money security during completion

Murrell

I understand that an individual's personal savings are protected up to £50, 000 per banking group if that bank (or group) gets into financial difficulty. I will soon be buying a house and the money from my savings account will go into my solicitor's account on the day of completion and then forwarded to the seller's solicitors account. My solicitor's firm however say that they are not liable to guarantee my money should their bank get into financial difficulty whilst it is in their bank account. Does the FSCS or anyone else cover my money whilst it is temporarily in my solicitor's bank account the same as it does whilst it is in my present account?

Obviously it is a low risk that my solicitor's bank should get into difficulty on the day of completion however it is still a worry.

Many thanks
Sandra

Robert_Sterling_3

A good point :T :T :T

RetroBob

This had crossed my mind also. My hard saved cash looks great in my bank account but I'm nervous about what happens when I eventually hand someone a rather large cheque.

poppysarah

You can only ask that they take sufficient precautions to ensure the money is safe.

Small businesses have the same limit as a person on bank money like that - 50k.

Good old Gordon has promised that no bank will flounder no matter how stupidly they spend the money they've already been given.

Swipe

You'd have to be bloody unlucky for a bank to go bust for the 24 hours that the solicitor holds your money before transferring to the vendor's solicitor. I'm in a similar situation where I'll be holding all my eggs in one basket for a few weeks before completion but I won't be losing any sleep over it.

Murrell

Thanks for the replies. We are going to exchange and complete on the same day to be safer.