If a landlord decides to end their contract rather than renewing for another fixed period or moving onto a periodic contract, the property record must be updated to reflect this.
1. Payment information
Go to Lettings Properties > View properties
Locate the property
In the Street column, click on the property address
Open the Finance tab
Update the fields the following fields:
Guaranteed rent amount field - Update to reflect how much the landlord is due for their final payment (if a pro-rata amount is required, please see section 2 below)
Guaranteed rent date field - Update to reflect when the landlord is due their final payment When this date is reached, the landlord will be paid the pro-rata balance entered in the previous section
Stop payments date field - Set this field to the day after the landlord's final payment date. This ensures the landlord will not appear as needing to be paid the following month
2. Pro-rata calculation
If the landlord requires a pro-rated final payment amount rather than receiving a full monthly amount, our pro-rata calculator can be used to help calculate this final payment.
In the Finance tab of the property record, click on Calculate final payment or navigate to Admin > Partial rent calculator.
Populate the form as required.
Depending on how the amount is to be calculated, select the relevant Calculate on... button.
Once the final payment has been paid to the landlord and no further actions are required, the property, landlords and tenants (if any) can all be archived (the status of each record set to past).