Is it safe to put money in client's account with solicitor?

loulou41

I am just wondering whether at exchange instead of the 10% deposit, I give the solicitor's the full amount and ask him to put the rest of the money in the client's account. The money is getting little interest in the banks, at least I know it is safe there. Is that a good idea? It will also save me from transferring money back and forth from different accounts. Should be able to trust the solicitor and get a receipt!! At least I will not have to worry about cheque not being cleared in time. We are hoping to exchange in two weeks time, as I am going on holiday and then complete three weeks after at sellers' request. Thanks.

vicstick86

we put 15% in our solicitors account as that is what we were paying on our mortgage, even though the seller only needed 10% of it.
it was fine and caused no problems. it goes to the solicitors account first anyway and any that isnt needed right away gets held there.
its worh doing it that way because if you have it transfered via the bank they charge you £20 each time you do it.

Thrugelmir

loulou41 wrote: »

I am just wondering whether at exchange instead of the 10% deposit, I give the solicitor's the full amount and ask him to put the rest of the money in the client's account. The money is getting little interest in the banks, at least I know it is safe there. Is that a good idea? It will also save me from transferring money back and forth from different accounts. Should be able to trust the solicitor and get a receipt!! At least I will not have to worry about cheque not being cleared in time. We are hoping to exchange in two weeks time, as I am going on holiday and then complete three weeks after at sellers' request. Thanks.

Clients accounts are regulated by the Law Society and are maintained seperately to the solicitors own bank business accounts. Have no worries.