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The Community Legal Service (Financial) Regulations 2000
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- 2000 No. 516
- PART III—
- Regulation 53
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Payment and recovery of interest
53.—(1) Where interest is payable by the client under regulation 52, that interest shall continue to accrue until the amount of the statutory charge is paid.
(2) The client may make interim payments of interest or capital in respect of the outstanding amount of the statutory charge, but no interim payment shall be used to reduce the capital outstanding while any interest remains outstanding.
(3) Where interest is payable by the client under regulation 52:
(a)it shall run from the date when the charge is first registered;
(b)it shall accrue at the rate of 8% per annum; and
(c)the capital on which it is calculated shall be either:
(i)the amount of the statutory charge outstanding from time to time, less any interest accrued by virtue of regulation 52(3), or
(ii)where the value of the client’s interest in the property at the time it was recovered was less than the amount of the statutory charge, such lower sum as the Commission considers equitable in the circumstances.
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