Solictors spending hosue deposits???

[atolhurst]

Not quite sure where this is meant to go, so I'll put it here and see if it gets moved.

The buyer of our flat doesn't want to exchange before christmas because he doesn't want the solicitors looking after the money between xmas and new year. Why would this be a problem? The estate agent mentioned something about solicitors spending people's deposits. Has anyone got experience of this?

I can't think what reason there could be to keep it. He wouldn't earn any interest on it over 2 weeks - it's not that much money (maybe �1500 or so). So what could he want to keep hold of it for??

Do we have any rights as sellers to push for the exchange (I'm guessing the answer will be no, but no harm in being optimistic)? He's saying he wants to exchange in the first week of new year and complete the week after that, but we're in a chain so need to think about the other people in the line and when they're ready. And it'd just be nice to know if was all going through.

[funnywebsite]

He is just trying to slow you down. I am in the middle of the same thing. I solicitor was slow to let me know what is happening and told me last week on Thursday that they are trying to get it done by this Thursday. I said 1 weeks notice is not enough now, I am moving far away and need more time to get my stuff moved and I am doing it myself with friends & family. I am still negotiating my date. I am selling like you. I want to exchange this week but I want to hold up completion till the week after. I have just found out his solicitor is shut so I will have to wait til the week after now. I think my buyer wanted to complete this week. But I am not moving around the corner like he is I am moving to the other side of the country plus I have to work as well.

You have to come to some agreement. I have already bought my other place. I had to exchange and complete on my other place last month. The buyer wouldn't wait. He tried to force me to complete 1 week earlier but I dug my heels in for 1 more week. He tried to threaten me with finding another buyer but he wasn't going to find a new buyer in 1 week.

You cannot force him to exchange now. He is being stupid about talking about a solicitor spending his money. Only dodgy solicitors would do that. Try and get him to exchange and complete the same day on the first week in the new year if he won't budge.

I need to chase my solicitor up again I need an answer today to get time off work.

[Hgrove]

If you are borrowing money in order to buy your house, then your lender will have a list of "approved" solicitors and they will expect you to use one of those. They will all be members of the Law Society. In any event, you should only use a solicitor who is a member of the Law Society and not a single practitioner. Members of the Law Society would not spend your deposit money - they would certainly be struck off if they did. It sounds like the other party is trying to slow things down.

[buildersmate]

Frankly this excuse is pretty feeble. Solicitors have on very rare occasions run off with clients money, but they have to answer to the Law Society and don't work again as solicitors. Either this individual wants to earn the interest for the days over over Christmas, but you said it wasn't much money, or he hasn't got the money just now, or he is unsure about going through with the deal. Only you can decide whether to put pressure on him to try and force him to exchange. No you don't have any rights - the contract does not exist until you exchange (English Law only, not Scotland).