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solicitors holding money
willows_10
Posts: 3 Newbie
We sold our home in march and the solicitors still have out money as we haven't completed on house we are purchasing. Can they hang onto it this long and what about interest,seems we don't get any say. We only need half the amount to pay for new place so why hasn't he offered to send us at least some of it to us by now..thanks
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willows_10 wrote: »We sold our home in march and the solicitors still have out money as we haven't completed on house we are purchasing. Can they hang onto it this long and what about interest,seems we don't get any say. We only need half the amount to pay for new place so why hasn't he offered to send us at least some of it to us by now..thanks
Have you asked your solicitor? You are paying them after all.0 -
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If they don't need it for a further transaction they are in breach of the rules which prevent them just holding balances ("providing a banking service") and it should have been returned immediately. Sometimes they will hold a bit if there is a doubt over the funds needed for ongoing work but if it is clear that they only need half of it then most of the remaining half should be out of their account.
On the other hand if you haven't asked for it and they are busy it may well just have been forgotten.Adventure before Dementia!0 -
What did they say when you phoned and asked if they need to keep the whole balance?0
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When you wrote and asked for either the excess balance, or indeed the full balance, what was their reply?0
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