of scheme: a single custodial scheme (where deposits will be paid into and held in a separate account managed by the scheme); and two insurance based schemes where the landlord or agent will hold the deposit and any failure on his/her part to repay it to the tenant will be covered by the scheme’s insurance arrangements.
The custodial scheme run by Computershare Investor Services Plc will be free to use for tenants and landlords. The scheme will be funded by the surplus from interest generated on the pool of deposits, with interest also being paid to tenants.
The two insurance based schemes, run by The Dispute Service Ltd and Tenancy Deposit Solutions Ltd sponsored by The National Landlords Association, will be funded through a fee paid by landlords or agents.
The service will be free to tenants (the law prohibits these charges being passed on to tenants).
Failure of a landlord to comply and safeguard any deposit taken will mean they cannot issue a Section 21. In addition, the tenant will be automatically entitled to 3 times the deposit amount as compensation!
All three schemes will offer alternative dispute resolution (ADR) services which will be free to use for both landlord and tenant.
Where landlord and tenant are in agreement at the end of the tenancy, the deposit will be split according to their agreement.
Where a dispute arises then two options are available. If both landlord and tenant agree they can use the free ADR service. An adjudicator will assess all documentation and make a judgement which both landlord and tenant will be bound by.
If either landlord or tenant do not agree to use the ADR service then the matter must be referred to court for judgement.
A thorough, detailed, accurate and unbiased inventory will now be vital in the event of a landlord wanting to claim against a tenant’s deposit. Lawrence Greenberg, Chief Executive of the Dispute Service Ltd (who have been awarded one of the new contracts and will also be running the dispute resolution service for that contract) was recently quoted in Agreement (ARLA magazine) as saying that whilst inventories are not a legal requirement, without one, and a good one at that, you may as well not bother even taking a deposit!