solicitors holding my money :(

sunflower_2

the sale of my house went through 4 days ago and i have £20+ profit to collect

unfortunately the mortage company are dragging their heels sending a new redemption certificate (the old one expired).

my solicitor cant release any money to me until they get this. but there doesnt seem to be any urgency with the mortgage company.

i really need this money - was meant to receive it today at latest and have made plans....

any ideas?

Bossyboots

Why have you called this thread the name when you have which iimplies a fault with the solicitors when they are only doing their job?

They will not release the money to you without the correct figures as otherwise they will be out of pocket. You need to badger the mortgage company. I am surprised this has happened anyway as the contract will demand that the mortgage is redeemed on sale. That will not have happened, putting you in breach. The buyers will not be able to register their ownership until the mortgage company removes the mortgage which it will not do until it is fully redeemed. Don't be surprised if this is not the end of the matter. Hopefully the solicitors for the buyer will be slow in trying to register so that the mortgage comes off first.

sunflower_2

thanks for reply

am sorry if u read the title as a dig at the solicitor - it isnt intended that way at all

as the post stated - its the mortgage company who arent in any hurry - and therefore its them i am annoyed with.
the solicitor has been really helpful with the whole sale !

i just wanted to know if the mortgage company can be chased in any way - thats all !

this isnt my fault - and i just really need my money !

Bossyboots

gizmoleeds wrote:

Solicitors do not really need to hold the money anyway. They only want to so that they can earn interest in it.

No, that is not true. As part of the conveyancing they give an undertaking to the mortgage company to discharge the mortgage on completion. They therefore cannot release any money until after redemption. There are huge penalties, including disciplinary action for breaching an undertaking.

Completion should not have taken place without the correct redemption figure but as it has, they have to hold the money as the mortgage company have first claim on it.

In any event, any interest made on the money being held belongs to the client and not the solicitor.

Bossyboots

Yes, I would suggest that is toilet talk. The solicitors have to ensure that they have cleared funds in relation to a purchase. The safest way to do this is to have the money in the account in good time. They only need mortgage moneys the day before completion if they are transmitted electronically but as a bank reconciliation should be done before release, an extra day is better. Funds from the buyer direct will need to be deposited sufficiently in advance to ensure the funds are definitely clear in time.

Accountants know about their business, but very few know about the intracies and legalities that solicitors have to follow to stay within their governing rules.

As a final point, most conveyancing these days is done as a fixed fee so there is no benefit to the solicitor to expand the work done.