Importance of Inventories
Post on 19-Jun-2015
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The Importance of Inventories
Introductions
Andy Featherstone – Licensed Inventory Provider Scheme (LIPS)
Richard Davies – RJD Property Services
Background
• Inventory Clerks currently unregulated• Govt Regulation? - Rugg Review 2008, ARLA
representation to Government, licensing of landlords• Tenancy Deposit Protection Scheme since 6 April 2007.
Independent Adjudicator determines release of deposit in event of a dispute. Inventory is key to this process
• Current Standards of inventory vary enormously • There is a need to be objective and impartial• There is a need to improve consistency and quality in
advance of regulation.• Compliance with Tenancy Deposit Scheme is essential.
TDS RecommendationsDispute Resolution Service handle TDS
appeals and have advised:• Inventories need to be clearly presented • Condition statements must be consistently
applied throughout.• Condition statements should be backed up
with clear photographs
• A summary of Changes in the condition will assist in negotiations.
An inventory
• Is a snapshot in time…• At the beginning of a tenancy• At the end of a tenancy
• Very important tool for the letting agent and / or the landlord in managing the property
• An accurate inventory agreed between the parties will reduce the risk of dispute about damage to the property or the contents between landlord and tenant at the end of the tenancy
• Protects both landlord and the tenant
Inventories - Current Examples
www.lipscheme.org
• Licensed Inventory Provider Scheme introduces:• Benchmarked operating Standards• Members provide evidence of competence -
training and exam • Members CRB checked• Standard Report Format the Inventory Condition
Report (ICR)• PDA data collection, electronic report production• Regular Auditing and Monitoring• Complaints Procedure• Consumer protection PI/PLI cover
ICR demonstration
The Inventory Condition Report
• A new and unique report product in a prescribed, standardised format
• Photographs and Standardised Reporting
• Reports delivered electronically and are designed to be viewed on screen
• Printed copy for check-in purposes
Why should you use a professional inventory provider?
Licensed Inventory Provider Scheme members:-• A quality assured product - audited• Knowledge through training and accreditation• Safety – CRB checked• Professional Indemnity & Public Liability
Insurance – LIPS block policy• Compliance with LIPS codes of conduct• Avoidance of any conflict of interest• A consistent high quality service
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