As part of our continuous development program, things change. This time, it’s news of a new, simpler method of recording existing tenant details when buying a property.
We previously wrote about an issue Mrs F was having – she’d bought a house with sitting tenants and wanted to record their details in RentCentral. The old method involved deleting scheduled rent entries and could be somewhat cumbersome. The new method is a lot simpler:
- First, record your new property, making sure you include the Date bought details.
- Now record details of your sitting tenant (under People)
- Now create a new tenancy for the tenant, at the property. Use the actual start date of their tenancy (which was before you owned the property).
Since you can’t earn rent on a property you don’t own, any rent payments due before you bought the property are ignored.
So you’re kept up-to-speed, you’ll receive a note from RentCentral letting you know what it’s done, similar to this one:
There’s no guarantee that the day you finally complete on a property will tie in nicely with the day the rent is due. If you’ve agreed with the vendor that they’ll hand over a portion of the previous rent payment for the period between you completing the purchase and the day the next rent payment is due, you’ll need to add this to the Payment Schedule manually.
Comments and feedback welcome, as ever.