If you are located in North America, you will have slightly different buttons and terminology:
- Tenancies are referred to as Leases
- Terms & Breaks within a Tenancy are called Terms & Options
For the purpose of this article, we will refer to it as Tenancies, Terms & Breaks. For more information on regional terminology, refer to this article or contact support.
There are two ways within Re-Leased that you can renew the Current Term of a Tenancy:
- Select a Tenancy
- Click Terms & Breaks on the left menu
- Click on the Renew Term button.
- Click on the Renewal, Term Expiry, or Renewal Option Expiry reminder from the Dashboard Calendar
- 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:
Terms & Rights of Renewals
1. The Current Term details will be displayed first, in a Read-Only state
2. The New Term details will pull through from the next Right of Renewal. The term details can be edited, and if an Option existed, the Option Exercise Date and who gave notice can be recorded here.
If you tick the Rolling Term checkbox here, all future Right of Renewals will be removed.
3. 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.
4. If the "Tenancy renewals have Options" box is checked, you can record details for when the Option expires, and when you'd like the reminder for this to be created.
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. You can also click Show Rent Template Lines to see all details in the Rent Temp[late if required.
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 term renewal process.