house sale query

nerine

Sold my house in December, & most of money was transferred to my bank account within a few days but my solicitor retained 10k saying he would revert to me early Jan with final bill ( in region of 2k) & then transfer rest of money. I enquired mid Jan & was told waiting for buyer to refund the property tax for 2018. Is this normal would anyone know?

Bananaleaf

nerine wrote: »

Sold my house in December, & most of money was transferred to my bank account within a few days but my solicitor retained 10k saying he would revert to me early Jan with final bill ( in region of 2k) & then transfer rest of money. I enquired mid Jan & was told waiting for buyer to refund the property tax for 2018. Is this normal would anyone know?

Hi there

Are you saying that you didn't get the full amount for your home and that the solicitor still has some of it?

Have you paid your bill?

I would imagine that whatever amount you owe the solicitor is a final amount (as in, it's not going to change once the seller pays the property tax - if they do, that is) and once you've paid that they should transfer everything to you. If it is a case that the buyer has yet to pay the property tax for 2018 that shouldn't affect him transferring you the 10k minus his costs.

The buyer doesn't have to refund the property tax for 2018. So, if they don't, is the solicitor planning on holding onto your 10k forever???

nerine

Thanks for reply. Yes solicitor retained 10k of sale price saying they would finalise bill early Jan & deduct their costs & transfer rest to me. Sent a follow up email & they said just needed to wait for buyer to refund them property tax. I'm not bothered about tax refund ad I'd prefer my 8k. A further email from me a week ago wasn't responded it to at all. Bit strange I would have thought

Bananaleaf

nerine wrote: »

Thanks for reply. Yes solicitor retained 10k of sale price saying they would finalise bill early Jan & deduct their costs & transfer rest to me. Sent a follow up email & they said just needed to wait for buyer to refund them property tax. I'm not bothered about tax refund ad I'd prefer my 8k. A further email from me a week ago wasn't responded it to at all. Bit strange I would have thought

I don't see why they can't send you the 8k and then forward you on the property tax refund when it comes in. If it comes in. Most people will pay it, but they don't have to and unless the buyers solicitor has told them they need to pay it, they may not even know!

I would contact the solicitor by phone on Monday and say that you want the 8k and that they can forward you the property tax refund when it arrives. That's ridiculous carry on at this stage - that's your money!

I know you say yo don't care about the property tax, but better in your pocket than theirs, so keep at them for it, even after you get the 8k

nerine

Thanks your right of course, I will do that

Ghekko

In any case why hold back €10k when his bill won't be anywhere near that? Definitely ring him Monday and politely demand your money.

Bananaleaf

Ghekko wrote: »

In any case why hold back €10k when his bill won't be anywhere near that? Definitely ring him Monday and politely demand your money.

If he is doing this with all his clients, even holding onto it for an extra month is earning him quite a bit in interest in the long term I would imagine

nerine

You are right, I think I have been a bit lax, dealt with same solicitor couple of times over the years & had no such difficulties, mind you I was the one doing the all the paying out previously!!

godtabh

Bananaleaf wrote: »

If he is doing this with all his clients, even holding onto it for an extra month is earning him quite a bit in interest in the long term I would imagine

In his client account? Don’t think it works that way

Samuel T. Cogley

godtabh wrote: »

In his client account? Don’t think it works that way

Does the client account not earn interest (albeit very little)? Always wondered.

nerine

Thanks for all the advice, I took it and contacted the solicitor on the Monday after our discussion and requested that the matter be finalised asap, the money was promptly transferred to my account and within a three more days the property tax was also refunded. Thanks again to all.

Ghekko

Makes you wonder why in hell it was being dragged out. That's annoying. Good job you rang. Have sold 2 properties and the money was transferred very quickly once our solicitor got it from purchasers solicitor. Glad it's sorted for you now anyway.

Askthe EA

Samuel T. Cogley wrote: »

godtabh wrote: »

In his client account? Don’t think it works that way

Does the client account not earn interest (albeit very little)? Always wondered.

No interest on client accounts.

4ensic15

Samuel T. Cogley wrote: »

Does the client account not earn interest (albeit very little)? Always wondered.

Some solicitors have an arrangement tht they pay no interest on their overdraft if there is an equivalent amount of money or more in their client account.