Accounts

[Sandy07]

Good Afternoon

After a long period my parents estate is ready to be released , the accounts have been sent to me for my agreement. I have noticed that there is no interest declared for the 5 year period the estate has been in the hands of the solicitors . Im just looking for some advice on what to do in relation I've looked at the SRA sections on it and its clear as mud (for a non legal person

Thanks in advance

[atticus]

Rule 7 of the SRA Accounts Rules: https://www.sra.org.uk/solicitors/st...ccounts-rules/

The various SRA rules are intended to be statements of statements of principle. A rough rule of thumb used to be that if a solicitor held £50 for a client for a month, he should pay interest to the client.

I recommend you to raise the question of interest with the solicitors.

[Sandy07]

Thanks for your response , I have asked the question and they have replied saying an amount is to be added to the estate but held due to taxable the rest can be released . The amount seems small in relation to the size of estate and the time held , is it something i can ask them to disclose to me the way the figure was attained

[atticus]

Of course you can ask that question.

[Sandy07]

Thanks again , i have agreed that he account is signed for but with the addition of I have more questions in regard to the interest payment and how it was attained , I will ask for the annual account summary as this will show when and what interest was accrued, thanks