How to add or edit the ownership arrangement for an unincorporated landlord account

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 that:

  • the unincorporated landlord account type is currently only available if you work with an accountant who is a FreeAgent Partner
  • 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
  • the ownership arrangement will be applied to all properties in FreeAgent. It’s currently not possible to have properties with different ownership arrangements
  • 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 won't affect any reports in FreeAgent yet, but will be used when calculating your submissions for MTD for ITSA in the future

Navigate to your property settings

Select the ‘Property’ tab at the top of the screen and select ‘Edit Property Settings, or select 'Settings' from the drop-down menu in the top-right corner and then select 'Property Settings'.

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You can either add a new ownership arrangement or edit an existing arrangement.

Adding a new ownership arrangement

Select ‘Add new ownership arrangement’. Please note that any changes to your property settings will be applied to all properties recorded in FreeAgent.

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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.

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Enter the individual’s ownership percentage in the ‘Percentage owned’ field.

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If the properties are jointly owned, select ‘Add another user’ and enter the second individual’s ownership percentage.

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Repeat this process for any additional owners. Please note that the ownership percentages must total 100 per cent.

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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

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Once you’ve entered all of the relevant details for the ownership arrangement, select ‘Save’ to complete the process. The new ownership arrangement will be applied to all your properties in FreeAgent.

Editing an existing ownership arrangement

Navigate to your property settings and select ‘Edit’ to the right of an ownership arrangement. Please note that any changes to your property settings will be applied to all properties.

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To change the ownership percentage for the FreeAgent account owner, enter the relevant percentage in the ‘Percentage owned’ field.

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To change which individual owns that percentage, select the relevant individual from the ‘User’ drop-down menu.

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If the properties are jointly owned, select ‘Add another user’ and enter the second individual’s ownership percentage. Each individual in the ownership arrangement will need to be added as an owner user in FreeAgent.

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Repeat this process for any additional owners. Please note that the ownership percentages must total 100 per cent. 

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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 all your properties in FreeAgent.

Deleting an existing ownership arrangement

Please note that an existing ownership arrangement cannot be deleted in FreeAgent if it's the first ownership arrangement or the time period is affected by any account locks.

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. 

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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. Please note that any changes to your property settings will be applied to all properties.

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