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Lost Interest
Comments
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benood wrote:Does this mean that the bank with whom the solicitor holds the client monies account can't use the account in calculating their minimum funding requirement? I'd have thought the rules about not profiting from client monies would have stopped at the solicitor level rather than drilling through to the bank - for them it's just another account surely and no more onerous fiduciary duty is attached to it.
You are quit right, the banks cannot assume a roll as trustee, unless that duty is by statue. As the money is held in escrow it still technically belongs to the purchaser to which the vendor has a claim to the principle only.Any posts by myself are my opinion ONLY. They should never be taken as correct or factual without confirmation from a legal professional. All information is given without prejudice or liability.0 -
RiskAdverse100 wrote:If the sale of the property to the Buyer completes then the deposit sum being held by the Seller's solicitor then belongs to the Seller and the solicitor should pay it over along with any interest earned. The Buyer is not entitled to any interest.
RiskAdverse100
This is exactly my understanding. We agreed a delayed completion with our buyer. ...exchange early Dec..completion end of this month - March. I confirmed with our solicitor that the deposit monies held by his firm would attract interest for my account - he confirmed this was the case and expressed some surprise why I should have thought otherwise! I checked prior to exchange because it was quite a considerable sum (£75,000).0 -
like rabbitmad & clutton my deposit was lodged with my solicitor and i too received interest from him. change slicitors, goodies...or in future ask up-front who gets the interest.0
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Thanks to all the replies, I am certainly following this one up, I hope to resolve it, I am taking advice from the Law society, will keep you all posted0
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