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What interest should be applied to a sum of £1000 held in escrow since 2003?
In September 2003, during the sale of my property, the managing agent requested that a sum of just over £1000 be held in escrow by their solicitor against their costs and fees. This was agreed on the condition that the money would only be passed to them when they had presented full and complete accounts to which we agreed.
Since this day, the money is languishing in the solicitor's client account and no accounts have been forthcoming. My solicitor occasionally reminds the otherside that they still have my money and they reply kindly that they are aware but have had no correspondance from their client as to how to proceed.
I want to now push to have the monies and accrued interest returned to me. How can I calculate the interest that should have accrued?
Secondly, how can I force the issue and get my money returned to me?
Ron, from my time working in a firm of solicitors, they are supposed to hold the money in an account that is purely for clients. I believe they are supposed to be able to provide details and accurate accounting with regards to sums held in escrow.
Thanks Ron. That's actually really useful, thanks. I couldn't work out the compound and wasn't sure what the rate should be over the six years. I'm guessing you are using the 3% that was applied to your monies as a guide.
Actually, I'm in Germany, so using the small claims court option isn't great for me. At the moment, my solicitor is handling it with no extra charge as it's actually part and parcel of the conveyancing he handled for the sale of the apartment! Probably why I'm getting little help with it, although he's also my Dad's solicitor so maybe a word from Dad might chivvy him up a bit. I took my pa-in-law with me last time I met up with him (P-i-L is a solicitor too) and he stopped mucking me around.
I will however consider writing a formal letter to my solicitor asking for clarification and ask him to request repayment of the £1000 plus all interest accrued.
Thanks again for your help!
2 Answers
- Anonymous1 decade agoFavorite Answer
I had the same amount held in escrow for me by a lawyer.
After a year he paid me £1000 plus 3% (his office may have earned more but how was I to know or argue about?)
But if your money has been held for 6 years (this Sep will be 6) then you must ask if the escrow was put into SIMPLE or COMPOUIND interest. (he is allowed either one)
If it was compound then this fall he will owe you £ 1191
Ifit was simple interest then all you will get is the £ 1000 plus the £ 30 for each year (not compounded, understand that OK?)
The member who suggested you get a lawyer to handle it for you may forget that that lawyewr will charge you MORE than the interest you will earn. However you will still get back your £ 1000 and that should satisfy you.
If it were me I would ask for the money, give a 30 day time limit and then take the case to small claims court. It may cost you £ 40 or a bit more but you will win IF YOU HAVE ALL the documents to SUPPORT your claim.
Hope this helps. Good luck (I am in Canada but love UK where I lived for 4 years and my ancestors for 400 years.
Source(s): been there, done that - Anonymous1 decade ago
Hire a lawyer to fix this problem.