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Clearance of Cheques
At some point shortly we will be asking you to send us a cheque, and must rely upon that cheque to take some step on your behalf. We will normally require the cheque to be cleared before we can act upon it. For a personal cheque, there will be five working days at least between presenting your cheque, and being able to use the money on your behalf.
With three days notice, we may be able to have the cheque specially cleared, but we will pass on to you the charges made by our bank for this service, and make a further administrative charge ourselves. Currently the total cost to you will be £20.00 plus VAT (£23.50p).
We cannot, accept payment, other than in cash, less than three working days before any date fixed for a payment to be made (usually a completion). This is not from any lack of trust of you, but is necessary. We must comply with the Law Society's rules which govern how we use clients' money. If you deposit money with us, you would not want us to be lending it to others, in the hope that their cheque will be met. If we act upon your cheque before it is cleared, then that is what you would be asking us to ask of other clients.
Many times, the payments we make on your behalf are by way of 'telegraphic transfer.' This means that the funds are sent and received as cleared funds on the day the money is transferred. We must therefore have cleared funds before money can be transmitted in this way.
If you feel this is likely to be a problem, will you please discuss this with us at an early stage.
|All information on this site is in general and summary form only. The content of any page on this site may be out of date and or incomplete, and you should not not rely directly upon it. Take direct professional legal advice which reflects your own particular situation.|
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