Selling A House Money

[ukanonymous]

When you sell a house does the money usually go to a solicitor first then you?

[bednobs]

only if you are using one

[ukanonymous]

Yes I am. Just thought a bit strange all the money goes into their account

[ummmm]

Yes, they take any fees associated with the sale and then transfer the balance to you. From what I remember they don't hold it for long.

[cupotee2]

***Yes, they take any fees associated with the sale and then transfer the balance to you. From what I remember they don't hold it for long.***

Just long enough to have it in the company overnight accounts for a night or two and get interest...not just your money, but everyone else's property money.



Used to be a recognised way of making a few bob

[jomifl]

Cheaper than a lot of European countries ...be thankful.

[ummmm]

How much would a few days interest be on an average priced house sale?

I think it's the simplest was to do it and a guaranteed way of everyone getting paid.

[ubasses]

The solicitor has to open a clients account re your name, it cannot go into their general office account.

[tonyav]

I'm afraid that there is no escape, ukanonymous unless has been said you don't use one. Did you use an estate agent ?, if you did they have got to have their cut as well.

[theprof]

ubasses, the solicitor does NOT have to "open a clients account re your name" whatever that is intended to mean. Whilst all solicitors operate a general office account, they have a "Client Account" in which they deposit all monies due to their clients. Money due to all clients are paid from this account.

A solicitor most certainly does not have to open an account in the client's name. Banking practice and the Law Society forbids such behaviour.