Tenancies tab

Tenancies associated with a property are managed via the Tenancy Details tab. The correct definition of a tenancy is crucial to the successful use of Solo/Origin. The key terms are identified below:

• Rental Period - How often rent is due from the tenant
• Tenancy Start Date - The date on which the tenancy commences
• Tenancy Duration - The length of the tenancy
• Tenancy End Date - The date on which the tenancy ends
• Rent - The rent due per rental period
• Tenant Component - The proportion of the rent (expressed as a monetary value) which is payable by the tenant.
• Recipient of Tenant Component - The entity that receives the tenant component of the rent.
• Benefit Component - The proportion of the rent (expressed as a monetary value)which is payable by a housing benefit agency, or similiar.
• Recipient of Benefit Component - The entity that receives the benefit component of the rent.
• Benefit Authority - The awarding body of any benefit component.
• First Payment Date - The date on which the first payment was received from the awarding benefit athority.
• Payment Frequency - The frequency, in days, of payments received from the Benefit Authority in relation to this tenancy.
• Payment Value - The value of each payment received from the Benefit Authority in relation to this tenancy.
• Bring Previous Deposit Forward? - This feature is used if this is not the first tenancy associated with the property instance. This option should be checked if the tenant for this instance is the same as the previous tenancy instance and any security deposit currently held by the letting agency/landlord is to be rolled forward to the new tenancy.
• Deposit - The monetary value of any security deposit due for this tenancy instance.
• Contract Signed - Indication of whether a tenancy agreement has been signed.
• Letting Fee Applicable - Indication of whether a letting fee should be applied to the landlord account on the commencement of the tenancy. A letting fee would typically be charged by a letting agency for finding a tenant for the property or renewing a tenancy agreement.
• Letting Fee - The monetary value of any letting fee applied.
• Bring Previous Balance Forward? - This feature is used if this is not the first tenancy associated with the property instance. This option should be checked if the tenant for this instance is the same as the previous tenancy instance and the balance at the end of the previous tenancy will be valid at the start of the new tenancy.
• Renew Tenancy - The renew tenancy facility creates a new tenancy instance based on the details of the previous tenancy.
• Periodic Tenancies - A periodic tenancy occurs when a tenant remains in a property after the agreed tenancy end date. Rent continues to be applied at the agreed rental value. A tenacy can be marked as periodic by editing the tenancy instance and checking the 'periodic tenancy?' option. A date associated with the end of the period should be set to indicate the end of the tenant's residence within the property.
• Variation of Tenant/Benefit Component Split - Although the rental value of a tenancy will remain constant during the tenacy period, the proportion paid by the tenant and that paid by the housing benefit agency may be varied during the lifetime of the tenancy.