Solicitors

Barney3

Supposing you have a cash buyer for your property. Does the cash earn interest in the vendor's solicitors bank account between the "signing of contracts" date and "completion date" ? If so who's interest is it ?
I've heard something about this is, but don't know how to check it out.

Robert_Sterling_3

In some cases where there is a "Chain" the same money, to some extent, passes up the chain to expedite the chain's completion.

E.G.  Buyer 1  pays 10% deposit  suppose this is £10,000.
Buyer number 2 uses the £10,000 deposit + £1000 of his own to pay an £11,000 deposit to Buyer 3 etc etc.

The 10% deposit is not cast in stone and is subject to negotiation.

Ideally you do get interest on the deposit.
Ask your solicitor about it before signing up for his/her services..

Barney3

??? So if there's only one sale happening, the interest belongs really to the vendor and not the solicitor ?

Bossyboots

A solicitor can hold £20,000 or more for up to a week without paying interest in these circumstances.

Otherwise interest is payable to the client if such interest is over £20 or it was held in a separately designated account.

lillypad_2

Hi new to MSE i am soon to be a FTB and would like to know how do you choose a solicitor and why do i need one and how much are they? can anyone help

Richard_Webster

You will need a solicitor if you are buying not only to act for you but also for your mortgage lender assuming you are getting a mortgage.

Look on the internet for solicitors in your area that do conveyancing and phone several up for estimates. Assess how helpful and interested they are on the 'phone, and read the written estimate they send in detail. Have particular note of any extras and terms and conditions referring to extras. If you are not sure about anything ring back for clarification.

Don't be taken in by low headline figures appearing on some internet quotes - when you have read their details you will often find all sorts of extras that make them not nearly as cheap as they first looked!