Client Money Handling Procedure

1.            Purpose of Policy

                1.1        This Policy sets out how Your Property Ladder Limited handles money                              on   behalf of clients ('Client Money')

              1.2        The Company shall handle all Client Money in accordance with this                                 policy 

              1.3        The aims of this Policy are :

                           1.3.1      To ensure that Client Money is kept safe

                           1.3.2     To ensure that the Company complies with its legal and                                                     regulatory obligations as regards handling Client Money.

2.            Meaning of 'Client Money'

               2.1        Client Money is any money  received by the Company that does

                          not soley belong to the Company.  Examples include :

                          2.1.1       'Tenants' Deposits

                          2.1.2       Rents

                          2.1.3       Service Charges

                          2.1 4       Interest credited to a client account (unless there is a written                                            agreement that interest is to be retained by the Company)

                          2.1.5       Arbitration fees

                          2.1.6       Fee money taken in advance 

                          2.1.7       Client's money held but due to be paid to Contractors 

                          2.1.8       Money held where the Company is appointed as a Receiver

                          2.1.9       Sales proceeds and deposits

                          2.1. 10    Auction sale proceeds

              2.2      Interest earned on Client Money shall belong to the Client unless                                      there is a written agreement with a client that the Company shall                                    retain the interest.

3.             Legal and Regulatory Obligations

                3.1        The Company shall ensure that the Company and all members of                                   staff comply with all legal obligations relating to the handling of                                       Client Money.

              3.2       The Company shall ensure that the Company and all members of                                   staff comply with any rules or regulations relating to the handling of                               Client Money imposed by :

                           3.2.1       Any professional or regulatory body 

                           3.2.2      Any trade association 

                           3.2.3      Any Ombudsman redress scheme of which the Company or                                             the relevant member of staff is a member          

              3.3       The Company shall employ appropriately qualified staff to handle                                 Client Money and shall provide them with appropriate training and                                 support.

             3.4      The Company shall comply with the Client Money Protection                                             Schemes for property Agents (Requirement to belong to a Scheme                                 etc), Regulations 2019 and shall ensure it is a member of a                                                 government approved client money protection scheme (CMP) and                               the Company shall (if they've been provided with a certificate from                                 the scheme administrator.     

                           3.4.1        display the certificate confirming the Company's                                                                   membership to the CMP on its website and in-branch.

                           3.4.2       produce a copy of the certificate confirming the Company's                                              membership to anyone who reasonably requires it, free of                                                  charge: and

                           3.4.3       provide written notification to each client within fourteen (14)                                            days if their membership is revoked, or they change to a                                                    different approved CMP scheme (and the name and the                                                    address if the new CMP must be provided).

4.             Client Bank Accounts

                  4.1      Client Money shall be held in one or more client bank accounts which                             are separate from the Company's office bank account and which                                   shall have the word 'client' in the account name.

                4.2      Clients shall be advised of the client bank account name and bank                                address any of any applicable charges of interest.

                4.3      Client Money received shall be banked promptly and in any event                                    within 3 working days.

                4.4      Client Money due to be paid to the client shall be transferred to the                                client promptly unless otherwise agreed.

                4.5      Clients will be provided with regular statements of income and                                        expenditure and shall be entitled to inspect invoices and receipts on                              request.

                4.6      The Company shall ensure that appropriate accounting systems are                              in place, including arrangements for monthly reconciliations and                                    annual audits or inspections.