​​Lucina Estates Limited is a member of the UKARLA Client Money Protection Scheme. Membership number 20514 (membership certificate PDF attached below).

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Procedures for Handling Client Money

Lucina Estates Limited

 

Our primary objective is to ensure all client money is handled securely, transparently, and in compliance with legal and regulatory standards. We maintain clear, auditable procedures to safeguard client funds at all times.

 

1. What Constitutes Client Money?

Client money includes (but is not limited to):

• Holding deposits from prospective tenants.

• Rental income from tenants.

• Tenancy deposits.

• Payments for move-in packs or damage compensation.

• Refunds from suppliers or councils.

 

2. Where and How Client Money Is Held

• All client funds are held in client bank accounts with Barclays Bank Plc.

• Two separate client accounts are maintained:

  • A general client account for rent and holding deposits.

  • A dedicated deposit account for tenant security deposits, linked to a client money protection scheme.

These accounts are titled to clearly distinguish them from company operating or office accounts and are used exclusively for client transactions.

 

3. Banking Controls and Access

• Only the Director of Lucina Estates has access to manage and view client bank accounts.

• Payments such as landlord rent transfers, supplier invoices, and tenant refunds are made via BACS or internal transfer through secure online banking.

 

4. Client Money Handling Procedures

• All client money is banked promptly, typically within 3 working days of receipt (e.g. cash or cheques).

• Weekly bank reconciliations are carried out to ensure accurate accounting.

• Written confirmation of account details is provided to clients to avoid misdirected payments.

 

5. Client Money Sources

Funds may be received from:

• Landlords (e.g. for property maintenance or onboarding costs).

• Tenants (e.g. rent, deposits, damages, move-in packs).

• Suppliers or third parties (e.g. council tax refunds, utility reimbursements, TV/internet refunds).

 

6. Payment Schedules

• Rent payments to landlords: Monthly, at the beginning of each month.

• Tenant deposit returns:

  • Holding deposits: Within 7 days if the tenancy does not proceed.

  • Security deposits: Returned at tenancy end, subject to checks and agreement.

• Supplier invoices: Paid by direct debit or on an ad hoc/twice-monthly basis, depending on the service (e.g. cleaners, maintenance, gardeners).

 

7. Unidentified Payments

If a payment cannot be identified:

• We investigate promptly (via contact attempts, payment tracing).

• If still unclaimed after 3 months, we request a return to sender via the bank.

• If the funds remain unclaimed after 3 years, they will be donated to a UK-registered charity.

 

8. Bank Charges

Lucina Estates Limited covers all transactional and account maintenance fees related to the operation of client accounts.