Solicitor looking after money!

iwillretireatfifty

I don't even know which section this should be under!

2 years ago, myself and an ex partner sold a joint property. We could not agree as to how this proceeds from the sale of the property should be divided, and consequently the Solicitor offered to hold the money until such time. There was £29, 613.80.

I was told that interest would accrue and there would be no charge. I have rang today to seek the balance and there is just £29, 642.80 there.

That means in 2 years there has only been £29 gained in interest on nearly £30k!! Surely that not is right! or is it?

Gadfium

iwillretireatfifty wrote: »

I don't even know which section this should be under!

2 years ago, myself and an ex partner sold a joint property. We could not agree as to how this proceeds from the sale of the property should be divided, and consequently the Solicitor offered to hold the money until such time. There was £29, 613.80.

I was told that interest would accrue and there would be no charge. I have rang today to seek the balance and there is just £29, 642.80 there.

That means in 2 years there has only been £29 gained in interest on nearly £30k!! Surely that not is right! or is it?

What was agreed at the outset?
You were told that interest would accrue and it has (though I expect that the solicitor is doing best out of the deal). It's increased by £29.

robatwork

Never mind that, do you know what will happen to your money should the solicitor go out of business? Are you sure it's ring fenced?

Get your money out of their account and into 2 that you control. If you can't agree can I suggest 50/50?

iwillretireatfifty

I seem to have nothing in writing from the Solicitors regarding them holding this money and the rate at which interest would accrue! I hadn't even thought about it being protected in the event of them ceasing business either! I don't know why I naively thought the interest gained to date would be in the hundreds if not thousands, so was shocked just now when I rang them to find out it was a pittence. I'm guessing there are no rules surrounding how the Solicitor handles the looking after of this money then?!

kidmugsy

You're not paying him to be a money manager. He's probably just bunged it into whichever account they use for client funds, and such accounts pay miserable interest rates. Get on with sorting it out and stop whining.

Gadfium

iwillretireatfifty wrote: »

I seem to have nothing in writing from the Solicitors regarding them holding this money and the rate at which interest would accrue! I hadn't even thought about it being protected in the event of them ceasing business either!

You know the old adage about fools and money? Harsh, I accept.

iwillretireatfifty wrote: »

I don't know why I naively thought the interest gained to date would be in the hundreds if not thousands,

You wouldn't get thousands if you put it into a bank deposit account! 2% per annum on £30k is £600 (not that you'd get 2%). Then subtract tax.

iwillretireatfifty wrote: »

I'm guessing there are no rules surrounding how the Solicitor handles the looking after of this money then?!

Would you complain to your bank because the standard of legal advice they offer is poor?

I wish that I had as much money as you appear to have if you can leave £30k lying about for 2 years without checking on it.

iwillretireatfifty

Gadfium wrote: »

......

I wish that I had as much money as you appear to have if you can leave £30k lying about for 2 years without checking on it.

Yup, I hold both hands up and admit I've been a complete fool, in many ways not just financially!

and yes, I never thought about it like that, but it couldn't be any further from the truth, I live on the breadline as it happens, but I thankyou for this as these words will spur me on to do something about this ridiculous situation I have got myself into :beer:!

Mattygroves2

Whilst I agree with what has been said I think you should have been informed about the interest arrangements that would apply.

Have a look at the rules that govern solicitors holding money in client accounts:

http://www.sra.org.uk/solicitors/handbook/accountsrules/part5/content.page

If you are really bothered you could complain to the firm concerned that they haven't been as informative as they might have been. Might get you a few extra quid.

G_M

The money will be safe - it will be in a client account. Yes, 'ringfenced'.

Solicitors business acounts pay negligable interest. Your solicitor is keeping it safe, not attempting to 'grow' it.