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Help! How long can a conveyancer keep our deposit before exchange?
lil_miss_17
Posts: 278 Forumite
Hi all,
We are in the process of buying our first home (no comments please, it is a good time for US to buy) and our conveyancer asked for our deposit last month, of £196,500 which cleared in the solicitors' account on August 19th. He was then on holiday during the bank holiday week and last Monday (1st Sept) said that we should exchange contracts that week. We still haven't heard anything and they have got our deposit earning interest on our money. I know there is a time limit that solicitors can keep our deposit (we know someone who got fined for it) but can anyone tell me what it is and what we can do? Is there any way we could get our interest off the solicitors?
Thanks
We are in the process of buying our first home (no comments please, it is a good time for US to buy) and our conveyancer asked for our deposit last month, of £196,500 which cleared in the solicitors' account on August 19th. He was then on holiday during the bank holiday week and last Monday (1st Sept) said that we should exchange contracts that week. We still haven't heard anything and they have got our deposit earning interest on our money. I know there is a time limit that solicitors can keep our deposit (we know someone who got fined for it) but can anyone tell me what it is and what we can do? Is there any way we could get our interest off the solicitors?
Thanks
2013 wins: March - book,
0
Comments
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Nothing substantive to offer but, Wow!, that's one heck of a deposit!!!lil_miss_17 wrote: »our conveyancer asked for our deposit last month, of £196,5000 -
chartreuse wrote: »Nothing substantive to offer but, Wow!, that's one heck of a deposit!!!
Agreed, as far as I'm aware a deposit need only be 10%????????????? with the rest payable on completion.0 -
woops! I added an extra 0 by accident. Yes deposit is £19,5602013 wins: March - book,0
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The Law Society regulations allow for you to receive the interest earned on your deposit. Whether you will get the interest depends on the size of your deposit and the length of time held.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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