Reduced rent is not rent-free

Many leases do not charge one flat rent for the whole term. A renewal may begin on a reduced rent for a few months, a new letting may open rent-free, and the rent may step up on pre-agreed review dates. Lease102 now records the rent's level over time as a rent timeline: dated periods, each carrying the rent per year the lease states, from which the payment schedule, the liability and the asset are all built.

The distinction that matters most is that a reduced rent period is not a rent-free period. Rent is still payable, at the stated lower rate, and treating it as free would remove real payments from the schedule and understate the liability. Lease102 prices a reduced period at exactly the figure in the lease, keeps rent-free treatment for periods where nothing is payable, and day-weights a month in which the rate changes part-way.

On import the timeline appears on the review screen as editable rows for checking against the source, and a timeline that does not cover the whole term blocks approval with the specific gap named, rather than creating a record with silently missing rent. After approval it is shown on the lease page and can be edited on the lease form.