Solicitor not releasing funds after house sale

Loopgames

Richard_Webster wrote: »

It has to be instant access - it's other people's money and they could want it!

So in your opinion there is no such thing as a devious solicitors? It's ok don't answer...just that that was what I was trying to get across..not every person in a profession has a clean slate.

Yorkie1

It's not a question of deviousness. A solicitor risks being struck off for not keeping it in a defined client account if a complaint was registered and investigated. Breach of the Solicitors Accounts Rules is a really serious thing.

As G_M says, file a complaint with the complaints person named in your initial instruction letter. If no acceptable response, then go to the Legal Ombudsman.

cwcw

Richard_Webster wrote: »

Yeah, we solicitors will all get really rich.

Interest at 0.1% (which is what I get on my client account balances) on £100,000 for a week is £1.92!

... and £440,000 at 2.5% AER is £30 a day, or £210 a week (probably around 30% of the actual conveyancing fee).

I think this delay is despicable and personally if this happened to me I would complain firmly until the money was in my account, and then once safely transferred, refer them to the ombudsman for a full investigation.

giraffe69

It has to be instant access - it's other people's money and they could want it!

And you can't get more than 0.1% on an instant access account? Hope you are better at the law than managing money.

mustang1

But where on earth can you find a business account that will pay 2.5% AER.

I agree that no solicitor should hold onto money longer than requested. Did you specify that you wanted them paid same day and would pay for the transfer fee. Maybe they were sent by BACS so even if they confirmed they would be sent on Wednesday, that could mean they won't hit your account until Monday.

Phone them up on Monday and see what they say then as everyone else says make a formal complaint.

PasturesNew

Richard_Webster wrote: »

£100,000 for a week is £1.92!

Yeah, but on £400k that's a free cheesy chips at the local Wetherspoons on Friday lunchtimes!! :P

cwcw

mustang1 wrote: »

But where on earth can you find a business account that will pay 2.5% AER.

You're assuming they are doing it by the book. I'm not. Hence suggesting the OP should refer them to the ombudsman to find out, after getting their money back.

DVardysShadow

cwcw wrote: »

You're assuming they are doing it by the book. I'm not. Hence suggesting the OP should refer them to the ombudsman to find out, after getting their money back.

I agree. Really OP needs to know what sort of account it was held in and its terms and conditions

RW plays by the book and gets 0.1% for money which can be withdrawn on the day it needs to go somewhere. But if there is £30/day available on an account with terms and conditions which don't allow immediate withdrawal, perhaps there is an small sideline for a medium size practice to keep their accounts manager busy managing flows in and out of a client account?