Inventory Provider

Leading to Licensed Inventory Provider Scheme Accreditation

Why the need for Inventories

The provision of inventories is currently a fragmented and uncontrolled business in the UK with a disparate quality and range of products. There are currently no nationally recognized standards or qualifications for inventory providers.

The need to regularize and improve the Inventory supply chain is coming under close scrutiny as the Government moves further towards statutory regulation of the lettings industry, this includes a Government review of the sector during 2008.

From 6 April 2007, the Government made it compulsory for those receiving tenancy deposits in England and Wales to join a scheme that safeguards deposits for the duration of a tenancy and offers resolution procedures should disputes arise, an approved Tenancy Deposit Scheme (TDS), of which there are a number.

Where there is a dispute about allocation of the deposit at the end of the tenancy that cannot be resolved between the parties, the scheme refers the dispute to its dispute resolution service.  An independent adjudicator will examine the facts and determine how the deposit should be allocated.

An inventory and record of the condition of the building at the beginning and end of a tenancy are central to this process.

The Licensed Inventory Provider Scheme (LIPS), has developed a voluntary, national system for the training and regulation of inventory providers.

The UK lettings market

There were approximately 2.1 million Assured Shorthold Tenancies (ASTs) in England in 2007 (source DCLG survey of English housing). The average length of a residential tenancy is currently approximately 14 months. Well over 1 million of these tenancies are managed by a structured industry of Letting Agents or Corporate Landlords.

Inventory Providers may be instructed to carry out one or all of the following at different stages of the tenancy:

• Inventory and Check-in
• Check-out
• Interim Visits

Guidance tips to help you understand your Accreditation

The LIPS Licensed Inventory Provider Award has been created to develop and qualify individuals to become licensed Inventory Providers to undertake and produce Inventories for residential properties.

The route offered by Licensed Inventory Provider Scheme is not seen as a learning qualification but more as the provision of evidence of a person's competence in the field of Inventory Provision and so is primarily designed for Experienced Practitioners.

An Experienced Practitioner is classed as having relevant qualifications and having worked within the area of property Inspection for a minimum of 6 months.

Whether you are a qualified and accredited Domestic Energy Assessor (DEA), a RICS chartered or technical member or someone with experience in the Inventory business, becoming a Licensed Inventory Provider with the Licensed Inventory Provider Scheme (LIPS) is a very straightforward process and will take a matter of a few weeks.

Less experienced applicants will need to undertake additional training in the form of the Level 3 Diploma in Domestic Energy Assessment before starting the Licensed Inventory Provider Award.

What happens once you have gained the Award

Once you have gained the Award, you will need to become an accredited member of the Licensed Inventory Provider Scheme before being able to gain access to the software to be able to produce and lodge your first LIPS approved inventories.

Licensed Inventory Provider Scheme have partnered with the company eTech Ltd who have been working for a number of years within the EPC generation industry and the two organisations have developed the hardware and software that you will use to produce your LIPS approved inventories. You will also need to enter into an agreement with eTech Ltd to purchase the necessary hardware and software to be able to produce and lodge your inventories.

Inventory Accreditation

By using the approved hardware and software, you will be able to gather the data required to produce the highest possible standard of  photographically and floor plan driven inventory.

Once you have gathered the data required at a property to produce an inventory, you will be able to sign off the inventory and submit it to the accreditation scheme for lodgement, compliance checking, approval and onward transmission to the client in PDF format. This will enable landlords to confidently and effectively meet the requirements of a Tenancy Deposit Scheme.

Fees

The cost of the property-careers.com hosted inventory course is £295 plus VAT. Included within the course fees are all academic training, examination fees, assessment fees and membership of the inventory portal.

The current cost of membership of The Licensed Inventory Provider Scheme has been set at £200 plus VAT per annum.

The current cost of the eTech hardware is approximately £420 plus VAT.

Why choose to become a Licensed Inventory Provider

Once you have become a Licensed Inventory Provider, you will have a further skill set and more offerings to take to the property market.

For more details contact us or call our free advice line on 0800 731 6804.