money from proceeds of sale towrds purchase query

daithi

Frequent Poster
Messages
159
Hi folks-
I have closed both the sale of my house and purchase of a new one.My solr. says that I dont get the profit from the proceeds of the sale at any stage, rather the closing balance is put straight away towards the purchase-I should also say that the proceeds cheque was received by the solr over a week ago and is presumably earning him interest, while the cheque for the mortgage on the new house has not as yet been issued. He has told me that I wont get any sale proceeds until 5-6 days after the purchase of the new house has been completely finalised,and that this wont happen for at least another 2 weeks. Now, by my reckoning,the net profit on the sale would earn me between 100 and 200 euro if it was in my account, rather than the solr's a/c over the 3 week period, can I claim any interest accrued on that sum? sorry for the long winded question, any info would be appreciated
daithi
 

Howitzer

Frequent Poster
Messages
1,459
Don't know, but if the money was sitting in his personal account and he himself had a Currant Account Mortgage you'd have a pretty interesting scenario whereby his clients were effectively paying off the interest on his mortgage.

This area is very grey and I can just see the Sunday World headline sometime down the road where a disreputable solr skips the country. Err, not that that's happening here of course.
 

Witchfinder

Registered User
Messages
36
I would have thought it was up to you to instruct the solicitor on what to do with the money. I'm in a similar position in that I've closed on a sale, although I haven't gone to contract yet on a purchase. Once we closed, and the solicitor paid off the remainder of the mortgage he gave me a cheque for the balance after asking what to do. Maybe it's something to do with the fact that you're locked into a purchase, but it still seems a little odd.
 
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