|Terms and Conditions of this Website|
|Written by Administrator|
|Sunday, 10 August 2008 09:55|
Your continued use of this website constitutes acceptance of these terms and conditions.
Principal place of business
Cleggs' principal place of business is at Apex Court, Ruddington Lane, Wilford, Nottingham NG11 7DD.
The partners of Cleggs are: Ian Torr Ltd, Mark K Williams Ltd and David Vaughan-Birch Ltd. Ian Torr Ltd, Mark K Williams Ltd and David Vaughan-Birch Ltd are the corporate partners in Cleggs. Each company is wholly owned by the individual whose name it bears and those individuals are Solicitors and Directors of the respective companies. Each corporate partner is authorised and regulated by the Solicitors Regulation Authority.
You are allowed to view this website on the basis that all liability whatsoever for any loss or damage arising howsoever from your use of this website or reliance on its contents is excluded.
This website contains general information and must not be taken as advice on any specific legal matter. If you require such advice please contact us.
The contents of these pages are the copyright of Cleggs (© Cleggs 2004-Present).
Cleggs is authorised and regulated by the Solicitors Regulation Authority (SRA Number 45127). We are registered with the Information Commissioner for data protection purposes under registration number Z9176378. The firm maintains professional indemnity insurance in accordance with the rules of the Solicitors Regulation Authority. Details of the insurers and the territorial coverage of the policies are available for inspection at our offices.
Terms and conditions of business
The terms and conditions under which we accept instructions can be found at Terms & Conditions.
Our interest policy
In accordance with the Solicitors Accounts Rules 2011 it is our policy to account to its clients for interest on a fair and reasonable basis for both you and us.
Any money received on your behalf will be held in our Client Account. Subject to certain minimum amounts and periods of time set out in the Solicitors’ Accounts Rules 1998, interest will be calculated and paid to you at the rate from time to time payable on Allied Irish Bank’s Designated Client Accounts. The period for which interest will be paid will normally run from the date(s) on which funds received by us clear through our account until the date(s) of issue of any cheque(s) from our Client Account. We may ask you to sign a separate letter of authority agreeing that we may retain the first £20 of each amount of interest as and when calculated to help us cover the administrative expenses of arranging these calculations and payments to you.
Where you are borrowing from a lender in a property transaction, we will ask the lender to arrange that the loan cheque is received by us a minimum of 5 working days prior to the completion date. If the money can be telegraphed, we will request that we receive it the day before completion. This will enable us to ensure that the necessary funds are available in time for completion. You need to be aware that the lender may charge interest from the date of issue of their loan cheque or the telegraphing of the payment.
When we receive monies on your behalf it will be paid into a general client account with our bank AIB (Allied Irish Bank). This general client bank account will hold pooled amounts for different matters and clients. These will usually be based on client money being held in an instant access account to facilitate a transaction. You are unlikely to receive as much interest as might have been obtained had they held and invested the money themselves.
The rate of interest payable shall be calculated by reference to the current rate of interest paid to us by AIB on the client account.
Interest will not be paid if the sum of money held is not exceeding the amount shown in the left column below for a time not exceeding the period in the right column:
£1,000 8 weeks
£2,000 4 weeks
£10,000 2 weeks
£20,000 1 week
Interest will not be paid if the total amount calculated for the period that cleared funds are held is less than £20.00.
Total interest accrued is calculated at the end of the matter and will be credited to your client ledger at that date. It is calculated from the time funds are cleared; for cheques or banker’s drafts this will be 4 days after they are deposited with our bank. For direct transfers or same day payments funds are cleared on the day after receipt. Interest is calculated on a daily basis on the amount held overnight from the day the funds become cleared.
Sometimes interest accrues on Client money held by us pending the completion of a conveyancing transaction. Fees quoted in such transactions are made on the basis that any interest that may accrue will be retained by us to avoid the necessity of increasing our level of charges. Unless you specifically object to this provision you will be regarded as having authorised our retention of this interest.
If AIB or any other bank in which we hold funds should fail, we reserve the right to disclose to the FSCS (Financial Services Compensation Scheme) the names and other details of clients whose money is held there in order for them to claim compensation up to the applicable limit, which is currently £85,000.
This policy will be reviewed from time to time.
|Last Updated ( Monday, 27 February 2012 11:39 )|