There are two scenarios when relating to Rental Guarantee – Rental Guarantee Insurance and Agency Guaranteed Rent.
Agency Guaranteed Rent
Within Jupix you will need create two property records, a Head record and a Sub record. The Head record has the true Landlord of the Property as the Landlord, and the Agency as the Tenant. The Sub record has the Agency as the Landlord, and the true Tenant as the Tenant.
On your original property record, add (HEAD) to the address
This record should include the guaranteed rent amount that the landlord is expecting
Go to the property record and press “Put On Market”
- Untick all Websites
- All other details can be left
Once saved this will take you back to the Property Record Summary.
Now click “Special Actions” then select “Duplicate This Property” and click Save.
Once this action is complete you will return to the original property record. You must then press “Hide From market” and then click Save.
Now click “Special Actions” and then “Withdraw”. You do not need to Create Withdrawal Letter or change the Board Status at this time, click Save.
Go to the new property record by searching “copy” in the top search bar.
Edit the Property Details and remove “Copy” from the address. And change (HEAD) to (SUB). Now click on “Special Actions” and then select “Change Ownership”. You can enter the Agency name and Save, or if the Agency details are not already entered onto Jupix, you do have the option to Add New Owner, enter their details and then Save. (Note: It is essential that you do this on the copy and not the original property record).
This record should include the rent amount the Agency are charging the tenant.
On the (Head) record you can now go through the application process to create the tenancy for the Agency.
On the (Sub) record you can now go through the application process and create the tenancy for the Tenant.
Tenant has paid Rent
Receipt the rent in from the Tenant on the (SUB) record
Generate the Landlord Statement for the (SUB) record
Pay Landlord (Agency) the amount showing on the statement (£1500.00 in the above example)
Transfer this amount from the Client/Rent account to your Business account
Receipt in the guaranteed rent amount (£900.00 in the above example) on the Tenancy on the (HEAD) record.
Transfer this amount from your Business account to the Client/Rent account
Generate the Landlord Statement for the (HEAD) record
Pay Landlord the amount showing on the statement (£900.00 in the above example)
Tenant has not paid Rent
Receipt in the guaranteed rent amount (£900.00 in the above example) on the Tenancy on the (HEAD) record.
Transfer this amount from your Business account to the Client/Rent account
Generate the Landlord Statement for the (HEAD) record
Pay Landlord the amount showing on the statement (£900.00 in the above example)
Rental Guarantee Insurance
This is an insurance policy, no actions are required within Jupix.