Solicitor holding on to money

bombom66

Our solicitor contacted us on 27th of November to say they had received £165000 from the buyer on 6th of December we asked why the money had not been realised they said they had still work to do and my wife needed to sign a form on 21st December we again asked where was the money and to give a reason why they had not realised the money  as we had paid and sorted everything ie gas electricity council tax all of a sudden they said come down to sign the form and they would release it my wife went and signed the form they then said it would take 3 working days which took it to 27th December exactly a month from when they received the money they then said they needed her brothers death certificate so they could only release half of the money which they did on the 27th  of December they are now holding the other half saying they need to send for the death certificate unbeknown to them we have sent for it ourselves and it only takes 24hours to get are they entitled to hold the money so long are they making interest which should be ours ?

Flugelhorn

normally when you complete on a sale you get the money within 24 hours - is this a probate sale where the solicitors are executors? 

TBagpuss

You can ask them what their policy is on interest, normally they would account to you for interest if they are holding the money, although it is down to the solicitors to determine what a reasonable interest policy is. 

Do also bear in mind that it may take slightly longer to get a death certificate than for you s they probably need to go through their accounts department to arrange the payment etc . 
It's perfectly reasonable to ask them what the reasons for the delay are and why they didn't inform you sooner about the additional documents / signatures they would need. You can ask them for a copy of their interest policy at the same time .

bombom66

Flugelhorn said:

normally when you complete on a sale you get the money within 24 hours - is this a probate sale where the solicitors are executors? 

The probate was done well before the sale 

bombom66

TBagpuss said:

You can ask them what their policy is on interest, normally they would account to you for interest if they are holding the money, although it is down to the solicitors to determine what a reasonable interest policy is. 

Do also bear in mind that it may take slightly longer to get a death certificate than for you s they probably need to go through their accounts department to arrange the payment etc . 
It's perfectly reasonable to ask them what the reasons for the delay are and why they didn't inform you sooner about the additional documents / signatures they would need. You can ask them for a copy of their interest policy at the same time .

TBagpuss said:

You can ask them what their policy is on interest, normally they would account to you for interest if they are holding the money, although it is down to the solicitors to determine what a reasonable interest policy is. 

Do also bear in mind that it may take slightly longer to get a death certificate than for you s they probably need to go through their accounts department to arrange the payment etc . 
It's perfectly reasonable to ask them what the reasons for the delay are and why they didn't inform you sooner about the additional documents / signatures they would need. You can ask them for a copy of their interest policy at the same time .

Anyone can get the death certificate online it’s about £45 for 24hour turnaround I got the death certificate for my wife’s brother as long as you have the details it’s no problem 

Flugelhorn

bombom66 said:

Flugelhorn said:

normally when you complete on a sale you get the money within 24 hours - is this a probate sale where the solicitors are executors? 

The probate was done well before the sale 

so are the solicitors the executors or is it your wife, if it is the solicitors they can take months to hand out the money

Hoenir

bombom66 said:

Flugelhorn said:

normally when you complete on a sale you get the money within 24 hours - is this a probate sale where the solicitors are executors? 

The probate was done well before the sale 

Are there final accounts to be settled by the executors i,e. the solicitors now the property is sold? 

bombom66

Hoenir said:

bombom66 said:

Flugelhorn said:

normally when you complete on a sale you get the money within 24 hours - is this a probate sale where the solicitors are executors? 

The probate was done well before the sale 

Are there final accounts to be settled by the executors i,e. the solicitors now the property is sold? 

No final accounts to be settled only solicitor fees which was agreed to be taken out of the £165000 gas electric council tax water all sorted by us a while ago soon as I asked for a reason they hadn’t released the money they said they had been busy ?

bobster2

bombom66 said:

No final accounts to be settled only solicitor fees which was agreed to be taken out of the £165000 gas electric council tax water all sorted by us a while ago soon as I asked for a reason they hadn’t released the money they said they had been busy ?

I don't think you've clarified - are the solicitors the executors?

Or are they simply managing the sale for one of you who is the executor?

This will make a big difference to the timescales.

35har1old

bombom66 said:

Our solicitor contacted us on 27th of November to say they had received £165000 from the buyer on 6th of December we asked why the money had not been realised they said they had still work to do and my wife needed to sign a form on 21st December we again asked where was the money and to give a reason why they had not realised the money  as we had paid and sorted everything ie gas electricity council tax all of a sudden they said come down to sign the form and they would release it my wife went and signed the form they then said it would take 3 working days which took it to 27th December exactly a month from when they received the money they then said they needed her brothers death certificate so they could only release half of the money which they did on the 27th  of December they are now holding the other half saying they need to send for the death certificate unbeknown to them we have sent for it ourselves and it only takes 24hours to get are they entitled to hold the money so long are they making interest which should be ours ?

   I think business accounts don't usually pay interest

Hoenir

35har1old said:

bombom66 said:

Our solicitor contacted us on 27th of November to say they had received £165000 from the buyer on 6th of December we asked why the money had not been realised they said they had still work to do and my wife needed to sign a form on 21st December we again asked where was the money and to give a reason why they had not realised the money  as we had paid and sorted everything ie gas electricity council tax all of a sudden they said come down to sign the form and they would release it my wife went and signed the form they then said it would take 3 working days which took it to 27th December exactly a month from when they received the money they then said they needed her brothers death certificate so they could only release half of the money which they did on the 27th  of December they are now holding the other half saying they need to send for the death certificate unbeknown to them we have sent for it ourselves and it only takes 24hours to get are they entitled to hold the money so long are they making interest which should be ours ?

   I think business accounts don't usually pay interest

The money will be held in a clients account. Solicitors are required by regulation to keep their business affairs separate. Interest will be paid. The clients account monies will be placed on overnight deposit with the bank.