Deposit to Completion - Time Limit and Interest?

DJM_4

Does anyone know what the legal time limit is from handing over a deposit to your solicitor and completion, before I can start charging them interest on it?

:wall:

Bossyboots

There isn't one as such. You normally hand over the money just before exchange when it is passed to your seller. If the transaction falls through the money would come back to you. If they are to hold the money for any length of time, they should transfer it to a designated deposit account which earns interest. If they do not, they are still liable for the interest you would have earned in the dd acount had they opened one. Be aware though that the interest rate is fairly low. They do not have to pay you the same rate you would have earned by depositing the money yourself.

shykins

generally speaking most solicitors will start paying interest after holding monies for one month

HTH

DJM_4

I handed my deposit over to my solicitor two weeks ago, as requested, and haven't exchanged contracts yet. I have been told through a third party that there is a time limit after which I can demand interest (either a month or 6 weeks), so I just wanted to find out what that was to use it as a stick to beat them with so-to-speak. I think I may just beat them with a real stick and then get them to defend me on a no-win, no-fee basis. Thanks.