When adding a new property or letting into 10ninety, you can automatically calculate the holding deposit that is owed by the tenant to secure the tenancy.
Calculating the holding deposit
After entering the rent, either when adding the property or the letting, there is a blue button underneath 'Holding Deposit' titled 'Calculate one week's rent' that will automatically fill in the amount owed by the tenant.
For our agents based in Wales, we can update the calculation of the holding deposit in line with the Rent Smart Wales calculations. If you would like this enabled, please get in touch with us at support@10ninety.co.uk.
Alternatively, you can enter an amount manually into the holding deposit field.
When the letting progresses
There are a handful of useful templates uploaded already to send to the tenant once the holding deposit has been paid:
- Holding Deposit Received: receipt of funds plus next steps i.e. ID required
- Moving In Confirmation: check-in dates, letting details, breakdown of monies owed/ monies paid
Please note that all templates can be amended to suit your own procedures.
When the letting fails
There may be instances where a tenant fails referencing and the tenancy cannot progress. You have two options on what to do with the holding deposit.
Keeping the deposit
Add an a 'Tenant Fee' (Letting Menu > Tenant Fees) for the amount due > reallocate the tenant receipt towards the fee that you have just created instead of towards the deposit.
Returning the deposit to the tenant
Adding a negative tenant receipt for the amount owed back to the tenant.
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