Transcription
Before you can add a letting, you need to make sure that you have added the tenants onto the system. Then, from the dashboard page of the property, click on the "Add Letting" link. You can also do this from the Quick Links menu of the property here, or the Lettings page in the Lettings menu and then the "Add Letting" link in the top right. This lettings page also lists out any previous lettings set up for the property.
Once on the "Add Letting" form, the mandatory fields are marked with an asterisk. First of all, start typing the tenant's name and select the match displayed. Select the start date and enter a term for the letting, which will result in the system automatically populating the end date, or you can select the end date manually. Enter the rent amount and select the payment frequency, and enter the rent in advance. This is how many units of rent (e.g., weeks or months) to be paid in the first period of the letting, and will usually be one unit of the frequency selected above here.
Then, enter the deposit amount and select where this is to be held. If it's with a protection scheme, then you can select the appropriate scheme here. If the deposit is to be held with the landlord, then once paid, it will be transferred to the landlord in the next statement you generate for them.
You can then select the service of the letting here. The letting service defaults to the service set against the property itself but can be overridden for individual lettings. There are four levels of service available:
* **Fully Managed:** Rent is collected for each rent period, and a management fee is created.
* **On Introduction Only:** The system only generates the first rent period and deposit for collection from the tenant. No ongoing rent collection or management fees are created.
* **We've Managed:** No rent collection. The first rent period and deposit are created for collection from the tenant, but no subsequent rent demands are created. A regular management fee is created per rent period.
* **On Introduction with Rent Collection:** Rent and deposit is collected from the tenant for the first rent period, and for each subsequent rent period, rent is collected from the tenant with a commission fee created.
You can then enter your fees here. The letting fee is a one-off fee charged to a landlord at the start of a letting, and a management fee is your recurring fee charged to a landlord each rent period.
If the rent is guaranteed, then tick this box. The defined rent amount will be paid to the landlord each period regardless of the amount that the tenant has paid.
Landlord statements can either be produced at the landlord's portfolio level (i.e., across all of the landlord's properties with a single net amount due to the landlord each month) or on a per letting basis (i.e., a statement sequence just for the tenancy only, taking into account rent for the tenancy). If this box is ticked on a letting, landlord statements will be produced at the letting level for this letting, and the rent will be excluded from any portfolio statements for the landlord. If you would like letting level statements for all of your tenancies, please contact 1090 support, and we can configure your system accordingly.
Moving down into the advanced details section. If the "Retain Rent Until Due Date" box is ticked, any rent received in advance of the due date from the tenant will only be due to be paid to the landlord on or after that due date. If not ticked, the landlord statement process will include any rent received in advance as soon as it has been received.
If the "Retain Rent Until Fully Received" box is ticked, rent for a rent period will only be paid to the landlord once all rent due for that period has been received from the tenant. If not ticked, the landlord statement process will include any partial rents received.
If you would like the system to automatically generate inspections, tick this box. The default is for these to be created quarterly, so please contact 1090 support if you would like a different default frequency. Inspections are generated from the start of the letting, but if you would like them generated from another date, enter this here.
To then save the letting, click on the "Add" button. Once created, you can access further areas of the letting from the lettings menu here, such as the tenant fees page if you need to set up any fees for the tenant to pay at the start of a tenancy.