solicitor draws down mortgage a week before completion

How did you select this solicitor? Was it price by any chance?

Actually, I chose this lad despite his being quite expensive after a good bit of research, I also liked his responsiveness and open nature over the phone. I have my own solicitor for business dealings, I had thought up till now, avoiding calls, arrogance and general dismissiveness of clients as being mere mortals was unique to her, seemingly it isnt !

I initially thought he’d just over promised and under delivered but I cannot excuse the misinforming and only admitting doing it when he was caught out.

I have also experienced idiots like this who would only address Mr Croquette. I have Mr Croquette direct them to me for payment. I love that bit :imp:

Seems like ineptitude. But this was bizarre

Anyhoos, nothing wrong at all with being suspicious of solicitors’ actions.

I know and act for a bunch of them and a lot are still on their knees. A few years ago I had to put some money in escrow for a year. Was supposed to be in a separate deposit account. Fucker didn’t do that and stiffed me on the interest. Went mental threatened the law society and all. A few weeks later he was front page Irish Times for tax evasion. Sent him a sympathetic email offering tax services. It was remedy enough. I was happy that he hadn’t stolen my capital.

Grumpy correctly pointed out the most important 3 lines.

Most Solicitors make the majority of their profits from dealing in property not from their direct fees, but rather funds resting in their accounts, both when acting for the Purchaser and the Vendor (mostly from the Purchaser).

Funds being transferred without closing documents does not happen. If it does, the Solicitor leaves themselves open to claims against their Professional Indemnity Insurance.

It is not a stupid system, it is not done in that way - ever! It is possible that the Vendor’s Solicitor might give an undertaking to that effect, but no more.

Robdel’s 10pc argument seems a little high, but depending on the level of funds and level of business going through the account …

The answer to Robdel’s query is that he can require his Solicitor to account to him for the lost interest, but he is limited (by Contract for sale) to 1-2% - request a copy of the Contract for Sale, General Conditions of sale - or request directly from Law Society (there will be a charge if requested in this way)!

Hope that helps and clarifies the situation. Remember, Solicitors are people too :slight_smile:

Just to be clear I said 10c, but my point was if it made 10c interest it was my 10c not his !
Although palarial seemed to think the solicitor is entitled to it !

Of course, you’re right - Palarial was just a troll. If a Solicitor - a sorry excuse for one, and likely up to their neck in claims for negligence against them :slight_smile:

It is likely more trouble that it is worth, but if the principle of the matter is important to you, then go for it!

I will always remember the case of an Italian who liked his morning coffee, a lot. When the Euro was brought in, his local cafe put up the price from 85c (equivalent in lira) to 1 euro overnight. The case was taken to the Italian Supreme Court, and on again to the European Court of Justice. Principles are what separate the wheat from the chaff!

Look at the definition of interest in the Solicitors’ Accounts Regulations

lawsociety.ie/Documents/Abo … 20regs.pdf

My emphasis. You would get nothing as the banks are currently offering basically nothing on deposit. Forget the interest if you wish to make a complaint (because if it’s under €100, no statutory liability to you), rather focus on the false statements made to you. But at the end of the day, if you have the house, maybe forget it, but if so inclined, seek a 50% fee reduction from your solicitor for the stress he caused you or threaten to go to the law society with the points I set out above.

House buying is hassle.

Indeed. On stamp duty…is there any legitimate reason why a solicitor would not pay this over to Revenue the same day it is received from the purchaser?

Also, are you all paying your solicitor’s fees before receiving a receipt for stamp duty paid (given that solicitor’s are frequently delaying many months in paying it over, or not paying it at all)?

And why can’t purchasers just pay the stamp duty themselves?

Funny thing is I was discussing builders with him, he mentioned that you wont get a good job going with the cheapest, in this case I got a shit job going with the most expensive !
Thanks folks, I think I am going to request 50% reduction in fees, as in fairness through time wasting alone cost me at least that in rent.

Sadly, in the rush to get my ducks in a row for completion 2 weeks ago, I paid his fees along with the other bits and bobs ! XX
At least I saw he can be efficient !

Rob I think you are selling yourself short with a 50% reduction in fees. Why not 100%? It’s your “Fucking” money and you deserve that.

Thats nonsense

Beware the trolls :slight_smile:

I understand that most solicitors require fees at, or before, closing.

My issue is that their services are engaged until the point that the receipt for stamp duty has been received. It seems wrong that they should be fully paid for their services before all of those services have been rendered.

It’s not just that. The transfer of title is not complete until the stamp is paid so the bank’s insist on the solicitor dealing with it.

Sorry to be more precise in relation to my loose wording, without the stamp being paid the title is imperfect and the bank have have issues enforcing security.

From the Revenue stamp guide.

There was a time when there could be a significant delay (of days) when they requested the bank to transfer the money to them. So it kind is better to do it a few days in advance so it is cleared to transfer to the other solicitors account.
Otherwise they might have had all the docs and then requested the mortgage draw down and the bank could have said, oh sorry there’s a queue and its Friday so you won’t get that till Tuesday, then it won’t be in the Seller’s solicitor account till Friday.
As the solicitors take their fee from the overall money, that’s why they issue you with the bill of costs or whatever, so you can see what they are taking out of the money. It’s a way of making sure they get paid.
It is very stressful, especially that closing bit. And to give EAs their due, it is at this stage they can come in very handy doing the middle man phone calls.

It is amazing what you take for granted :slight_smile:

On solicitors…if yours turns out to be a useless, lying, slow, scumbag (that was somewhat cathartic) causing great delays to your purchase through laziness, etc., is it advisable to ask the vendor’s solicitor (directly or via the EA) to prod your one into action?