"Andy Hall" wrote in message
...
On Sat, 23 Oct 2004 23:58:33 +0100, Richard Faulkner
wrote:

In message , MM
writes
How is the residual payment left over after completing a house sale
usually paid out? Cheque, or transfer to bank account?

MM

Generally by cheque unless you specify bank transfer, or some other
method. (Cheque means the money stays in the solicitors account for
longer)


...and the interest paid to the client?? No, I thought not. A few
days interest on a few hundred grand across a few hundred customers a
year is a nice earner.

I think that there are strict rules on this - at least there used to be when
I was part of audit of Solicitor's accounts (though not companies, the Law
Society had requirements for independent audit of Solicitor's accounts).

IIRC it was something like a limit, whether time, value or some combination
of both. Under the limit, Solicitors did not have to pass on interest
earned on client accounts (and those accounts do have to be kept strictly
separate from the Solicitor's business accounts), over the limit they had
to.


Still the banks pull the same scam on cheque clearance. Three days
on reconciliation between UK accounts? Yeah right.
I might believe 3 seconds. Just.



Even a day I could cope with as cheque clearance and BACS processing is AAUI
a daily batch process. Three is taking the proverbial, and of course this
is just for the core clearing banks. Many outside this system take even
longer - I think it's Abbey that can take 6 days routinely.

--
Richard Sampson

mail me at
richard at olifant d-ot co do-t uk