Cannot get my house sale money

B

broganr1009

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We sold a house and signed the papers. The money was received by our solicitor on 10th October. The new family moved in. There was a judgement from Ulster Bank for €20k on our deeds. Our solicitor will not pay us a penny until the Ulster Bank give her a figure and so has banked the money. We cannot get a final figure from:

Ulster Bank
Our Solicitor
The Banks solicitor

Our house is sold. Everyone is paid except us. The solicitor has the money and it is not even earning interest for us. Ulster Bank cant find the judgement and wont give a figure to settle the account. So here we are in limbo. Can anyone tell me what to do now to get the figure. If neither the bank nor the bank´s solicitor can give us a figure then surely its "put up or shut up" either take €25k or take the judgement off our deeds.

This cannot go on indefinitely we neither have our house nor the money to buy another one?? Can this just go on forever???

Has anyone an email contact at UB I could try as phoning has proven to be a complete waste of time. The judgement was received in 2004.
Any advise would be welcome.
 
Hi brogan

I think claiming that it is going on "forever" and "indefinitely" is a bit over the top. Today is the 22nd October. Your solicitor got the money on 10th October.

You knew that there was a judgement, so you should have contacted UB in advance and asked for a settlement figure.

Or your solicitor should have thought of doing that.

What did your solicitor say when you told them that there was a judgement on the house?

You have had an unsettled debt for nine years - I think it's a bit much to expect the bank to jump now that it suits you.

Brendan
 
Hello Brendan,

We asked for the figure on 20/5/13 via the solicitor. There have been several unanswered letters. We really did not expect them to "jump now" but perhaps some small movement in 5 months. We are still waiting for UB to answer our solicitor. Perhaps you understand the workings.....how long do you think it will take UB to give us a figure so we can plan to be without the money? No one seems to know. Thank you for your reply.
 
Allowing for the judgement plus interest, how much money is in limbo? Should your critisim not be laid at your solicitor for allowing this continue? They should be able to issue a final demand for settlement or perhaps something stronger like apply to the court ?
 
Thank you very much for your answers. I have something to approach my solicitor with tomorrow. He seems devoid of ideas or answers. He is has his payment now and my money in his account. I will let you know what happens. Sometimes you are so long looking at a problem you just needs someone to see it with fresh eyes. Thank you.
 
€20000 X 8% ( Courts Act interest) = €1600.00 per annum X 9 years ( judgment obtained in 2004) = €14400.00

Total debt due now is €34400.00

So, you pay them that and, if they do not remove the Judgment Mortgage you apply to the Property Registration Authority to remove it. Because you've paid it.

BUT

You're actually looking for a settlement figure i.e. you would prefer to pay less than the total amount now due.

And as far as your solicitor is concerned, if all the indignant posters would take note, a solicitor wants this kind of issue as much as they want a hole in the head! To enable the sale to close, they had to give their personal undertaking that the Judgment Mortgage would be discharged and removed from the Title.

I doubt very much that the solicitor is there rubbing his hands with glee ( I always keep a tub handy myself!) at the enormous amount of interest he will make from this.

mf
 
FYI client funds are kept in a totally separate account. All business accounts bar Rabobank are non interest bearing too, so they aren't earning money from having the cash.
 
Thank you mf1. No one seemed to be able to pick a number between 20,000 and 52,000 or calculate it. I will instruct the solicitor to do this immediately. I will pay what is due I have no intention of asking for money off.....whats due is due. So thank you.
 
battybrennan said:
And be sure and demand the interest your solicitor is earning from your money while you are forced to wait
Click to expand...

The solicitor isn't earning interest on this amount. What you might do is suggest to Ulster bank that you will be looking for an amount from them equivalent to what you could have earned in interest had they been quicker to provide the figure.
 
Thank you MF1 and everyone for their advise. The bank have accepted your figure (they never came up with one still!). The money was paid over yesterday and all is OK now. The bank just seemed to have no one to contact in branch, or in Belfast but finally found someone who would take responsibility. Tt was not easy to pay my debt - maybe they should become more accessible and customer friendly and things might improve. Thank you again.
 
Well done to all involved, especially broganr and mf1 for a good honest and reasonable account of how to deal with the situation in hand.
 
Broganr.

If Ulster know you have funds they will hold for Charge + 8% statutory interest.ie 34,400.
You might as well pay it and request some off due to their slowness.

If Ulster do not know Can I suggest approach Ulster yourself and say you have funds of say 25,000 and would they accept that and lift the charge and that you will sort via your solicitor.
In that way Uster gets sorted , your solicitor gets settlement note from Ulster and everyone is happy(ish)
 
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