A quick question about completion

bylromarha

Completed on deceased mum's house lunchtime yesterday.

Cash amount outstanding I presumed would have landed in my bank account yesterday - I'm pretty sure I filled a form in giving my bank details for completion.

However, the solicitors online tracking for the sale says a cheque has been issued.

Is a cheque normally issued? Can't find anything in the paperwork I signed saying what will happen to a balance on completion and the solicitor has just confirmed that a cheque was sent.

Surely the solicitor will get extra interest on that as the cheque will take some days to clear once we bank it. Feels quite cheeky they're getting interest which should be mine!

TrickyDicky101

It was the same for us (we had a cheque from the solicitor). Interest-wise I wouldn't get hung up over it as it won't be a significant amount. Given the potential for errors with direct account transactions, I would probably rely on a cheque if I was a solicitor!

olly300

At the moment lots of business current accounts get no interest.

Richard_Webster

Interest at 0.1% on £10,000 is about 27p per day - so the solicitor is really going to get rich on that sort of amount isn't he?

martinsurrey

Richard_Webster wrote: »

Interest at 0.1% on £10,000 is about 27p per day - so the solicitor is really going to get rich on that sort of amount isn't he?

You’re out by a factor of 10 ;-P

£10,000 at 0.1% is £10 a year = 1000 pence

1000 pence a year = 2.7p a day, so 19p a week...

the stamp he used to send you the cheque cost more than the interest he got (never mind about the paper and envelope).

dj.boz

martinsurrey wrote: »

You’re out by a factor of 10 ;-P

£10,000 at 0.1% is £10 a year = 1000 pence

1000 pence a year = 2.7p a day, so 19p a week...

the stamp he used to send you the cheque cost more than the interest he got (never mind about the paper and envelope).

I'm sure my solicitor will make a King's Ransom for sending out a cheque, they seem to charge for every single other item! Heck, I'm sure they will charge me seperatly to lick the damn stamp!!

mysk_girl

I got a cheque last time. If it comes with a covering letter, keep this, as the bank wanted to see proof of where the funds had come from when I deposited the cheque. I also had to do this when cashing cheques from Nationwide refunding our overpayments as they were in excess of £10k.

This was Lloyds, btw - I assume money laundering, but the cheques were from the small town solicitor and the Nationwide.... Would have thought the source was obvious!

Richard_Webster

Quote:
Originally Posted by martinsurrey
You’re out by a factor of 10 ;-P

£10,000 at 0.1% is £10 a year = 1000 pence

1000 pence a year = 2.7p a day, so 19p a week...

the stamp he used to send you the cheque cost more than the interest he got (never mind about the paper and envelope).

Whoops....but it strengthens my point!

I'm sure my solicitor will make a King's Ransom for sending out a cheque, they seem to charge for every single other item! Heck, I'm sure they will charge me seperatly to lick the damn stamp!!

Most solicitors doing conveyancing don't charge by letter because we could spend more time counting letters than doing the work! We would have to write the letter with the accounts anyway. Could perhaps be e-mailed but until 99% of clients are willing to use e-mail as standard it is easier to default to the post.

olgadapolga

When we sold our house, the funds were transferred to our bank by the end of the day of completion. We got a letter the following day stating what the deductions were for. We did have to give them our bank account details and sign another form stating that we wanted the funds transferred directly rather than be paid by cheque.

We did pay a fee for this, around £30 -40 but it was cheaper to do this than lose a week's interest.

Fire_Fox

You should demand your 2.7p x tens of thousands! :whistle: