How to Renew a Deal
When an existing tenancy agreement expires, it will usually become a Statutory Periodic Tenancy (SPT) unless you agree a renewal between the Landlord and the Tenants. As a result, you may wish to discuss the prospect of renewing the tenancy for another fixed term with them.
Renewing a deal is a simple process that can be done in just a few steps. Follow the instructions below to ensure a smooth renewal process.
Step 1: Look up the Property
First, navigate to the Property you wish to renew the tenancy for. You can do this using either the "Properties" menu on the left hand sidebar or by searching for the Property Address.
Step 2: Click "Renew Deal"
Once you have found the Property you wish to renew the tenancy for, click on the "Renew Deal" button. on the left hand sidebar.
This will take you to the "Create Deal" screen.
Step 3: Check the Details
From the "Create Deal" screen, you will be able to review and update the terms of the deal to reflect what the Landlord and Tenant have agreed for the renewal. Make sure all the information is correct, including the new expiry date and any special terms and conditions that may have been agreed.
Note: Some details, such as the amount of the Security Deposit and the Holding Deposit, will carry over from when the tenancy was initially set up. Please leave these as they are, unless they have changed for any reason in the interim.
Step 4: Click "Create Deal"
Proceed through the "Agreement", "Options" and "Tenancy Control" sections as you normally would when setting up a new tenancy. Ensure that you update each of these screens to reflect what the Landlord and the Tenant have agreed regarding the renewal.
Once you are satisfied that you have entered all of the relevant information, simply click the "Create Deal" at the bottom of the "Tenancy Control" section.
This will bring you to the "Start Deal" screen, with which you will be familiar.
You will notice that the tracker along the top of the "Start Deal" page will now omit the "Holding Deposit" and "Referencing" steps, as these are not usually required on a renewal.
If you would like to re-reference the tenants as part of the renewal, you can turn this feature back on using the "Edit Deal" function.
Step 5: Click "Start Deal"
Take a moment to review the deal and ensure that everything appears to be correct and that the deal reflects what you have negotiated between the Landlord and the Tenant for the renewal. Once you are satisfied, you can simply click on the "Start Deal" button to begin the renewal.
From here, simply follow the steps you are familiar with to complete the tenancy renewal!
Congratulations, you have successfully renewed your deal! If you have any further questions or concerns, please don't hesitate to contact our customer support team for assistance.