Setting Up Ground Rent


Setting up ground rent can be done in 2 ways on Resident. Each method has their benefits and down sides. See below to determine which method you should use:


Automatically As Individuals


Pros: 

  • We have the freedom to choose when the invoice is raised and how many days before the due date the invoice can be sent.
  • Allows us to set different amounts or dates for different Leaseholders.
  • Sends automatically.

Cons:

  • These must be set up in each Leaseholder individually.
  • We cannot send or download more than one of these invoices at a time due to their individual nature. 


Manually As A Group


Pros:

  • Allows us to raise ground rent demands for an entire block using a schedule to apportion the amounts. This method is beneficial if all Leaseholders are paying the same or a certain percentage. 
  • Allows us to send and download a batch of ground rent demands together. 

Cons:

  • We cannot set this up to go automatically and so it has to be raised at the right time. A reminder can be set up on the system for this is it is the preferable method. 



See below instructions for each method:


Automatically As Individuals


We begin by opening the Ownership details. This can be accessed by opening the block and navigating to 'Block' > 'Unit List' and clicking on the person icon next to the Ownership we would like to assign ground rent to.




Once opened we navigate to 'Details' on the collapsible menu. On this page we tick 'Has Ground Rent' to open the ground rent menu. 



Ticking this will bring up the following items:




Now we can fill these out:


Rent Amount: This is the amount to be invoiced per invoice. 

Rent Start: This is the beginning of the ground rent. PLEASE NOTE that this is retroactive and WILL raise AND SEND past invoices if set in the past. 

Rent Issue Date Offset: This is the amount of days the invoice is raised and sent BEFORE the due date. 

Email Automatically: If ticked these invoices will be sent on the date raised (set by the offset days). If not ticked these invoices will have to be sent/downloaded individually. If you will not be ticking this please see cons of this method to consider whether the manual method would work better for you.

Rent Frequency: This is the frequency at which these invoices will be raised and sent.

Bank Account: This determines which account this invoice will be reconciled against.


Once these have been filled out we can now click 'Update'. Please allow up to 24 hours for this to take effect in terms of retroactive invoicing. 


To stop the ground rent for this Leaseholder we simply un-tick 'Has Ground Rent'.


Once our first invoice has been raised and sent we can view and download/send it by navigating to one of two places:


Ownership statement


This can be accessed by opening the block and navigating to 'Block' > 'Unit List' and clicking on the person icon next to the Ownership of our choice.
Once open we can select 'Statement' on the collapsible menu.

The statement will show all invoices raised including ground rent. Here we can click the eye icon and make amendments for this one invoice. If we wanted to amend any details going forward we would need to make these amendments back in the ownership details.



Supplementary Invoices


To see all ground rent demands raised we can navigate to 'Block' > 'Block Accounts' > 'Invoices' and select the 'Supplementary Invoices' tab.



This list will show all ground rent demands raised for this block automatically. Here we can amend details as we could in the statement if we need to. 


Manually As A Group


This method is simply to raise an invoice group using the category of 'Ground Rent'. Please see 'Adding An Invoice Group' for guidance.