This section is to be taken as the written procedures used by Legendary Lettings Ltd for handling Client Money.

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Client monies means money which is held by Legendary Lettings Ltd in the course of residential lettings or
property management as set out in sections 54-56 of the Housing and Planning Act 2016.  An explanation of terms used by us of Client Money and the Client Account in which Client money is held is defined on our Web page here.

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The following statements apply to the way we handle client money

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• Client Money will only be handled by suitably authorised and trusted staff who will manage the operation of the Client Account

• In accordance with our terms and conditions, interest will not be paid on any money held on behalf of a client in the Client Account

• Money in the Client Account will be used to pay landlords, contractors, tenants and applicants together with any fees due to Legendary Lettings Ltd

• If applicable, Client Money will be repaid to clients from cleared funds.  Funds will be deemed to be cleared funds five business days after being paid into the Client Account to reduce the risk of fraud.  If an agreed repayment is requested more than five business days after funds were paid in then it will be repaid immediately

• When an Applicant makes an application to rent a property they will pay a holding deposit equating
  to not more than 1 weeks’ rent. This money will be held in accordance with the Tenants Fees Act 2019.
  Where an application is successful, these monies will be, on the agreement of the Applicant, set against
  the first months’ rent

• In the event that the application is not successful, in accordance with our Application to Rent and Holding Deposit agreements, monies may be refunded to the Applicant or retained by Legendary Lettings.

• During a successful tenancy, where Legendary Lettings has been appointed to act in a Management or
  Rent Collection capacity, the Legendary Lettings will ask the Tenant to make payments by Direct Debit into the bank Client Account

• Occasionally, payments may be made by different methods and Legendary Lettings will ensure that these funds are processed through the client bank account in a timely manner

• Legendary Lettings will not accept accept cash payments under any circumstances.  All monies received must be received from a UK Bank account or Building Society account

• Money paid as rent by Tenants will be processed at least weekly by Legendary Lettings.

• Money due to Landlords will be paid in accordance with our Landlord Terms of Business; within 10 working days of the funds clearing into the client bank account

• In the majority of occasions, any money paid out of the client bank account will be by electronic transfer
  however occasionally other methods may be used

• From time to time and with the agreement of the individual Landlords, Legendary Lettings may withhold a float of monies either as a static balance to account for any agreed maintenance or as a one off amount to pay for an individual invoice

• Landlords may also be required to make a payment for larger maintenance / repairs works in advance of
  the works commencing and in the event of this happening, the monies paid to Legendary Lettings will be held in the client bank account and noted against the individual Landlord ledger

• When money has been withheld by Legendary Lettings from a Landlords ledger for the purposes of payment for maintenance etc. the contractor will be paid, from the client bank account, when the work has been completed and in line with the individual Terms of Business agreed between each contractor and Legenndary Lettings

• The Client Acccount will be reconciled not less frequently than once per calandar month.  Legendary Lettings will endeavour ro reconcile the Client Account more frequently if required

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