About Us

1. Purpose of Policy

1.1 This Policy sets out how MHBP Properties Ltd. (“the Company”) 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 solely 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 Clients’ 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 Sale 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 of 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 and of any applicable charges and 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.

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.