When the management type changes from Fully Managed to Guaranteed Rent, a few steps must be taken to ensure that the original managed let record is retained for reporting purposes.
This will also prevent any future payments from being made from the incorrect account.
1. Copying the property
Go to Lettings properties > View Properties
Locate the relevant property
In the Action column, expand the dropdown and select Copy property details
The copied record will appear with (COPY of) in the address
3. Link the landlord to the new property
Go to Lettings properties > View Properties
Locate the copied property record
In the Action column, expand the dropdown and select Link to landlord
Select the landlord's name and set their ownership share
Click Submit
If the property is jointly owned, repeat the above steps for all other owners.
Note: If there is no current tenancy for this property, please skip steps 4 - 6 and proceed to step 7.
4. Copy the tenants to the new property
Go to Tenants > View Tenants
Locate the required tenant
Click on the edit pencil icon
Scroll to the bottom of the open tenant record and click Copy
Users will be redirected to a new page where they can link this tenant to the copied property record
Click Submit
Repeat the above steps for all in-residence tenants.
5. End the tenancy on the old property
Go to Tenants > End Tenancy
Complete the end tenancy process for the old property record
For further guidance on ending tenancies, please click here.
6. Continue the new tenancy for the new property
Go to Tenants > Create Tenancy
Complete the create tenancy process for the new property
Please ensure that the initial month's rent is pro-rated where required
For further guidance on creating tenancies, please click here.
Note: For this step, please ensure the start date of the tenancy on the new record continues from the end date of the old record.
7. Updating the new property record
Go to Lettings properties > View Properties
Locate the new property record, which will be shown with (COPY of) in the title
In the Street column, click on the property address
Expand the Management type dropdown and select Managed let
In the Address section, remove (COPY of)
Click Update property
8. Turn on guaranteed rent payments
Go to Lettings properties > View Properties
Locate the relevant property
In the Street column, click on the property address
Open the Finance tab
Locate the Guaranteed rent payments on the dropdown and set it to Yes
Click Update property
9. Archiving the old property
Once the final rent has been paid out against the original guaranteed rent property and there are no further actions that need to be taken, the old property record can be archived.
For guidance on how to archive a property, please click here.