1. Introduction
Leasehold Services Ltd “LSL” is regulated by the Royal Institution of Chartered Surveyors (RICS number 884901) “RICS” for client money. We abide by Rule 8 of the RICS Rules of Conduct for Firms, which states that a firm must preserve the security of clients’ money entrusted to its care. We also follow the RICS professional statement Client Money Handling, 1st Edition (October 2019).
None of the other Zero Down Lease group companies (Leasehold Solicitors Ltd and Leasehold Finance Ltd) hold client money.
This policy explains how we protect client funds and outlines the procedures we follow to meet RICS requirements. It applies to all client money held by LSL in connection with any service we provide where we may handle client money. Our goal is to ensure clarity, security, and trust in every financial transaction involving our clients.
2. Overall Approach
We maintain a segregated client account for the funds entrusted to us. This account is completely separate from our business (office) accounts. This account is held at a bank approved by the Financial Conduct Authority, Bank of England, or Prudential Regulation Authority. This account is in an account in which the bank cannot exercise any set-off or counterclaim against any funds held within the account.
Any money received from clients is transferred to the client account within seven days (or sooner). We make sure that no operational funds are kept in this client account, and we reconcile the account regularly to verify that every client’s balance is accurate and up to date. Any interest made on any funds held is retained by LSL.
Advance monies received are held as "client money" in our RICS-regulated client account until such time as the relevant services are performed and an invoice is issued.
We do not offer banking facilities. Our client account is strictly for holding funds in connection with transactions we are handling for you. We do not accept cash payments, and there are strict limits on how funds can be paid into and withdrawn from our client account.
3. Withdrawals and Payments
Funds are withdrawn from the client account only to meet expenses or to pay costs that relate to that specific client or to return funds directly to the client. Before arranging any payment, we confirm that there is enough money attributed to the respective client. If we pay mixed funds into the client account, we will only withdraw our fees after issuing an invoice or clear notification to the client.
We keep a clear digital trail so that every transaction can be traced, showing who authorized the payment and why it was made. We ensure to reconcile the client account at least monthly, by matching our internal ledgers against transactions made. Any discrepancies are investigated and resolved without delay.
4. Unidentified Funds
Occasionally, we may receive money without a clear indication of who it belongs to. When this occurs, we investigate thoroughly by checking our records and contacting any possible source of the payment. If, after six years, we have exhausted all reasonable avenues and cannot identify the owner, we may donate this money to charity.
5. Returning Client Money
We do not hold on to client money unnecessarily. As soon as it is no longer required – whether because our services are complete or because a client has requested a return of funds – we will arrange payment back to the client promptly. Any relevant statements or supporting documents can be provided on request.
6. Record-Keeping and Oversight
We use an accounting system that allows us to track each client’s balance individually, even though all funds are kept in one general client account. We reconcile this system against the bank statements regularly to ensure it is correct. We keep all relevant accounting records for at least six years. Only authorized team members have permission to move money or adjust financial records, and every individual with such authorization understands the obligations under RICS rules.
7. Additional Measures
We comply with anti-money laundering regulations and the relevant RICS professional statements on bribery, corruption, and terrorist financing, reporting any suspicious transactions as required by law. We also maintain adequate professional indemnity insurance (PII) in addition to the insurance provided by the RICS client money protection scheme. We review this Client Money Policy at least annually or earlier if there are significant changes to RICS requirements or legislation.
8. Questions and Concerns
If you have any questions about how your funds are managed, or if you believe there has been an error, please contact us right away. We have a complaints process that can be used if you feel our handling of client money has not met the standards you expect. If needed, you can also refer the matter to RICS for further guidance.
Contact Information
For more details or for a copy of this policy, please get in touch at:
Zero Down Lease
3rd Floor, 86-90 Paul Street
London, EC2A 4NE
Phone: +44 (0)20 3856 8300
Email: team@zerodown.lease
Last updated 16 July 2025
