To set-up a tenancy (letting) in the system, the tenant needs to be registered in the system first.
Once that has been done, the letting can be set up as follows:
- From the dashboard page for the property, click the “Add Letting” link (which is also available in the “Quick Links” widget from any property page, or from the “Lettings” side menu item)
- In the letting form, enter the lead tenant for this letting by starting to type the tenant’s name – the system will find any matches, click to select the tenant in question.
- Enter the start date of the letting and the term (the system will then automatically calculate the end date). Alternatively, manually enter the letting end date.
- Enter the rent, the deposit, any fees, and so on. Mandatory fields are marked with an asterisk (*).
- Click “Add” to save down the letting.
Letting Form Fields
Most of the fields in the letting form are self-explanatory, but some additional notes are provided below:
"Rent Payment Frequency" - this is the frequency that the rent is due to be paid by the tenant(s). The rent might be expressed in a different frequency to the actual required payment frequency (e.g. rent defined as a weekly amount, but payable on a monthly basis).
"Rent In Advance" - this field determines how many units (weeks/months etc) of rent is due to be paid in the first rent period. It defaults to one unit of the rent payment frequency (i.e. 1 month's rent).
"Is Periodic" - if checked, the letting will automatically be extended a rent period at a time from its end date. By default, periodic lettings will auto-extend a week before their end date - if you require them to be extended further in advance than this, please contact 10ninety Support and we will change the setting in your system. For periodic lettings, an additional "Rent Review" date is also available - two weeks in advance of this date, the letting will appear in the "Periodic Tenancies With Rent Review Due" alert.
"Where Deposit Held" - the default setting in the system is for deposits to be held at a 3rd party protection scheme such as the DPS. Once you have received the deposit from the tenant, the system will prompt you to lodge it at the protection scheme. However, this setting does also support to additional options: "Landlord" - the landlord will be responsible for lodging the deposit, so it will be transferred to the landlord in the next statement run; "Agent" - you will be responsible for the safe-keeping of the deposit.
"Letting Service - "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 collection for each rent period and management fee collected
- "Introduction-only" - the system only generates the first rent period and deposit for collection from the tenant. No ongoing rent collection or management fees created
- "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.
- "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.
"Letting Fee" - one-off fee charged to the landlord at the start of the tenancy
"Management Fee" - recurring fee charged to the landlord each rent period, for the duration of the tenancy (also known as "commission")
"Is Rent Guaranteed" - if ticked, the defined rent will be paid to the landlord for each rent period, irrespective of how much rent has actually been received from the tenant for the rent period
"Letting-Level Landlord Statements?" - 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 flag 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 10ninety Support and we can configure your system accordingly
"Negotiator" - if a negotiator is set against the letting, commission will be eligible for the negotiator for the letting fee and any ad-hoc fees with negotiator commission enabled against them. Run the "Lettings Negotiator Commission" report to see commission due across all of your negotiators for a given date range. The negotiator commission % applied is that defined against each staff account, unless overridden on the letting - only managers can view or edit this.
"Retain Rent Until Due Date" - if ticked, any rent received in advance of the due date from the tenant will only be due to be paid to the landlord on/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.
"Retain Rent Until Fully Received" - if 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.
"Auto-Generate Inspection Schedule" - if ticked, the system will generate a schedule of inspections, based on the standard inspection frequency (quarterly by default - please contact 10ninety Support if you would like a different frequency). Managed lettings only.
"Inspection Schedule Start Date" - by default, the schedule of inspections will be generated relative to the start date of the letting (i.e. the first inspection will be 3 months after the start date). If you require the inspection schedule to be relative to a different date, set it here - the first inspection will then be 3 months after this date.
"Nominated Agent Bank Account" - this indicates which of your bank accounts the tenant should pay rent into. It is used in standing order mandates. Note - the system doesn't directly connect to this bank account in any way.
"Tenancy Agreement Special Clause" - if the tenancy requires any special clauses, include them in this section. They will then automatically be included in the tenancy agreement, and this saves you manually editing them into the agreement.