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Solicitor holding deposit.....

rach83
rach83 Posts: 300 Forumite
in House buying, renting & selling
If I transfer my deposit monies to my solicitor is it safe should the solicitor go bust?

Comments

  • Mr_Pitiful
    Mr_Pitiful Posts: 139 Forumite
    Deposit in relation to what?
  • Yorkie1
    Yorkie1 Posts: 12,847 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Yes, the deposit funds are safe. They are held in what is called the Client Account, which is separate from the solicitor's own funds.
  • rach83
    rach83 Posts: 300 Forumite
    The deposit for my house purchase.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Yorkie1 wrote: »
    Yes, the deposit funds are safe. They are held in what is called the Client Account, which is separate from the solicitor's own funds.
    Of course, just to put a negative spin on this good news, if the bank goes bust......
  • mossy
    mossy Posts: 1,263 Forumite
    Part of the Furniture Combo Breaker
    lol at G_M. Just as Mr Pitiful said by law they have to keep their money and their clients money separate which is why they have their own business account and a client account. :)
    Saving for Disney again, oops why book one Disney holiday when you can book two!
    :starmod: Emergency Fund Savings - #148 - £10/£1000 1% :starmod:
    :xmastree:#083 SPC6 £63 - SPC7 £90 - SPC8 £63 - SPC9 £54 - SPC10 £26 - SPC12 £70 :xmastree:
This discussion has been closed.
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