Terms of Business - Property Management

You may be aware that Michael Richards & Co is regulated by the Royal Institution of Chartered Surveyors (RICS). As part of this regulation, we are required to notify you that all money held on your behalf is at Natwest, Osterley Branch, Syon Lane Corner, Great West Road, Isleworth, Middlesex TW7 5NJ.

All income & expenditure is paid to / from our main client account held at Natwest.


Payments can be made into the client account by debit/credit card either via our online portal (MyMR) or over the phone. All card payments are made securely via Worldpay and no card information is held by us.

Payment can also be made by BACS / electronic transfer or by cheque. Due to many local bank branches closing, cheques are deposited once per week.


All payments are made from our main client account by BACS. Our maximum turnaround for payment is 28 days although we do our best to pay smaller suppliers within 14 days.

All invoices require approval by the Property Manager before being released for payment and invoices for repairs/maintenance over £500 require second approval by a Director of Michael Richards & Co.

Client approval to pay invoices will be sought in accordance with the terms of the Management Agreement.

BACS payments are generally raised on a Wednesday & credited to supplier accounts on Friday.

However, additional / emergency payments can be made if necessary.

Payments from the client account go through a 3-stage process:

  • The payment routine is run electronically from our software and imported to the bank electronically for payment.
  • The uploaded data is checked by a Director of Michael Richards & Co. before the BACS file can be released for payment.
  • A third person within the Michael Richards & Co. is then required to release the BACS for debiting.

Unless instructed otherwise, no interest is paid to you on any balance held nor are any bank charges payable by you in relation to any transaction through this account. Both these elements are transacted through the Michael Richards & Co office account.

Any funds held in respect of Designated Reserve Funds are held in Designated Accounts under the Natwest Client Monies Service, also at Natwest Osterley Branch. Interest accruing on Designated Reserve Funds are payable to you, the client.

Our main client account is reconciled daily, and all other accounts are reconciled monthly. Any reconciling items are investigated and rectified as quickly as possible.

Unless agreed otherwise financial reports are provided on a quarterly basis and will include:

  • Actual -v- Budget report
  • Aged Debtor Report with notes
  • Full expenditure report for the year to date
  • Current available bank balances held