Understanding Floats: Why We Hold £200 per Property

At Sillars, part of our commitment to managing your rental property efficiently includes ensuring we can act quickly when maintenance issues arise. To help us do that, we maintain a float of £200 per property, in line with our Terms and Conditions under the Financial Matters section (Clauses 21 and 22).

If you’re new to property investment or just looking to understand more about how your account is managed, here’s everything you need to know about the float system.

A float is a small reserve of money we hold on your account to cover day-to-day costs or minor maintenance expenses relating to your rental property. It allows us to pay contractors promptly, recover agency costs, and deal with urgent issues without delay.

The float is outlined in the Financial Matters section of our Terms and Conditions, specifically:

Clause 21: At the commencement of a tenancy the Owner shall provide the Agent with a float of £200.00 to meet expenditure on behalf of the Owner.

Clause 22: When requested by the Agent the Owner shall add further sums of money to the float so that it remains at £200.00.

These clauses ensure your property is always in a position to have essential work completed quickly, with no disruption to your tenants.

📄 A copy of our full Terms and Conditions is available at:
👉 https://sillarsproperties.co.uk/lettings-terms

The float is typically used to cover minor, day-to-day expenses such as:

• Emergency repairs (e.g. leaking tap, faulty electrics)

• Routine maintenance (e.g. boiler servicing, garden tidying)

• Contractor call-out charges

• Compliance items (e.g. smoke alarm batteries, safety notices)

• Agency charges

These costs help maintain your property’s safety, compliance, and tenant satisfaction.

For larger or planned works, we will always obtain your approval and request additional funds if necessary.

Each time we use funds from your float, we’ll update your account accordingly. If the float drops below £200, we may request a top-up to bring it back to the agreed level—this helps avoid delays when further action is needed. Typically the float will be topped up when any future rental income is received.

You can easily monitor your float balance by your monthly owner statement which is sent on the 1st of each month.

Q: Is the float my money?
Yes. The float remains your money and is held in a secure client account. It is only ever used for your property-related expenses.

Q: What happens to the float if I stop using Sillars?
If you end your management agreement with us, any remaining float balance will be returned to you once final costs are settled.

Q: Will I be notified when the float is used?
Yes. Any deductions will appear on your monthly statement, and you can view all financial activity via the Owner App at any time.

At Sillars, holding a float ensures we can manage your property responsibly, promptly, and professionally—without delays. It's a simple, effective way to keep things running smoothly.

If you’d like to discuss your float balance, top-ups, or anything else related to your property’s finances, don’t hesitate to contact our team.