How can I add an Additional Landlord in Joint Ownership of a Property?
This article relates to the ALTO Property Management Module
FOR A BRAND NEW PROPERTY:
- Firstly, ensure that both Landlords have been added to Alto PM.
Please note: Landlords should be added as separate records. The Second Person section is to specify a second interested owner, but they will not be taken into account for any percentage split of the property.
2. On the Property tab click the blue Add Property icon.
3. Search for the FIRST Landlord to be associated with the Property in the Vendor/Landlord box. To add the Property click the blue Add New… button.
4. Use the Postcode search tool to locate the property or add the property in manually, then click Next.
Please Note: You do not have to book a market appraisal at this stage but one will need to be booked into the system before a Tenancy can be complete.
5. Whichever you decide click Finish. The Property Status will stay as ‘Appraisal’ until the Market Appraisal is completed and the Property is changed to Instructed.
6. Click on the Appraisal tab and click the ‘ + ’ icon under the Vendor/Landlord section. Locate the SECOND Landlord added in step 1.
7. You can add more Landlords in the same fashion. Once all Landlords have been added, set the ownership percentages (% Share) accordingly – these must equal 100%.
8. If you need to delete a shared Landlord, click the ‘ - ’ icon next to the record that needs to be removed.
9. Once you are finished, click Save.
FOR AN EXISTING PROPERTY:
1. Add any new Landlords as per step 1 above, if they are not already in the database.
2. Locate the Property that is going to be shared. Click on the Property tab. Under the Market & Ownership section, click on the ‘ + ’ button under the Owner(s) field.
3. Search for the additional Landlord, select them and click Save. As before, ensure that the ownership percentages (% Share) have been set.
4. Click Save.