Trying to time house sale and purchase and seems like there will be a gap between the two closing dates, which means my sale proceeds, a significant amount of cash will be resting in the solicitors' client account for a bit. If any major bank crisis or financial system upheaval were to happen during this time, how protected are my funds? Presumably solicitors benefit from larger deposit protection than 100k Joe Soap limit?
Solicitor client accounts - deposit protection limit?
- Thread starter MelF
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NoRegretsCoyote
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Proceeds from the sale of a house are protected anyway for six months.
Great to know thanks. Protected or guaranteed by what/whom though, is it the state?
NoRegretsCoyote
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Yes, the state via the Deposit Guarantee Fund.
And for the full amount, not just first 100k? Sorry for all the questions, I can't seem to find info anywhere online about this specific scenario involving client funds.
- Funds held in trust or in client accounts by solicitors and other professionals may be eligible if the underlying beneficiaries are eligible in their own right https://www.depositguarantee.ie/en/what-we-cover/protected-depositors
Up to 1 million for qualifying deposits.
Exactly what I'm after, thanks all!It's covered under 'temporary high balances'
Calculation of Compensation
www.depositguarantee.ie