Choose an account type

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

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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.

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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.

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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.

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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.

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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.