Changed Mortgage Lender

Sparrott

I recently changed my mortgage lender (1st October) and used the solicitors that Nationwide instructed to carry out the change over from Halifax.

I phoned Nationwide this week to find out what our payment would be this month (due to postal strikes we hadn't been informed). They told me that the solicitors had requested the money from them on 22nd September and I had to pay the interest on this even though I didn't have this money, the Halifax didn't have this money, it was sat in the solicitors account for 9 days gaining interest.

Is this a common thing that solicitors do? If it is surely they are steeling your interest?

SP

silvercar

See this thread:

http://forums.moneysavingexpert.com/showthread.html?t=434560&highlight=solicitor+interest+week

Basically, your solicitor is obliged to account to you for the interest received. Solicitor's client accounts generally have an interest rate only slightly below base rate.