COMPLIANCE AND CLIENT MONEY

LetSimple Ltd is committed to handling landlord and tenant money securely, transparently and in accordance with its contractual and legal obligations.

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CLIENT MONEY ACCOUNT

All client money received by LetSimple Ltd is paid into a designated client account maintained separately from the company’s general business account.

Client money is not used to meet LetSimple Ltd’s general business expenses. Payments are made only where authorised under the relevant Terms of Business, Management Agreement, tenancy documentation or other written authority.

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RENT COLLECTION

Rent received by LetSimple Ltd is paid into the designated client account.

We maintain records identifying the relevant property, landlord, tenant, amount received and any authorised deductions. The balance is transferred to the landlord in accordance with the agreed payment schedule.

Management fees and other agreed costs are transferred from the client account only where they are properly due and authorised under the landlord’s written agreement.

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TENANCY DEPOSITS

LetSimple Ltd does not ordinarily retain tenancy security deposits for the duration of a tenancy.

Where LetSimple Ltd receives a tenancy deposit on behalf of a landlord, the deposit is paid into the designated client account and transferred promptly to the relevant landlord in accordance with the landlord’s written instructions.

The landlord is then responsible for protecting the deposit with a government-authorised tenancy deposit protection scheme within the legally required period, calculated from the date on which the deposit was originally received by the landlord or LetSimple Ltd on the landlord’s behalf.

The landlord must provide LetSimple Ltd with evidence of deposit protection and confirmation that the required Prescribed Information and scheme documentation have been provided to the tenant.

LetSimple Ltd retains copies of the deposit protection certificates supplied by landlords as part of its tenancy records.

Where a different deposit-handling arrangement applies, this will be confirmed in writing before the deposit is received.

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AUTHORISED DEDUCTIONS AND PAYMENTS

Payments may be made from the client account only for:

• rent due to a landlord;
• management or letting fees properly due to LetSimple Ltd;
• repairs, maintenance, cleaning, inventories or other property-related expenses authorised by the landlord;
• refunds or payments properly due to a tenant;
• deposit transfers authorised under the relevant tenancy and management arrangements; or
• another payment expressly authorised in writing.

Supporting records are retained for payments and deductions.

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ACCOUNT RECORDS AND RECONCILIATION

LetSimple Ltd maintains records of all client-money receipts and payments.

The client account is reconciled regularly against the company’s property and client records. Any discrepancy is investigated and corrected promptly.

Money paid into the wrong account is transferred to the correct account as soon as reasonably possible and, where required by the applicable Client Money Protection rules, within three working days.

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ACCESS AND SECURITY

Access to the client account is restricted to authorised personnel. At present, the person authorised to operate and oversee the client account is the Director of LetSimple Ltd.

Banking access and client records are protected by appropriate passwords, security controls and record-keeping procedures.

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REPORTING A CONCERN

Any landlord or tenant who has a question or concern about money handled by LetSimple Ltd should contact:

LetSimple Ltd
Email: info@letsimpleltd.co.uk
Telephone: +44 (0) 7738 992 777​

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PROPERTY REDRESS SCHEME

Property Redress Scheme
Membership number: PRS035382
View our current Property Redress Scheme Certificate

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CLIENT MONEY PROTECTION

LetSimple Ltd is a member of Client Money Protect, a government-approved Client Money Protection scheme.

Membership number: CMP015603

Client Money Protection provides protection for landlord and tenant money held by LetSimple Ltd in accordance with the terms and conditions of the scheme.

A copy of our current Client Money Protect membership certificate is available here:

View Client Money Protection Certificate

 

COMPANY INFORMATION

LETSIMPLE LTD
Company number: 10716166
Registered in England and Wales
Registered office: 40 Henfield Road, London, SW19 3HH
Email: info@letsimpleltd.co.uk
Telephone: +44 (0) 7738 992 777