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Interest on deposit paid

(3 Posts)
CEvert Mon 13-May-13 15:55:43

I wonder if someone can answer the following.
I am in the process of buying ahouse and have paid a large deposit to my solicitor.
The process is taking a bit longer than i anticipated so I am wondering the interest that is accrued on the deposit if the solicitor does get any, would my he use that to deduct from the total cost?

TequilaMockinBird Mon 13-May-13 15:57:28

Sorry I don't know the answer but I'm in the same boat so watching with interest (excuse the pun!)

racmun Mon 13-May-13 15:59:42

There are minimum thresholds (sorry can't remember) at which point the solicitor has to pay the interest earnt on client money.

On most law firms accounting systems the interest is shown on the ledger so it's way to work out.

Tbh I always used to credit the client interest back even if we didn't have to under the rules. I would have thought if you just ring your solicitor up there won't be a problem.

Also they can put your money in the client deposit account which usually has a better rate so may be worth asking about that too.

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