Property with Multiple Landlords

There are often occasions when you will need to enter a property onto Expert Agent which has multiple Landlords for example a married couple owning a property who are both Non-resident Landlords and therefore you need to keep separate records for NRL tax purposes. 

You will first need to set up your property with the landlords attached to the record:

Once you have the landlords attached to the record, you will need to tell Expert Agent how you wish the split of finances to be made.

1. In this example the owners own an equal share and therefore the split is 50% and 50%. You must make sure that the split equals a total of 100.
2. You will also need to chose a main landlord at this point which would normally be either the one with a larger share of the ownership or the one which you would contact first. 

Setting the property up like this will mean that when rent is received on the property 50% of the renal income will appear on the one landlord's statement and 50% on the other.

Here is an example where the tenant has paid their rent of £1300.00:

This is then split between the landlords. The percentage management fee has been charged on each landlord as per the recurring management fee field on the tenancy.

Landlord 1:

Landlord 2:

If you need to add any additional sales invoices that relate to this property you can also take advantage of the split that has been set up on the property record, to do this you must create the sales invoice from the finance menu when in the tenancy record. From the "Charge Invoice To" drop down simply pick the "All Landlords" option and the invoice will be split between the landlords.

This will then show on the Landlord's statement tab:

The same process will apply to any purchase invoices you need to charge that relate to properties with multiple landlords. You will create the purchase invoice from the tenancy record and select the payer as 'All Landlords' for the property split to apply to the invoice.

Both landlords will appear in the Landlord Payments area with their portion of the rent to be paid, less their portion of any invoices charged.