Interest on money held in solicitors' client account

alaningus | 12:27 Tue 20th Sep 2011 | Law

21 Answers

my mother in law completed on the sale of her house on 26th August (for about £180,000.

For various reasons, completion on her purchase won't occur until around the end of September.

We enquired whether any interest was due on her money being held in the solicitors' client/general client account and were told that the interest rate is zero.

Can this be correct? I thought they had to pay a reasonable rate of interest for sums over a certain amount over a certain minimum period.

Info wanted on the law of siting a caravan, for equestrian business use.

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factor-fiction

Hi smurfchops- I don't think the solicitors could have got any money they weren't entitled to- they have to give all the client acount interest to you i understand. But I agree that you can often getter a better rate of interest yourself than is paid on a client account.

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