Dealing with landlord split ownership
For example if the ownership is split 50/50 between
Landlords, you can attach both to the property as 50/50 ownership, however it
will only recognise one as the ‘Primary’ Landlord, see below example how to add
addition Landlords and split ownership –
Go to ‘Property’ tab and select the property you wish to add the
Landlords -
Once in Property record, click on the ‘Ownership’ tab and then select 'New Owner' -
Then click on the little ‘address book’ icon
Either
‘Select Contact’ from the list or click ‘New Contact’ to create new (make sure
when creating new that Landlord is ticked in contact type) and then ‘Select
Contact’ from list
Once selected, enter the % which that Landlord owns,
‘Save’ (Keep repeating until all Landlords are added)
You will notice that all the landlords will be listed,
however only one will be a primary. Select ‘Done’ and this box will disappear. ‘Save & Exit’
Now you have added the landlords to property you need to
set up the tenancy, go into the ‘Tenancy’ module and select ‘New Tenancy’
Fill in tenancy details, but make sure you enter the % of
the rent that the primary landlord owns (i.e. if 50%
owned and total rent is £500, only enter £250) and activate the tenancy
to create the charging schedule against the primary landlord.
Now go into the ‘Activity’ window and select ‘Schedule’
Click on ‘Recurring charges’ tab (bottom bar) –
Add the second landlords recurring schedule %, making
sure you select the correct landlord –
This will now create the second Landlord charging
schedule –
When you receive rent from your tenant it will clear the
receipt to both landlords so you need to do Landlord Statement for both.
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