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Interest on money held by solicitor
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dudley0402
Posts: 1 Newbie
Dear all
New here so sorry if this is in the wrong place or I do not give enough info.
Can anybody help?
I have just purchased a house. The money was telex transfered to our solicitor on 20th February due to anticipated iminent completion.
Due to problems the completion was not done until 25th April.(65 days)
The amount was £270k and our solicitor has just sent a cheque (after me asking) for £35 interest.
We lost around £1000 interest by sending the money early and was expecting considerably more than £35 back.
Am I misguided here or do you think I should have been entitled to more?
I dont know much about clients accounts and interest etc so any help apreciated
many thanks
Dudley
New here so sorry if this is in the wrong place or I do not give enough info.
Can anybody help?
I have just purchased a house. The money was telex transfered to our solicitor on 20th February due to anticipated iminent completion.
Due to problems the completion was not done until 25th April.(65 days)
The amount was £270k and our solicitor has just sent a cheque (after me asking) for £35 interest.
We lost around £1000 interest by sending the money early and was expecting considerably more than £35 back.
Am I misguided here or do you think I should have been entitled to more?
I dont know much about clients accounts and interest etc so any help apreciated
many thanks
Dudley
0
Comments
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You will need to read the solicitor's T&Cs that you signed. It will probobly say interest is payable at x%, or at the prevailing Barclays base rate or suchlike.
Take a look.0 -
dudley0402 wrote: »Dear all
New here so sorry if this is in the wrong place or I do not give enough info.
Can anybody help?
I have just purchased a house. The money was telex transfered to our solicitor on 20th February due to anticipated iminent completion.
Due to problems the completion was not done until 25th April.(65 days)
The amount was £270k and our solicitor has just sent a cheque (after me asking) for £35 interest.
We lost around £1000 interest by sending the money early and was expecting considerably more than £35 back.
Am I misguided here or do you think I should have been entitled to more?
I dont know much about clients accounts and interest etc so any help apreciated
many thanks
Dudley
Unfortunately I think that could be about right, works out to be something like 0.1% gross on an annualised basis so take off the tax at whatever rate is appropriate and there you are. If the solicitor is guilty of causing the delay then obviously its a different matter and you would have a good claim for more.0 -
dudley0402 wrote: »Dear all
New here so sorry if this is in the wrong place or I do not give enough info.
Can anybody help?
I have just purchased a house. The money was telex transfered to our solicitor on 20th February due to anticipated iminent completion.
Due to problems the completion was not done until 25th April.(65 days)
The amount was £270k and our solicitor has just sent a cheque (after me asking) for £35 interest.
We lost around £1000 interest by sending the money early and was expecting considerably more than £35 back.
Am I misguided here or do you think I should have been entitled to more?
I dont know much about clients accounts and interest etc so any help apreciated
many thanks
Dudley
they are not a bank. you get a daft amount of their client account as it is not meant to be for clients to build a nest egg.
you could have raised the issue at any point with the lawyer.My posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o0 -
I get 0.1% on my client account balances. if you were getting more interest then you should have had the money back.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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