To renew the Current Term of a Lease:
- Select a Tenancy
- Click Terms 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.
It will show the information in three sections: Terms, Rent and Rent Reviews
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 had 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.
The current rent will be showing, make any changes required, taking special note of the First Payment date - this is when the rent will change from if that period has not already been charged.
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.