I'm inbetween house buying and purchase. Do the solicitors hold the proceeds from my sale?

horsewithnoname

HHarry said:

I’m sure they’ll happily send it back to you - with a CHAPS / administration fee.

Then you may have to pay another CHAPS fee to send it to them in the future.

In a similar situation I rang my bank and they temporarily upped the transfer limit on my account so I could just transfer money to my solicitor. Didn’t cost a penny. (Bank was Chase)

Yorkie1

NS&I are safe beyond the upper protection limits (whether the standard £120K or the temp high balance limit)

theartfullodger

Only if the are honest and behave themselves.

Not all solicitors are........

saajan_12

HHarry said:

I’m sure they’ll happily send it back to you - with a CHAPS / administration fee.

Then you may have to pay another CHAPS fee to send it to them in the future.

Easily covered by the £1600 odd interest @ 4% in 4 months, even if you're paying tax on all of it, you're netting close to £1000. 

The solicitor's client account won't get nearly that much (if anything). I'd ask for it back and rack up the interest. 

TBG01

theartfullodger said:

Only if the are honest and behave themselves.

Not all solicitors are........

Same goes for most professionals and whilst we're at it, clients.

The SRA is very strict when it comes to accounts procedures and will close down firms other breaches so I think you'll find 99.99% of firms follow the rules.