When using Owners, you can create a variety of accounts for different use cases. There are three account types you can use with Owners:
- Landlord
- Leaseholder
- Supplier
Landlord accounts
A Landlord account should be used when you need to associate a unit with an ultimate beneficial owner. For example, when you manage a property on behalf of a landlord.
Leaseholder accounts
A Leaseholder account should be used when you wish to record the current occupier of a unit, this is usually used to then charge the leaseholder for service charges or ground rent. A leaseholder is someone who owns a property on a lease for a fixed length of time, but the freeholder will own the property outright. A leaseholder is also sometimes called a tenant, but this should not be confused with short-term agreements.
Supplier accounts
A Supplier account should be used when you want to charge collections to owner accounts that need to be paid out to a third party. For example, you might collect a maintenance charge from a landlord's rental income and pay it out to the contractor who carried out the work.
Business types
It is important to choose the correct business type when creating an owner as this affects future requirements. They are:
individual- you will need to collect information about the person.company- you will need to collect information about the company and its beneficial owners. This includes Limited Liability Companies, Limited Liability Partnerships, Trusts, and Public Companies.
Create an account
You can create a new owner account from the Owners tab of your Yorlet Dashboard. You must specify the account type and the business type.