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Solicitors Got my deposit!
crabbman2004_2
Posts: 100 Forumite
Hi,
Im in the process of buying my first home.We were originally set to exchange earlier this week, therefore i gave my solicitor the £6000 deposit about two weeks ago.
However as always we are now facing another delay due to the vendor having problems with their mortgage and will not be completing until the middle of april apparently.
Am I able to claim from my solicitor the interest Im missing out on whilst he's holding my deposit (As he will be holding it probably for a total of 6-8 weeks)?
Any help would be greatly received
Thanks
Im in the process of buying my first home.We were originally set to exchange earlier this week, therefore i gave my solicitor the £6000 deposit about two weeks ago.
However as always we are now facing another delay due to the vendor having problems with their mortgage and will not be completing until the middle of april apparently.
Am I able to claim from my solicitor the interest Im missing out on whilst he's holding my deposit (As he will be holding it probably for a total of 6-8 weeks)?
Any help would be greatly received
Thanks
0
Comments
-
Your solicitor is required to keep your money in a client account (i.e., an account where only client money is paid) and that has to be interest-bearing. However it doesn't have to be the best rate on the market, justa reasonable market rate That said, he will have to pay over any interest he earns on it (unless possibly that interest is less than £20, which it won't be).Debt at highest: September 2003 - £26,350 :eek:
Debt now: £14,100 :rolleyes:
Debt free day: October 2008 :beer:0 -
So because its held in a clients bank account and earning some kind of interest, whatever interest he earns on it he is legally obliged to pay it to me??
Have I understood that right? thanks0 -
Have a read here:
http://forums.moneysavingexpert.com/showthread.html?t=394890Any 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 -
You would be entitled to around £30.Well life is harsh, hug me don't reject me.0
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