Sale of proceeds withheld

Mrs_Nevvy

Hi,
I completed on my house sale on Friday, the solicitor sent over the funds to the bank and on Monday it was applied by them and the account shut down. I’ve contacted my solicitors this morning to ask when I should be receiving the remaining funds from the sale and they (quote) have responded with ‘ We do require this in writing from (X Bank).’ 

I’ve spoken to the bank and they have told me that the CHAPS receipt is the solicitors notice of payment being received and that they over ever issue out a final letter up to 10 working days later to say account closed/ deeds issued...

I’m now at a loss - what is it my solicitors could possibly need in order to release the funds?  Many Thanks for your help

davidmcn

I guess they are being over-cautious and want the lender to confirm that they're satisfied the mortgage has been redeemed (or released their charge over the property). Not normal practice (they ought to be able to rely on the figure in the redemption statement) but I have heard of other solicitors doing similar.

Mrs_Nevvy

Thanks, if there is interest made on the money that they are likely to hold for next weeks should they be passing that on to me? Many Thanks

davidmcn

Yes, but that's a big "if" given what interest rates are like at the moment!

saajan_12

Mrs_Nevvy said:

Thanks, if there is interest made on the money that they are likely to hold for next weeks should they be passing that on to me? Many Thanks

Depends on what you agreed with your solicitor - usually their Terms of Business or T&Cs will state that your monies are held in a 0% interest client account.