Creating a Lettings Application and Requesting a Holding Deposit

This article outlines the steps for creating a new application for a rental property and requesting the holding deposit from the applicant, which is necessary for later reconciliation within the accounting module.

Step 1: Start the Application

The easiest way to begin an application is by starting from the specific property record.

1. Navigate to the relevant Property record in your system.

2. Within the property page, you can start an application either by:

   • Clicking the Applications tab, OR

   • Going to the Manage menu and selecting Start Application.

Step 2: Select or Add the Renter

Once in the application screen, you need to identify the applicant:

1. Search for the Renter: Use the search function to find the renter who has submitted the application.

2. Add New Renter: If the renter is not currently in the system, use the Add New button to create a new profile for them.

Step 3: Configure Deposit and Lease Details

The system will require you to confirm the financial and tenancy details:

• Rent Offered: Enter the amount of rent the renter has offered.

• Default Deposits: The system will typically default to:

  • A five-week Security Deposit.

  • A two-week Holding Deposit.

• Lease Type: Select the type of lease (e.g., AST - Assured Shorthold Tenancy).

• Start Date & Term: Select the start date and the term duration (e.g., 12 months). The system will calculate the remaining dates.

• Additional Requests: Use this section to record any special requests made by the renter.

• Save the Application: Once all details are correct, click the Proceed button at the bottom to save the application.

Step 4: Request the Holding Deposit

After the application is successfully saved, you can request the payment:

1. Upon successful creation, a new option will appear at the top of the application page: Request Holding Deposit.

2. Click this option.

3. You can select to request the deposit from one or multiple tenants/applicants.

4. The system will automatically pull through the calculated holding deposit amount.

5. Click Submit to send the email requesting the holding deposit payment to the selected renter(s).

Step 5: Reconciliation and Management

After the request is sent:

• The request will be recorded and should appear in your Account and Certificate tab under Requested Holding Deposits.

• When the payment is received, it should be used for reconciliation when you do your banking.

Cancelling a Request

If the applicant does not pay the deposit or withdraws their application, you can cancel the request:

• At the top of the application page, you will see an option to Cancel the request for the holding deposit.

Support

If you have any further questions, please reach out to our support team: support@loop.software