LRG Landlord Statement FAQs
Understand how to read and interpret your landlord statement, including payment timings, part payments, management fees, floats, reserve funds, and pending invoices.
When will I receive the payment shown on my statement into my bank account?
Our payments are sent the next working day, which means if your payment shows as paid on a Monday, you’ll receive this in your bank account on Tuesday.
Why does my rent show as part paid?
If you have received a part payment, this is likely because your tenant hasn’t made a full payment, or you have more than one tenant in the property, and they do not make a payment together but from separate bank accounts.
Why does my management fee show under expenditure and invoicing?
Please don't be alarmed, your fee hasn't been taken twice. Our statements are also to be used as invoices for tax purposes. Any information shown under the closing balance is simply for your information only and not a movement on your account.
What is the difference between float and reserve funds?
The float refers to retained funds which are not held against any specific invoices. The float allows us to act on your behalf in an emergency by arranging repairs or maintenance at short notice, up to a level at which we know we have available funds to cover contractor costs and that you are comfortable.
Reserve funds are only held when there are any agreed works/planned maintenance on your account – e.g. when we book an Annual Gas Safety or other related safety inspection. We will not hold any reserve funds if there is no planned maintenance/work.
What are pending invoices?
Pending invoices are invoices on your account that we currently don’t have funds to pay. We shall pay these when we next receive funds into your account, e.g. when your Tenant pays their rent, or if you make a payment directly to us.