Solicitors & Interest?

CB1979_2

Hi again guys, I know there is already an interest question but i didn't want to hijack that thread, here's my issue.

I paid £44,500 to my Solicitor 17/07/06, as they bug*ered off on Holiday for a week, didn't tell me and made out the sellers wanted to complete ASAP, so in my predicament I decided to send in the remaining balance of £44,500 (mortgage is for £125,000), out of the £44,500 - £2,500 is sols fees & stamp duty.

Now I only exchanged last Friday (04/08/06) & they paid £16,700 deposit on Friday.
I am completeting on the 18th.
The Solicitors have said that they will pay me interest on the £44,500 @ 3.75% from 17/07/06 - 04-08/06 and that's all.

but would you also say I'm then entitled to interest on the remaining £27,800 up until I complete on the 18/08/06? so again another 3.75% from 04/08/06-18/08/06?

any help/advice much appreciated

and can someone work out how much i should be entitled to on the 2 workings?

many thanks

Chris

silvercar

interest on 44,500 at 3.75% for about two and a half weeks would be about £77.

You won't be entitled to interest on your deposit as that is passed to your seller's solicitor.

27,800 at 3.75% for 2 weeks is about £40.

CB1979_2

thanks for that, but can you show me exactly how you worked them figures out?

is it based on interest on working days or days in general?

would be good to show the solicitor that it's all worked out correctly, so they can't wriggle out of it.

plane_boy2000

I had a simialr situation last year - we sold 2 weeks before completing on new house - end result was that solicitor paid us 4% (I think ) on the amount they were holding until we completed.