Lets Manage North East Ltd have a separate protected account for client money and it is held in a ‘Client Protected’ account.
All sums must be received by BACs to the client account. Cash and cheques are not accepted in any circumstances. All sums must be clearly identifiable as relating to specific persons or address.
All unidentified transactions are dealt with as client money until they can be identified.
Money is paid to clients within 5 working days of the last day of the month.
Commission fees are taken from the rent when the money is received.
Lets Manage North East Ltd use a client management and rent tracking system to monitor and manage transactions. These systems are securely controlled and protected with suitable IT controls and security.
An appropriately qualified person is responsible for the overseeing of the client account and the
systems and controls. All competent and trained employees have been trained in the systems, controls and procedures.
All client records are retained for seven years.
The landlord agreement explains that Lets Manage North East Ltd hold money in a client account. The clients are aware that Lets Manage North East Ltd retain any interest the sum accrues.
All deposits are paid straight to the Deposit Protection Service within 5 working days of the tenancy commencement.