When there is a change of ownership for a property, it is best practice to create a copy of the property to link to the new landlord.
This creates separate records for the property and tenant(s), which will be linked to the new landlord.
This keeps the historical documents and accounts for the property linked to the old landlord, which can be particularly useful if the former owner later requests summary statements for previous periods.
This allows rent to be apportioned appropriately between the new owners if the ownership changes during a tenancy.
1. Copying the property
Go to Lettings properties > View Properties
Locate the property and select Copy Property Details from the Action dropdown box
The new property record will now show with (COPY of) in the address and with a higher ID number than the original property record
2. Updating landlord payment details
Go to Lettings properties > View properties
Locate the new property and select the street address to access the property record
Select the Finance tab and enter the new landlord payment details
Select Update property to update
3. Linking the new landlord to the property
3.1 Where the landlord is already on the system
Go to Lettings properties > View Properties
Locate the new property record, and select Link to landlord from the Action dropdown box
3.2 Where the landlord is not on the system
Go to Owners > Add new owner/landlord
Populate the owner record and Submit
A new screen will appear where the landlord can be linked to the copied property
4. Copying the tenants to the new property
Go to Tenants > View Tenants
Locate the tenant, and click the edit pencil icon against them
Scroll to the bottom and click Copy
A new screen will appear where the copied tenant can be linked to the copied property
Fill out the form as required then click Submit
5. Ending the tenancy on the old property
Go to Tenants > End Tenancy and end the tenancy against the old property record
For further information on the end tenancy process, please click here.
6. Continue the new tenancy for the new property
Go to Tenants > Create Tenancy and complete this process for the new property
Please ensure that the initial month's rent is pro-rated where required.
For further information on the create tenancy process, please click here.
It is at the agent's discretion as to what date they set as the date of entry when continuing the tenancy, whether this date will be the date on which the ownership changed or if this will be the original move-in date.
We recommend checking the Tenant ledger once this step has been completed to ensure accuracy.
For further information on adding/editing rent due dates, please click here.
7. Updating deposit information
The process for updating the deposit information is different depending on whether the deposit funds are currently held in the client account or held in the deposit scheme.
If the funds are in the client account:
Go to Financials > Transfer deposit/float and select Deposit between properties
Populate the form as below to transfer the funds onto the copy property
If the deposit funds are held in a deposit scheme or separate insured client account, and the deposit scheme ledger feature is enabled:
Go to Lettings properties > Other Balances > Deposit Balances
Locate the original property and click into the Deposit scheme balance
Select Deposit scheme out and fill out the required information to draw the deposit balance down
Go back to the Deposit balances page, locate the copy property and click into the Deposit scheme balance
Select Deposit Scheme in and fill out the required information to add the deposit balance to the new property.
NOTE: The deposit scheme balance column is an optional feature that can be enabled on request, where it is required for audit purposes. If this feature is not enabled, no further action is required on the system.
8. Archiving the former property record
Once the final rent has been paid out to the old owner and there are no longer any funds for or further works required on the old property, the old property and landlord can be set to the "past" status. This will archive these records.