We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

interest

jewel22_2
jewel22_2 Posts: 47 Forumite
in House buying, renting & selling
Hi,
I have just sent my deposit via CHAPS to my solicitor, because we were hoping to exchange before christmas, unfortunately this wont happen know till th new year, so the money is sitting for 2 weeks or so in my Client account...
will i still earn interest on this money? or will any interest earned go to the solicitors account?
cheers
moved on 2nd feb07:beer:

Comments

  • shykins
    shykins Posts: 2,768 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    my understanding is that solicitors are obliged to pay u interest if they hold your money for longer than 30 days.. normally their interest rate is pretty low tho

    it would probably be best for you to check with yours what he does

    HTH
    When you know better you do better
  • Woby_Tide
    Woby_Tide Posts: 5,346 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    out of interest, if you knew you weren't going to exchange and were willing to pay the CHAPS fee why not wait until the new year to transfer the cash, or even waiting till next Friday would have saved a week?
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    I work in a bank (investment not high st though) and am 99% sure that client money accts don't pay interest as the bank can't place the money in the money market or do anything else to earn on it.
  • silvercar
    silvercar Posts: 50,805 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    There are Law society rules on this. If the interest is over £20 then it has to be paid to you according to the deposit amount involved and the length of time it is held:

    over £1k - 8 weeks
    over £2k - 4 weeks
    over £10k - 2 weeks
    over £20k - 1 week.
    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.
  • mrsS_2
    mrsS_2 Posts: 195 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    I think solicitors only pay interest if you have instructed them in writing to put the money on deposit- and then for some reason it takes a week to get your money back off deposit..... so for most normal house purchases it is not usually bothered with.
  • clutton_2
    clutton_2 Posts: 11,149 Forumite
    i have had interest payments from my solicitor when he held funds for more than the normal period of time - i believe that the Law society have regulations about this.
  • jewel22_2
    jewel22_2 Posts: 47 Forumite
    Woby_Tide wrote:
    out of interest, if you knew you weren't going to exchange and were willing to pay the CHAPS fee why not wait until the new year to transfer the cash, or even waiting till next Friday would have saved a week?

    we were hoping to exchange thursday but didnt happen :mad: if i had sent a cheque or bankers draft it would not of got there in time for exchange.
    moved on 2nd feb07:beer:
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.4K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.3K Work, Benefits & Business
  • 604K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture