Is he right? I don't get it!

Just been today to sign my Consent Order.

Story so far ....

Sold house, money deposited with my solicitor. All household bills now paid so solicitor has been sitting on about £100,000
since September.

Agreement with my STBX reached, so order drafted and splitting of money about to take place.

I asked my solicitor about the interest that will have accrued in his account on MY and my STBX's money.

Solicitor stated that as the Law Services Commission had made no payments to my solicitors, despite the case having been on his books since July 2009, the matter of interest does not come into it.

Can that be right? He has that money in his account for 5 months. It is my and my STBX's money, surely we are entitiled what has accrued in the account. Considering that my solicitor has been taken to the Legal Ombudsman because of the way that he has conducted the case and my complaint has been upheld (I was awarded compensation amounting to £150), I do not trust a word of what he says can anyone advise me?

Over to you guys!!!!

hello

I believe that solicitors client accounts do not earn interest.
If you'd put the money into a personal cuurent account I don't think you would've earn't much.
If it had gone into a saving account average APR being 2% would've been about 600 gross 550 net.

What does he mean that LSC haven't paid him? is that legal aid? is he saying you have to pay your bill before he gives you the money?

xx

He is paying out most of the money but holding back some to cover the statutory charge.
I understood that the money goes into a client account. According to his terms and conditions if the money accrues over £20 interest is payable. Now it looks as though he is wriggling out of it.

depends though what type of account it goes into. And the banks interest rate on that account. I wonder how you would go about finding out, as I also believe that all his clients money will be in the same bank account.And I wouldn't imagine that a solicitor would want to disclose the balance of an account and the interest accrued on it.

I certainly know that if I tried to ask my sol that kind of question she would laugh in my face!.......not her department, I would have to ring back (she can't tranfer calls) and ask to speak to the nice lady in the cash office.Maybe ring and speak to the office accountant.

I will contact the legal ombudsman if necessary.

We have 269K house sale equity being held by solicitor. I never expected to get any interest on it. Infact, I understand that they charge an administration fee for managing it.

My STBX said that there will be £280k in the account now taking interest into account. I have no idea where he got this figure from but I am sticking to £269k.