Is this Legal/Ethical

tall_paul68

My sister and I are selling my deceased parents flat, the sale has been going through for a while, the solicitors haven't been the best various examples of not getting back to us, having received info and still chasing it etc.

I rang on monday and asked for an update was told still waiting to hear from purchasers solicitors to agree dates etc

Get a call this morning saying we are exchanging and completing today, our solicitor will send a form out today for us to sign and give them our bank details and on receipt they will transfer the money to us 50/50.

My sister and I live in different towns the solicitors are close to her.

My cynical side thinks that this money will be sat in the solicitors bank account earning interest over the easter weekend and into next week.

Have I course to complain?

Thanks

Paul

princeofpounds

I doubt the sums involved are that significant. An average 170k house, The solicitors account probably doesn't do much better than 2% interest. One week, that means 65 quid of interest.

Unless we are talking much larger sums

BitterAndTwisted

It's both legal and ethical. If you were talking about the interest on a million pound property the interest earned might more significant over a couple of days to a week but would still be legal.

googler

The alternatives would appear to be;

Postpone completion to after the hols..
Cancel the Easter Holiday, forcing banks and sols to stay open...

do either of the above sound feasible?

tall_paul68

googler wrote: »

The alternatives would appear to be;

Postpone completion to after the hols..
Cancel the Easter Holiday, forcing banks and sols to stay open...

do either of the above sound feasible?

there is no need to be sarcastic was just asking a question thanks to the other people for the answers just been a big hassle with these solicitors. hope everyone on here are not like you googler!!!

00ec25

tall_paul68 wrote: »

My cynical side thinks that this money will be sat in the solicitors CLIENT bank account earning interest over the easter weekend and into next week.

Have I course to complain?

Thanks

Paul

you are entitled to ask the solicitor for your share of the interest earned on your money in their client account, given current interest rates this would amount to a few £ and so pay for an Easter egg and a less than a tank of petrol

googler

tall_paul68 wrote: »

there is no need to be sarcastic was just asking a question thanks to the other people for the answers just been a big hassle with these solicitors. hope everyone on here are not like you googler!!!

I wasn't being sarcastic.

ognum

In the house purchases I have had the solicitors have always included interest due to me on their completion statement. I have also received interest on deposit moneys They have held for a few days for me.

Check with your solicitor what their policy is instead of jumping to the conclusion you are being ripped off!

WestonDave

Paul - there is a de minimis limit on solicitors client account interest of £20 - if when calculated it would be below that figure then they don't have to pay it.

As for 2% - try 0.2% - its an instant access current account and won't be getting much interest at all - certainly won't be above base rates of 0.5%!

Thrugelmir

princeofpounds wrote: »

The solicitors account probably doesn't do much better than 2% interest. One week, that means 65 quid of interest.

Half of that is £32. Which may just about cover the cost of a same day bank transfer.

paddyrg

If they receive any interest at all, it will be negligible. Don't worry about it, you'll have your cash in a couple of days when you'll realise how petty £1 or so seems in comparison.