Solicitors fees

charlamine

We are in the process of instructing a solicitor for our new build purchase. The solicitor letter says that we have to provide a cheque of £220 in advance. Is it a cheque as they hold it on account and don't cash it until completion or unless you pull out of sale?

My hazy memory from when I last bought seems to recall they held it on file but I might be wrong!!

I am just trying to figure out if I need to send cheque and take a trip to the bank to take out money for savings

Shahni

They will pay it into their client account and deduct it from your final bill at the end. It'll be used to pay for searches. Its known as a payment "on account", but that doesn't mean they leave the bit of paper on the file until completion

Annie1960

When I moved recently, the solicitor needed cleared funds before starting work. I had to transfer the money electronically.

giddypenguin

As mentioned, most solicitors require payment up front for searches. This is then deducted from the final bill.

As to when they will actually cash the cheque - that will be down to how individual solicitors handle their business so ask them! We cannot answer this!

G_M

Most will cash it. During the conveyancing process they have to pay out various expenses (disbursements) on your behalf.

Unsurprisingly they prefer to use your money for this than their own.

It will all be balanced up and acounted for in their Completion Statement.

charlamine

Thanks everyone I was just a little confused as to why they were insisting on a cheque, if they need the money right away to pay for stuff I would much prefer to pay over the phone on card or transfer the money electoronically but thanks for clearing up 😀

stassy23

Weve just had to pay £400 up from they wanted cheque

Majestic12

Annie1960 wrote: »

When I moved recently, the solicitor needed cleared funds before starting work. I had to transfer the money electronically.

Plus just to reassure the OP. A client account is seperate from the solicitors firms account, so if there were anything to happen to them, their money will always be safe.