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A unit ownership links an owner account to a unit, with the percentage of the unit they own. Unit ownerships power automatic fund flows: when a rent invoice with the automatic transfer behaviour is paid, Yorlet looks up the unit’s active ownerships and transfers each owner their share. Take the time to set them up correctly, because every rent payment depends on them. You can view all ownerships on the Ownerships page, organised into Active, Negotiating, Pending contract, Signed and Archived tabs, or on the Unit ownerships section of an owner and the Owners section of a unit.

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Ownership statuses

If a unit has no active ownership when a rent invoice is paid, the transfer fails and the invoice shows a transfer error. Activate or add the owner, then retry the transfers.

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Attach an owner to a unit

There are two ways to set up ownership:
  • Create the unit with an owner. See Create a unit.
  • Attach an owner to an existing unit, described below.
To attach an owner to a unit, follow these steps:
  1. Navigate to the owner, and in the Unit ownerships section click New.
  2. Choose the Unit. You can search by name. Once selected, the unit’s current owners are shown, and the owner you started from is added to the Owners list.
  3. To add more owners, click Add owner and select each one.
  4. Set each owner’s percentage ownership. The total must add up to 100%; click Split equally to divide it evenly.
  5. Click Add unit.

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Units with multiple owners

Each owner’s percentage decides their share of every automatic transfer for the unit. For a unit owned 60/40, a £1,000 rent payment transfers £600 to one owner and £400 to the other, and each owner is charged the unit’s management fee on their share. If several people own a unit but only one should receive the income, give that owner 100% and the others 0%. Owners with 0% are still recorded on the unit but receive no transfers.

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Change the ownership of a unit

When a unit is sold, an owner changes their split, or you take a unit onto your own books, initiate a change of ownership:
  1. Navigate to the unit and click Change owner in the Owners section, or use the overflow menu (•••) and select Change ownership.
  2. Under New owner, choose one of:
    • Account: remove the current owners and hold the unit under your own account. Rent is no longer transferred to any owner.
    • Landlord owner: assign the unit to one or more owner accounts. Use Add owner to add more, and set each percentage so the total is 100%, or click Split equally.
  3. If you chose landlord owners, optionally:
    • Turn on Carry over previous details so owners who already own the unit keep their bank account, assignee and delivery details.
    • Choose a Property management agreement template to create a new agreement for the incoming owners.
  4. Under Ending current ownership, set how the outgoing ownership ends:
    • Ownership ends at: a future date to end the ownership later. Leave it empty to end it immediately.
    • Reason for ending: Lost instruction, Sold unit, Moved in, Lost negotiation or Other, with an optional Description.
    • Send email: notify the outgoing owners of their notice period.
  5. Click Confirm change of owner.
The outgoing ownerships are archived when the change takes effect, and the incoming ownerships become active. Rent invoices paid after that point are transferred to the new owners automatically.
If you create a property management agreement, the new ownership starts as Pending contract. Once the agreement is signed, open the ownership and click Activate so transfers begin.

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Manage an ownership

Open an ownership to see its Details, including the Owner, Unit, Ownership percentage, and when it started, was signed or ended. From here you can:
  • Bank account: click Add to pay this unit’s income to a different bank account from the owner’s default. See Pay different units to different accounts.
  • Unit fees: review the fees charged on this unit. See Unit fees.
  • Contracts: view the property management agreements for this ownership, or use Create agreement to create one.
  • Owner balance transactions: see every transaction on the owner’s balance that relates to this unit.
  • Create onboarding link: from the overflow menu (•••), send the owner an onboarding link tied to this ownership.

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Unit fees

Unit fees are the charges Yorlet collects from the owner automatically. They are set on each unit, so different units owned by the same landlord can have different fees. To set them, navigate to the unit, click Edit and open the Fees tab. You can set default fees for every unit in a building on the building’s Unit fees tab. Set the Tax rate and Tax behavior (Exclusive or Inclusive) that apply to these fees. Every fee is created as a collection against the owner and credited to your platform account.

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Temporary discounts

To offer a landlord a reduced management fee for a period, for example a first-year incentive, click Add temporary discount under the management fee. Set the Percent off and an End date, or leave the end date empty to apply it indefinitely. Rent transferred while the discount is active is charged at the reduced rate, and the owner’s statement shows both the standard and discounted rate.