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Specialists in Client Accounting
& Client Money Protection

F.A.Q’s

Completing the On-Line Questionnaire

Click on the questions to reveal the answers

 

> What dates should I base the answers to the Questionnaire on?

Answers must relate to ‘trading’ up to the day before you complete the Questionnaire.

 

> What if we only hold Let Only Deposits for a few landlords?

If it is not your ‘normal’ practice to hold let only deposits you should answer No. If you feel it necessary to provide more detail there is space at the bottom of the Questionnaire for Additional Information.

 

> Does ‘Portfolio’ include vacant properties?

No. At this point we only require the number of active tenancies where rent is collected by you on a regular basis i.e. monthly, weekly.

 

> Does the number of AST’s include Let Onlys?

No. At this point we only require the number of active tenancies where rent is collected by you on a regular basis i.e. monthly, weekly

 

> Does the number of Company & Common Law Lets include Let Onlys?

No. At this point we only require the number of active tenancies where rent is collected by you on a regular basis i.e. monthly, weekly

 

> How do I calculate the average rent per month?

Total up all the rents collected by you monthly and divide by the number of tenancies accounted for

 

> What is meant by rents in advance?

Monies sitting in your account which have been received from tenants prior to rent due dates

 

> Our accounts person only comes in twice a week so what should we enter as the number of processing days?

Processing days are defined as the number of days after receiving rent from tenants you normally take to make payments to landlords etc.

 

> I register tenant deposits with my insured scheme but pay the premiums monthly in arrears what should I answer?

Yes

 

> What are landlord maintenance retention monies (floats)?

Money paid to you by landlords or held back from rent which are used to settle maintenance bills, emergency work etc

 

> I retain landlord maintenance monies at the start of a tenancy but do not always top them up during the tenancy. How do I calculate landlord maintenance retentions held by me?

Total up all the retention money held by you and divide by the number of fully managed tenancies the money relates to

 

> We take 6 months commission every 6 months. Do I answer ‘Monthly’ or up front’?

Up Front

 

> We charge a different commission % rate to each Landlord. How should I work out the average?

Total up the individual commission rates charged and divide by the number of tenancies

 

> We charge some landlords a monthly fixed commission amount. How do we account for this as your questionnaire asks only for %?

If it is your normal practice to charge set commission (i.e. £50 per month) you will need to calculate this as a percentage of your average rent: ie. fixed commission £50 average rent £800 pcm 50×100 / 800 = 6.25%

 

> What is a bank account summary?

The summary page from a bank account shows the account activity (money in, money out) over a period of time (usually a month). It shows the period start and end date and the opening and closing balances

 

> What exactly do you mean by ‘designated’ accounts?

Designated or ring fenced client bank accounts firstly must include the words ‘Client account or Client Money Account in the account title. You should also hold written confirmation from your bank stating that there is “no right of” (a) set off (b) charges (c) liens against the accounts.

 

> Which months should we use? Should we include the current month?

We require information relating to the last full 3 months e.g. if completing the Questionnaire sometime in June the information provided should cover March, April and May

 

> We have some rent collect/managed tenancies where the deposit has been passed to the landlord to hold/protect. How do we account for these?

If there are a significant number that you believe might distort calculations call us.

 

> We are members of an insured deposit protection scheme & have sent several disputed deposits to the scheme provider. Do these count as ‘deposits in dispute or not yet returned as of today’?

No

 

> My bank does not issue summary statements. What should I do?

Call your bank/relationship manager and ask them to send over an itemized summary or confirmation of account activity for the period(s) requested in the Questionnaire. The summary page from a bank account shows the account activity (money in, money out) over a period of time (usually a month). It shows the period start and end date and the opening and closing balances

 

> I have to order statements by post. Is a screen print of my online banking acceptable?

Yes as long as the account name, sort code and account number appear.

 

> We have not registered any new deposits in the last 11 days. Do you still want a statement?

Yes.

 

> Our statements run from the middle of the month rather than from 1st. What should I send you for the statement requested ending on 31/10/12?

You should send statements/summaries that show a complete month close to the period requested i.e. for October you can send 20th September – 20th October or 20th October to 20th November

 

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