Add or edit the ownership arrangement for properties
This article explains how to split the ownership of properties between multiple individuals in FreeAgent, and how to edit or delete ownership arrangements.
Please note:
- The individual ownership percentages must total 100 per cent.
- It’s not possible to add or edit an ownership arrangement in a locked accounting period.
- You’ll need full (level 8) access to your FreeAgent account to add or edit an ownership arrangement.
- Each individual in the ownership arrangement will need to be added as an owner user in FreeAgent.
- The ownership arrangement is used by FreeAgent to calculate the split of income and expenditure on the property section of the Self Assessment return.
Navigate to your property settings
Select the ‘Property’ tab at the top of the screen and select ‘Edit property settings'. Alternatively, select 'Settings' from the drop-down menu in the top-right corner and then select 'Property Settings'.
You can either add a new ownership arrangement or edit an existing arrangement.
Adding a new ownership arrangement
Select ‘Add new ownership arrangement’.
Select the relevant property from the ‘Property’ drop-down menu. You can select 'All properties without specific arrangements' to apply the same ownership split to multiple properties or individually assign different ownership splits to specific properties. Properties without an assigned split will automatically default to the 'All properties' split unless otherwise specified.
Select the relevant individual from the ‘User’ drop-down menu. Each individual in the ownership arrangement will need to be added as an owner user in FreeAgent.
Enter the individual’s ownership percentage in the ‘Percentage ownership’ field.
For jointly owned properties, select ‘Add another owner’ and enter the second individual’s ownership percentage.
Repeat this process for any additional owners. Please note that the ownership percentages must total 100 per cent.
Enter the date that the ownership arrangement is effective from using the date picker in the ‘Effective from’ field. Please note that it’s not possible to select a date that is:
- on or before your FreeAgent start date
- already marked as ‘effective from’ in another ownership arrangement
- during a locked accounting period
Once you’ve entered all of the relevant details for the ownership arrangement, select ‘Save changes’ to complete the process. The new ownership arrangement will be applied to the selected property in FreeAgent.
Setting a new overall ownership arrangement
To set a new ownership arrangement for all properties, make sure that ‘All properties without specific arrangements’ is chosen as the property name.
Please note that if you have set up other ownership arrangements for some, but not all, properties with an earlier effective date of ownership, then these ownership arrangements will continue even if you set a revised ‘All properties’ arrangement after that date. You would need to set up a revised ownership agreement for each individual property that you have previously assigned an ownership arrangement to.
Editing an existing ownership arrangement
Please note that an existing ownership arrangement cannot be edited in FreeAgent if the time period is affected by any account locks including filed Self Assessment returns for any user.
Navigate to your property settings and select ‘Edit’ to the right of an ownership arrangement.
To change the ownership percentage for an owner, enter the revised percentage in the ‘Percentage ownership’ field.
To change which individual owns that percentage, select the relevant individual from the ‘User’ drop-down menu.
If the properties are jointly owned by additional owners, select ‘Add another owner’ and enter the individual’s ownership percentage. Please remember that each individual in the ownership arrangement will need to be added as an owner user in FreeAgent and the ownership percentages must total 100 per cent.
Once you’ve entered all of the relevant details for the ownership arrangement, select ‘Save changes’ to complete the process.
Please note that it is not possible to edit the assigned property. If you need to change the split to a different property, you would need to delete the ownership arrangement first and then add a new arrangement for the correct property.
Deleting an existing ownership arrangement
Please note that an existing ownership arrangement cannot be deleted in FreeAgent if the time period is affected by any account locks, including filed self assessment returns for any user.
Navigate to your property settings and select the ‘X’ to the right of an ownership arrangement.
Select, ‘Yes, delete this ownership arrangement’ in the pop-up window to complete the process.
Alternatively, select ‘Edit’ to the right of the ownership arrangement and then ‘Delete this ownership arrangement’.
Select ‘Yes, delete this ownership arrangement' in the pop-up window to complete the process.