Interest Policy of Company

Client Account Monies held: (“Client’s Funds”):

1. Interest accruing on any client money balances held to clients’ credit in the Company’s Client Account(s) (Clients’ Funds) will be paid to clients in accordance with the current Solicitors Regulation Authority (SRA) Regulations. The Company will account to clients on completion of their transaction, with a statement confirming the interest calculation including whether paid gross or net of tax deducted, PROVIDED THAT the Company shall be entitled to retain any interest earned by the Clients’ Funds whilst under the control of the Company in lieu of a fair and reasonable fee (to a notional maximum sum of Fifty pounds (£50) “the Minimum Sum”) for the work and risk incurred in holding the Clients’ Funds.
2. A client may specifically agree to waive their entitlement to interest on Clients’ Funds in lieu of or in payment (whole or part) of fees incurred by the Client on matters on which the Company have acted for the Client in question.
3. Interest will be calculated in reference to the applicable rates over the period to which cleared funds are held. The rate for each upcoming month will be benchmarked on the 1^st of each month and will for the remainder of that calendar month be paid at the rate set. The interest rate for the current month is set at 1.3% gross.

Where a client obtains borrowing from a lender in a property transaction, we will request that we receive the funds the day before completion. This will enable us to ensure that the necessary funds are available in time for completion. Such clients need to be aware that the lender may charge interest from the date of issue of the funds.