The Importance of an Inventory.............

Rickmansworth : 20 February 2008

Many Landlords ask us:
"Why do I need a professional inventory, my property is unfurnished, there’s nothing in it?"
 
The most common problem arising between the Landlord and the Tenant is a dispute about the condition of the property and/or it’s contents, at the end of the tenancy. Now that the Tenant’s Deposit is held in a Tenancy Deposit Scheme (by law the Landlord can no longer hold the Tenant’s Deposit on most Tenancies) it is not possible to make deductions from the deposit, without PROVING that the Tenant has caused unfair wear & tear, or damage to the property. It is almost impossible to prove this without having an inventory from the outset of the tenancy, which has been prepared in an ‘un-biased fashion’ i.e. by an independent 3rd party!
 
Parkheath use the services of an excellent professional inventory company called HC Inventories, who are members of the AIIC (Association of Independent   Inventory Clerks). The clerk, Harvey (pictured here), will meet the tenant at the property on ‘moving-in day’ and conduct a room by room inspection and produce a full detailed report with photographic evidence. Even if the property is unfurnished it is imperative to record the condition of the walls, windows, carpets, appliances and lighting etc in case of a future dispute. The inventory clerk will return again at the end of the tenancy to conduct a ‘check-out’ report, which will be passed to the landlord to assist in assessing how the Tenancy Deposit Scheme will return the security deposit.
 
Our considerable experience has shown that a detailed inventory conducted at the start the tenancy leads to a much higher chance of the property being returned to the  Landlord in the same condition at the end of the tenancy. It is always money well spent and I have never known a Landlord to regret spending the money for a Professional Inventory. If you have any questions regarding this please call me,

 

Warning: The Highest Valuation Doesn’t Always Pay

West Hampstead : 15 February 2008

Sitting on the market with another agent and attracting no interest whatsoever, an unhappy vendor decided to approach Parkheath to ask why we thought his property wasn’t selling. Parkheath viewed the property and immediately advised the vendor that the price did not reflect the current market in that area. The vendor listened to what Parkheath had to say, and gave them the property to sell. Remarketed at the correct price, Parkheath quickly found a purchaser. Result: one happy vendor.

 

Does Your Agent Really Know The Current Market?

Belsize Park : 01 February 2008

This is a critical question that all vendors should ask, and it never ceases to amaze me the approach some take when placing their property for sale. Your home is your most important asset yet many vendors neglect to ask estate agents to substantiate their appraisal with examples of the most recently sold properties.
 
With housing stock still at a low and applicant levels continually rising, it is important to ensure that agents are not relying solely on historical data to value houses. There has been a marked increase of pressure on purchasers throughout the sales process with the increase in the number of buyers competing for every property. Due to Parkheath’s large investment in advertising in local and regional publications, on the internet, as well as running successful Open Houses, we ensure that we keep this pressure on, and that we obtain a top price for our vendor’s property.
 
We recently conducted an Open House on a property in Belsize Park which was attended by the hottest buyers seeking local houses. We immediately received offers above the guide price and shortly after, following best and final offers, secured a stunning price for our vendor.
 
In terms of outlook, I feel that the market will continue to behave in this manner over the summer. I would recommend sellers to place their property on the market before they start looking for a new one as they may be in a stronger position than expected, and to ensure that their agent is valuing their property against the market and not just on historical data.
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