Step 3 – Create a beneficiary

Owned by Matt Clubb
Last updated: Oct 25, 2024
2 min read

Creating a beneficiary

Using this step you can duplicate your landlord details, add payment information to PayProp and attach them to the property as the owner. Please note that, as the app is still in development, only a new owner can be attached and they will become the sole owner of the property. Joint ownership is not yet supported. A UK bank account is also required – support for international bank accounts will be added at a later date.

If the landlord's details are already in PayProp, you can skip this step by clicking ‘Skip’ at the bottom of the form.

Please note: Bank details are required for a beneficiary to be entered on PayProp, but they will not be stored in Reapit.

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Create beneficiary form

First name *

First name of the beneficiary

Last name *

Surname/last name of the beneficiary

Business name *

If the beneficiary is a business, enter the full name here.

Mobile number

Beneficiary’s mobile number. The country code is required.

E-mail address

Beneficiary's e-mail address. Statements and remittances will automatically be sent to this address.

Address

The physical address of the beneficiary, which could be a business or residential address.

If the beneficiary is the address owner, it will appear on the owner’s statement. This address will also appear on the payment advice to other beneficiaries.

Note: this is not the address of the property under management.

Bank name *

The name of the bank where the beneficiary has the account. 

Account name *

The name of the beneficiary’s bank account.

Account number *

The account number at the bank. 

Sort code *

The sort code of this bank.

* Required fields

Please note: Greyed-out fields can only be changed in Reapit by closing the app. Blank fields or incorrect information may cause errors.

Adding the owner

At the bottom of the form you will see a checkbox marked ‘Make beneficiary the owner of the property’ – this is ticked by default. If there is no existing owner on the property, the new owner will become the sole beneficiary of the property.

If you used an existing property from PayProp that already has an owner, you will need to untick this box before proceeding.

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Make beneficiary tick box

Next article:

Step 4 – Create a holding deposit