Comments on: Interest – its you’re money he’s holding – Does my solicitor have to pay me interest if he’s holding my money in his bank account?

By: admin

admin — Fri, 16 Oct 2009 10:53:33 +0000

Dear Preet,

If your solicitor is holding your money then there are rules to say when he has to pay interest to you and when he does not.

The solicitor cannot just suddenly increase the fee on the final bill if he has not told you in advance. I would suggest that you contact the Legal Complaints Service who can discuss this with you. They have a helpline number, which is 0845 608 6565.

Hope this helps – Good luck!

Gemma

By: Preet

Preet — Sun, 11 Oct 2009 20:23:56 +0000

Hi,
I had a recent divorced and for financial settlement with my ex-wife, she transfered the said amt of £12700 into my solicitor account via her solictors.
Now my solicotor has increase a sudden fee, while finalising the bills with me.
To me i can not settle the account with my solicitor without reconcile the account fully.
In this situation Does my solicitor, is doing right by holiding my own money ih there account, being i am denying to settle the account only thing is reconcile the accounts.
Are they legally bound to hold my money, if so will they give me the interest on it.
Pls advice
Thanks
Preet

By: Denise

Denise — Tue, 31 Mar 2009 08:41:19 +0000

Thank you, I didn’t know that but was trying to find out.

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Our family loves to holiday at the brilliant caravan parks in North Wales.

By: Jen

Jen — Wed, 11 Mar 2009 14:28:17 +0000

This article was useful for me!

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I work at a lovely firm of Liverpool Solicitors!

By: admin

admin — Thu, 18 Sep 2008 14:04:32 +0000

Dear Patrick,

I have looked into this matter for you and think I can offer a little assistance.

Firstly, did you know there is a free advice line run by the Legal Services Commission (who provide legal aid)? You could try calling their helpline, the number is 0845 345 4 345.

“Community Legal Advice:

A free, confidential and impartial advice service paid for by legal aid
Mon – Fri 9am – 6:30pm
Calls from 4p/min – or get us to call you back ”

The second thing that might be of assistance to you is a copy of the Solicitors Accounts Rules 1998. These set out the rules relating to holding clients’ monies and when interest is payable to a client.

Part C of the Accounts Rules relate specifically to interest payments. Visit “http://www.sra.org.uk/solicitors/code-of-conduct/accounts-rules.page” to view the full set of rules. They are pretty self explanatory and it all appears to depend on whether the money is held in a designated deposit account or in the general client account. The amount of money held will also affect whether or not payment is due to you.

I sincerely hope all this will be of assistance to you. If you do need further help or information, please do let me know and thank you for visiting my site.

Kind regards,

Gemma

By: admin

admin — Tue, 16 Sep 2008 20:16:46 +0000

Hello Patrick,

Many thanks for your enquiry. It’s not strictly a conveyancing matter so I don’t know the immediate answer unfortunately. I’ll ask our solicitor at the firm for you and come back to you a.s.a.p. Hope this is ok.

Kind regards,

Gemma

By: Patrick Cooper

Patrick Cooper — Mon, 15 Sep 2008 13:33:03 +0000

Hi I would like to know if my solictor is duty bound to pay intrest on money that he has held in trust for my son for the last 7 years the money was left to my son by my wife who is deceased, I have requested to the solicitor to put the money in a saving account for my son but I do not think this was done . Where do I stand on this matter any info will be greatly appreciated. Yours P .Cooper