Lease Renewals
In WeconnectU we provide you with the functionality to manage the full Lease Renewal process.
This process should commence between 40 and 80 days before expiry of the Lease (specified on Company Settings).
Follow the steps below to process all Lease Renewals, and you can also view the short video tutorial on this topic right at the bottom of this article:
STEP 1 : Use Status filter to locate Leases to be renewed
- Navigate to the Lease dashboard
- From the Select Status drop-down filter on the top right, select Renewal Alerts
TEP 2 : Send bulk communication to Tenant / Landlord
- To send BULK emails to Tenants/Landlords, use the tick-box on the left of the Account (you can select the Page OR Select All Pages on the drop-down list as well)
- From Options on the top right, choose to Email Selected Tenants / Email Selected Landlords
- Choose the Notification Template to be used from the drop-down list
- Click on Send Notifications
- Emails will be sent to all selected Tenants / Landlords in BULK
- Once you receive feedback from the Tenant / Landlord, proceed to STEP 3
STEP 3 : Creating your Renewal Terms (Upcoming Terms)
- Navigate into the Lease by clicking on View on the right-hand side
- Click the Renew Lease button on the top right
- The system will open the Create Renewal Terms form to be completed
- The system will automatically set the Start Date to the 1st day after the End Date of your current lease, and the End Date as 12 months onward (i.e. a one-year lease)
- The End Date can be amended for longer term leases by clicking on the Calendar field (single arrows = months / double arrows = years)
- The Rent Amount will be calculated by Current Rent x Renewal Escalation, but this is editable
- Damage Deposit is calculated by Renewal Rent Amount x Deposit Factor as set on the Asset Mandate, this too is editable
- Complete all details and values and then click on Create
- The system will now create your Upcoming Terms (Renewal Terms)
- Select the Upcoming Terms from the date drop-down list at the top
- Add any Mid Term Escalations for LONG term Leases(for Annual escalations) from the Add Escalation button
- Add any Special Conditions for the Lease from the Add Special Condition button
STEP 4 : Create your Lease Renewal Addendum
- On the Lease Overview, make sure that you have selected the Upcoming Terms on the date drop-down list at the top
- From Options on the top right, select Compile Lease Addendum
- The system will open the Create Lease Addendum form
- Lease Addendum Type - select Lease Renewal Addendum
- Specify which Contact Details and Domicilium Addresses will be included by using the tick-boxes
- OPTIONAL : If you have uploaded your Standard Lease Terms on the Company Settings, select it from the Custom Lease Addendum Documents
- Click on Create Addendum
- The system will create the Lease Renewal Addendum and open it up on your screen for viewing
- A copy is saved on the Documents & Compliance tab on the Lease
- Navigate to the Documents & Compliance tab and email to the Tenant / Landlord for signature
STEP 5 : Complete the renewal process
- Navigate to the Lease dashboard
- Search for the Asset Name and View the lease
- Select the Upcoming Terms from the date drop-down list at the top
- Click on Finalize Terms to complete the Renewal process
- The Renewal Terms will auto-implement on the Start Date
