Client Money Handling Procedure
Right Estate Agents Client Money Handling Procedure
All rent money received on behalf of our landlords is paid directly in to a designated client deposit account.
We aim to make rental payments to our landlords on the same day that money is received, although we contractual advise of a 3 day lead time to complete this transaction to cover weekend, bank holiday or late payment receipt of monies.
A small float of our own money is retained within this client account to fund certain small maintenance works carried out by us on behalf of our landlords which require payment before the next rental payment is received where the contractors payment is ultimately paid from.
The float & balance maintained in this account is kept to a minimum to reduce the total money left in the account at any one time, which in turn makes it easy to identify abnormal cash values &/or transactions in the account which minimises the opportunity & scale of misappropriation within it.
Deposit money received from tenants is lodged with The DPS custodial scheme usually on the same day as receipt, although a 3 day lead time is advised to cover weekend or bank holiday receipt of monies.
Only one person has direct access to the client account at any one time. A back up procedure is in place in case of emergency, which includes one other person only.
The client account gets audited throughout the year to include quarterly external audits by our professional members body UKALA.
We hold client money protection insurance with Let Alliance via our UKALA membership which is renewed annually.