Property Redress Scheme (PRS)

Legacy Investments is a member of the PRS, which is authorised by the Department for Levelling Up, Housing and Communities (DLUHC) and the National Trading Standards Estate and Letting Agent Team (NTSELAT) to provide redress for estate, lettings and property management agents. It is also authorised by the Chartered Trading Standards Institute (CTSI) to resolve disputes, under the Alternative Dispute Resolution Regulations 2015. In England, a letting agent or property management agent who does not join an approved consumer redress scheme can be fined up to £5,000 by the local authority and ultimately closed down, if they continue to operate illegally.

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Information Commissioner's Office (ICO)

The ICO is an independent regulatory office dealing with the Data Protection Act 2018 and the General Data Protection Regulation, the Privacy and Electronic Communications (EC Directive) Regulations 2003 across the UK. It upholds information rights in the public interest, promoting openness by public bodies and data privacy for individuals. Legacy Investments is registered with the ICO and compliant with the data protection rules.

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Mydeposits / Tenancy Deposit Scheme

Since April 2007, it has been a legal requirement to protect tenants’ deposits in a government approved tenancy deposit scheme, which allows tenants to safely recover their deposit at the end of the tenancy, unless landlords or agents propose costs for any breach of the tenancy agreement, which they can prove with evidence. Legacy Investments currently transfers tenants' deposit to Mydeposits to hold for the length of the tenancy or retains the deposit in a ring-fenced property account for our management.

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Propertymark

​Legacy Investments is an ARLA (Association of Residential Letting Agents incl ARLA Inventories) protected member of Propertymark, which is the leading membership body for property professionals. It pulls all the separate associations under one umbrella. With almost 50 years of dedicated service upholding the highest standards, these schemes have been at the forefront of consumer protection, including financial protection, independent redress, and a code of practice for all protected agents to comply with. For more information on our accounting rules, visit: https://www.propertymark.co.uk/professional-standards/rules.html#obligations. With credentials such as Propertymark Level 3 Awards in both Residential Sales & Lettings, the Legacy Team work to a higher standard than the law demands. Being a member of Propertymark also means that Legacy Investments means that:​

• ​We are backed by a Client Money Protection (CMP) scheme. Valid client money protection (CMP) insurance is a legal requirement for any letting agency that handles client money in England, Scotland and Wales. As a Propertymark protected agency, Legacy holds client money in a separate client account which is independently inspected every year. In simple terms, CMP is a reimbursement scheme meaning your money is safe should an agent unexpectedly go bust or commit theft.​

• We comply with a nationally recognised Code of Practice. To uphold our high standards, all members are obliged to comply with our Conduct and Membership Rules. Disciplinary hearings are arranged when serious breaches occur; a tribunal will consider the case and impose sanctions on the member if they are found to have breached our rules. ​

• We have professional indemnity insurance. This insurance provides cover for legal costs and expenses in claims resulting from negligence or breach of professional duty. It also covers any damages or costs awarded to consumers as a result of negligence.​

• We have all the require registrations. Propertymark confirms every members' registration with the ICO, registration with a Government-approved independent redress scheme, and registration with HMRC for Anti-Money Laundering supervision. 

• Our agents hold a relevant property qualification. As part of the Propertymark membership requirement, we undertake training every year to stay up to date with best practice and understand legislative changes which regularly alter the playing field. 

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PayProp

Legacy X PayProp is here! PayProp is a leading payment and reconciliation platform for the residential lettings industry with the following benefits:

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• PayProp is integrated into the UK banking system, so our landlord and tenant account balances are regularly updated throughout the day and accurate to the penny​

• Our landlords & tenants receive statements every month with details on all transactions​

• Send proactive reminders to prompt tenants to pay their rent​

• Give landlords complete overview of all their properties and payments with the PayProp   Owner App on iOS and Android​

• Portal for tenants to report maintenance issues as well as easy-access repairs float for those unexpected property expenses​

• One place for tenants to view their invoices and payments online

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