Tenancy deposits: how to avoid disputes
Claire Pile MARLA of Stags Lettings department outlines the importance of tenancy inventories and written records when letting a property.
Many landlords will have heard horror stories about tenancy deposit administration at the end of the tenancy, with lengthy disputes and in some cases the referral to formal adjudication.
For most however, this needn’t be the case. In fact, according to the Tenancy Deposit Scheme
, (based on figures from April 2018 – March 2019) less than 1% of deposits held by the TDS in England and Wales ended in dispute.
Together with providing a third party adjudication service, the Tenancy Deposit Scheme will also help to facilitate negotiation between landlord and tenant. This should mean that situations are agreed quickly and fairly within the control of landlord and tenant, removing the need for third party intervention.
Claire Pile MARLA of Stags Lettings department reaffirms the importance of good communication, thorough written records of events and, most importantly, a schedule of condition and inventory prior to a tenancy. The latter will become your key document when dealing with a dispute. “Many landlords do not agree a written and photographic record of the property with the tenant at the start of the tenancy, which makes proving any difference in condition at the end near impossible. Together with the tenancy agreement, this really is a vital piece of paperwork and should not be overlooked.”
As a member of the TDS, Stags will not only ensure that the vital deposit administration is taken care of at the start of the tenancy, but will also guarantee the smooth administration at the end.
For more information on tenant deposits or any other aspect of letting, contact your local Stags office today.