Hi all hoping someone can point me in the right direction. I have a background working in property but first time for myself so some areas I am not experienced in.I have been offered a property management contract for a small block of flats. As such I have lined up quotes for indemnity insurance, public liability and know I need to join a public redress scheme. The area I am stuck is where it comes to bank accounts.
The lease is old fashioned so landlord has to pay up front and reclaim the costs. Under regulations if you hold clients money you need a client management account and money protection. It does however not count as client money if the services are rendered and then charged for. A hold account can't have an overdraft facility. The landlord has always kept 2000 grand in the account to manage most of the costs short term.
My question is if the landlord has his business account and I have access to it in my role to pay the bills etc do I need any insurance for this. Is this allowed?
The alternate seems to be I have a business account and need to front the costs. As I couldn't have the landlords money in that account.
Anyone with experience in this area advice would be massively appreciated. The government web pages aren't the most helpful.
The lease is old fashioned so landlord has to pay up front and reclaim the costs. Under regulations if you hold clients money you need a client management account and money protection. It does however not count as client money if the services are rendered and then charged for. A hold account can't have an overdraft facility. The landlord has always kept 2000 grand in the account to manage most of the costs short term.
My question is if the landlord has his business account and I have access to it in my role to pay the bills etc do I need any insurance for this. Is this allowed?
The alternate seems to be I have a business account and need to front the costs. As I couldn't have the landlords money in that account.
Anyone with experience in this area advice would be massively appreciated. The government web pages aren't the most helpful.
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