Am i entitled to Interest ?

[joe5]

I have been trying to buy a flat since December 16th last year and due to reasons unbeknown to me or my solicitor the vendor has completely disappeared. In June i decided to pull out and start searching for another flat because after having a survey, search and all the other things there was still no sign of the vendor.

 

I have found another flat, paid another search fee, survey and whatever else and I'm just waiting to exchange contracts, I've been advised that yet again there is a problem with planning permission, apparently nobody can find it.

 

Anyway my query is, in February when i was supposed to be exchanging contracts with the first flat i deposited £17000 with my solicitor for the deposit, stamp duty and his fee's, now my solicitor has had this money for nearly 6 months and it has obviously been earning interest, am i entitled to the interest or does he get it?, if i get the interest it would offset having had two surveys done after the first purchase fell through.

[buzby]

He would get it - but these 'client accounts' are ringfenced and in many cases do not provide them any interest. It's worth asking, especially in view of the timescale, but I would have asked for my money back under my control rather than leave it with them for extended periods.

[joe5]

Thanks buzby i thought as much, i didn't expect it to drag on this long, both flats are vacant possession, no chain, it just seems I'm not destined to own one.

[Aequitas]

You are entitled to interest on that amount held for that long - see Rule 24 of the Solicitors Account Rules.

[joe5]

Ive just read through that rule 24 Aequitas and it does sound like i'm entitled to a "fair rate of interest" it will be interesting to see if it is offered to me or if i have to ask for it.