There are two ways within Re-Leased that you can renew the Current Terms & Breaks of a Lease:
- Select a Tenancy
- Click Terms & Breaks on the left menu
- Click on the Renew Current Term button.
- Click on the term renewal or term expiry reminder from the dashboard
- Click Renew Current Term
The Term Renewal page will contain the details of the current term and allow them to be updated. This page will be broken down into three sections:
1. Terms & Rights of Renewals
Add the details for the new term
Start and Expiry Date will already be filled in when renewing a term which had a right of renewal
Enter a Start Date for the new term and a Length and a Unit, and the Expiry Date will be calculated.
Enter a Start Date and an Expiry Date and the Length of the term will be calculated.
Rolling Term - Clicking the 'Rolling Term' box will take away the Term Length and the Expiry Date boxes, and assume that a new Term will automatically be created at the end of the current term.
Right of Renewals - If the term being renewed has any future right of renewals entered, these will show. Add further right of renewals or adjust the length as required.
Delegate to Member - Delegating means all notifications regarding Term renewals and expiries will appear on that user's calendar.
2. Rent and Rent Invoice Template Lines
The current rent will be showing, make any changes required, taking special note of the First Payment date - this should be the new date for which you would like the new amount to commence.
3. Rent Reviews
If you want to schedule Rent Reviews now, these can be added at the bottom of the page. Previously loaded rent reviews will appear in the list.
For reviews during the term:
If the reviews need to be added or changed, enter a date of the first review, the type of review you expect to occur and how often the Reviews will happen. (The type of Review will be one of the types that are defined in the Company Settings)
Click 'Generate Rent Reviews' to create the Reviews - these reviews replace any which were listed previously.
For reviews for rolling terms or after the term expiry date:
Click 'Add rent review' to add a Rent Review manually.
Reviews can be removed by clicking the red button next to them.
Click Save to complete the rent review process.