The Solicitors Accounts Rules 1998 were repealed by the SRA Accounts Rules on 6 October 2011. Under Rule 23 of the SRA Accounts Rules the firm has to state it's policy with regards to the payment of interest on monies held in the firm's client account. This policy is stated below:
A payment in lieu of interest will not be paid where:-
- Monies are being held for the payment of professional disbursements.
A payment in lieu of interest will only be paid if the following criteria are met:-
- Interest will only be paid on cleared funds:-
- It is the firm's policy that cheques are only treated as cleared funds on the tenth working day after it was banked.
- Monies received by CHAPS will be treated as cleared funds on the date of receipt.
- Monies received by BACS will be treated as cleared funds on the day after receipt.
- Cash will be treated as cleared funds on the day it is banked.
Interest will only be paid if it exceeds the firm's de minimis limit of 30UKP
Rate of Interest
The interest rate applied will be the equivalent of the rate earned for the sum held in a National Westminster Bank plc Client Deposit Manager Account
The current rates can be found at:
http://www.natwest.com
As stated above any payment made with regards to interest is made as Payment in Lieu of interest & no tax will be deducted at source.
We would like to thank you for your continued professionalism in your approach whilst dealing with our sale. We thank you and we're grateful for your services.
I felt that Nelsons played a key part in my first home purchase being as smooth as it was and I thank you again for that.
I have a friend, who is currently in the position of needing to instruct a solicitor for her first home purchase and so I am going to recommend that she contacts you
You and your team were calm when all seemed (to me) at a loss. What seemed to be an impossible dream is now a reality.
Many thanks for all your help and patience during our property purchase and difficult sale. Couldn't have done it without your excellent service.
Thank you! We're delighted. Thanks for making the process so smooth.
Thank you so much for your speedy and courteous service.
We want to thank you and Roy for your help with our sale and purchase transactions. We will definitely contact Nelsons if we ever need assistance again and will gladly recommend your firm to our friends.
Thank you very much for dealing with our purchase. We have been very impressed with your service and would recommend you in the future.
Thanks very much for all your help on our recent house purchase and sale of our flat. We know it wasn't always easy so we really appreciate all of your help.
Just a little note to say a massive thank you for assisting us in buying our first home. You have played a part in making a long-time dream come true.
Just want to extend our thanks for all your help during the property purchase. We really appreciated your efficiency and timely communication throughout, and will certainly get in contact in the future regarding any other matters we might pursue.
A big thank you to you and Gary for dealing with this so swiftly. I'd be very happy to recommend you to friends and contacts.
If we ever move again or indeed find ourselves in need of a solicitor we are certain to be contacting you again.
Particular points of excellence have been the speed of your replies, friendly way and translation to layman terms of what is for many tricky to understand. We had all had bad experiences with previous solicitors.
I wanted to take this opportunity to thank you for the services you gave us when we moved 2 years ago. We have since recommended you to several friends in need of conveyancing, all of whom have been thanking us and found you outstanding.
It was a real pleasure to deal with Haidee and Matthew. Both were extremely efficient and were always one step ahead when any problems arose. We have been thoroughly impressed by the service we received throughout the entire process.
We just wanted to thank you for what has once again been an impeccable service from Nelsons in helping complete the sale of our flat.
Thank you so much for all your help. I will make sure to advertise you among all my contacts, i have nothing but good things to say about your work and about Jodie who has been fantastic.
Thank you very much for dealing with our purchase. We have been very impressed with your service and would recommend you in the future.
I have very much appreciated your hardworking, up front approach, and the speed and smoothness with which you have worked through this sale.
I have felt utterly confident in you throughout the process, and my confidence has been shown to be more than justified.
I can't speak highly enough of your service, and it's been a real pleasure for me working with you. I will certainly return when I have further use for your services, which I hope will be not too far in the future.
Thank you all very much indeed, and I will continue to recommend your firm to all.
