1. Management type
For Guaranteed rent properties, the management type must be set to Guaranteed rent within the property record.
Go to Lettings properties > View properties
In the Street column, click on the property address
Expand the Management type drop-down and select Guaranteed rent (shown below)
Click Update property
Note: Properties set to 'Guaranteed rent' will not automatically have guaranteed rent deductions running.
2. Contract information
Key dates relating to a guaranteed rent property can be held within the property record, including the current contract start date and expiry date.
Go to Lettings properties > View properties
In the Address column, click on the property address
Open the Details tab
Scroll down to the bottom - users will have the option to set the Management start date, Keys received date, Current contract start date and Expiry date for the property
Click Update property
Once set, these dates will pull through to the Guaranteed rent page (Financials > Guaranteed rent) for reference.
If the landlord is on a periodic contract, tick the Periodic checkbox (located on the right-hand side of the Contract expiry date field). If ticked, this property will show as 'Yes' within the Periodic column on the Financials > Guaranteed rent page.
3. Setting up guaranteed rent payments
Go to Lettings properties > View properties
In the Address column, click on the property address
Open the Finance tab
Populate the Guaranteed rent section with the relevant payment information
For reference, please find below information relating to each field
To enable guaranteed rent payments for this property, expand the Guaranteed rent payments on the dropdown and set it to Yes
Click Update property
In the below example, this landlord has signed up for a three-year contract therefore the top three sets of guaranteed rent fields have been populated. Please see annotated image below for reference.
The first set of fields show that for year 1, the landlord is to receive a half payment of £300 on the 1 November 2021 followed by monthly payments of £600 starting on the 1 December 2021.
For year 2, the second set of fields indicate that the landlord is to receive an initial half payment on 1 November 2022 followed by monthly payments of £700 starting on 1 December 2022.
For year 3, the landlord is going to receive a full initial payment (£700) on 1 November 2023 followed by monthly payments of £700 starting 1 December 2023.
Note: If the landlord is on an equal payments contract, we still recommend populating the initial payment fields with the full amount as this ensures the correct information feeds through to the landlord's terms of business.
After the date of each column populated below the current is reached, the values will move 'up' one section and replace the previously populated date.
Using the above example, this means when 1 November 2022 is reached the values in the +1 year section will move to the current year section, and so on.
If values are only entered into the topmost set of boxes and nothing is set to replace these fields, then these amounts will repeat indefinitely.
Video Tutorial