It is a legal requirement that letting agencies are members of a Client Money Protection Scheme (CMP). Legendary Lettings is a member of the Client Money Protection Scheme provided by UKALA.  Client money is any money received on behalf of a client and is deposited in a segregated bank account known a a "Client Account".  A Client Account is one holding funds that are still deemed to be owned by a client until a product or service gas been delivered.  Should a business fail the funds are safe from seizure by an Official Receiver to pay creditors of the failed business o by banks to pay off loans and overdrafts of the business.  The law dictates that money in a Client Account is still owned by the client and not the business.  Having said that it is possible that there may not be sufficient funds in the client account to repay the client.  This is where the Client Money Protection Scheme protects any deficits of client money.

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Examples of client money include:

• Tenants’ deposits

• Rents

• Service charges

• Interest (if in an interest bearing client account)

• Arbitration fees

• Fee money taken in advance

• Clients’ Money held but due to be paid to contractors

• Money held by members appointed as a Receiver

• Sale proceeds

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Our Client Money Protection Cerificate is below

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