Claiming Interests Against Builder

godtabh

Has any one done this before?


10 weeks delay moving into my place. Going to persure them for interests and I was wondering has any one else done it?

If it was the other way around I'm sure they'd go for me. Solicitor has only told me I have to sign before I can do it but thats about it. Its like getting money from a tight arse with this lad

Lex Luthor

so have you drawn down on the mortgage?

godtabh

it was drawn down for 2 weeks (unkown to me untill I got my first balance) but the money was sent back to First Active when I found out and realised that I wasnt going to close any time soon.

ronbyrne2005

My mate bought off plans and he was told he would be able to move in in a year but the builder kept putting off move in date and he has only moved in lately a year after the due move in date.

Pointless going after builder.

The_Conductor

Unfortunately its highly unlikely that you would get anything off the builder- if you did insist on pursuing the matter it would probably end up a protracted matter in court.

How was the mortgage drawn down? Normally its not drawn down until all is ready to be signed, this would be something your solicitor would do.

If you are pursuing someone I would advise checking who drew down the mortgage and by what mechanism. Where was the money sitting for a forthnight? In your solicitors bank account?

S.

godtabh

smccarrick wrote:

Unfortunately its highly unlikely that you would get anything off the builder- if you did insist on pursuing the matter it would probably end up a protracted matter in court.

How was the mortgage drawn down? Normally its not drawn down until all is ready to be signed, this would be something your solicitor would do.

If you are pursuing someone I would advise checking who drew down the mortgage and by what mechanism. Where was the money sitting for a forthnight? In your solicitors bank account?

S.

The builders solicitor told my solicitor it was ready to go. My solicitor drew down the mortgage. It was in his hold account for about 2 weeks before I asked him to send it back.

My solicitor told me I can persue them for interests but didn't tell how or what it would involve other than i would have to sign and sue.

The_Conductor

kearnsr wrote:

The builders solicitor told my solicitor it was ready to go. My solicitor drew down the mortgage. It was in his hold account for about 2 weeks before I asked him to send it back.

My solicitor told me I can persue them for interests but didn't tell how or what it would involve other than i would have to sign and sue.

The way I would look at it- it was sitting in your solicitors account gaining interest for a forthnight- and would most probably still be there if you hadn't queried it. The person who gained from this transaction was your solicitor- not the builder, and not his solicitor. I'm not a lawyer- but the person who implemented the transaction and gained from it was your solicitor- and the person who was hurt by the transaction was you. Check elsewhere- but it sounds like you may possibly have a case against your own solicitor.......

godtabh

smccarrick wrote:

The way I would look at it- it was sitting in your solicitors account gaining interest for a forthnight- and would most probably still be there if you hadn't queried it. The person who gained from this transaction was your solicitor- not the builder, and not his solicitor. I'm not a lawyer- but the person who implemented the transaction and gained from it was your solicitor- and the person who was hurt by the transaction was you. Check elsewhere- but it sounds like you may possibly have a case against your own solicitor.......

Yeah I thought as much as well but at this stage I still need him on my side. After we'll see.

I wonder what kind of interest 1/4 of a million would make in two weeks?

Really pissed off now. Meet my neighbors tonight. They moved in 2 weeks ago

Lex Luthor

smccarrick wrote:

The way I would look at it- it was sitting in your solicitors account gaining interest for a forthnight- and would most probably still be there if you hadn't queried it. The person who gained from this transaction was your solicitor- not the builder, and not his solicitor. I'm not a lawyer- but the person who implemented the transaction and gained from it was your solicitor- and the person who was hurt by the transaction was you. Check elsewhere- but it sounds like you may possibly have a case against your own solicitor.......

its very unlikely that interest accrued in a clients account that the solicitor holds for you is owned by the client. Solicitors seem to make a lot of their money this way.

If I was the OP, I would let it go. Its not going to be that much anyway....prob about €100

The_Conductor

While interest may be calculated on a daily basis- depending on the institution it may seek restitution of interest for the month. On the basis of a mortgage of 500k at 5% (reasonable enough assumption) the OP may have a bill in the region of 2k (or slightly higher).

That said- the simplest thing to do may simply be to accept the hit, and make damn sure to change solicitor at the next convenient opportunity.

markpb

kearnsr wrote:

The builders solicitor told my solicitor it was ready to go. My solicitor drew down the mortgage. It was in his hold account for about 2 weeks before I asked him to send it back.

My solicitor told me I can persue them for interests but didn't tell how or what it would involve other than i would have to sign and sue.

I could be wrong but it was my understanding that the mortgage cheque was made out out to the seller or sellers solicitor so your own solicitor couldn't lodge it or gain from it in any way. You're still out the interest yourself though but it's hardly your solicitors fault and you're not likely to get far from the builder without going through the courts.

The_Conductor

Perhaps I'm wrong- but my understanding is that there is no physical cheque. Money is transferred from the lending institution by electronic transfer to the purchaser's solicitor. The purchaser's solicitor holds these funds in a holding account on behalf of the purchaser until he/she is happy to release them to the seller. The release is also by Electronic transfer.

Shane

godtabh

smccarrick wrote:

Perhaps I'm wrong- but my understanding is that there is no physical cheque. Money is transferred from the lending institution by electronic transfer to the purchaser's solicitor. The purchaser's solicitor holds these funds in a holding account on behalf of the purchaser until he/she is happy to release them to the seller. The release is also by Electronic transfer.

Shane

It all depends on the bank. Some do cheque some do eletronic transfer.

kearnsr

kearnsr wrote:

I wonder what kind of interest 1/4 of a million would make in two weeks?

A nice little earner for the solicitors. I always took exception to this. My own solicitor doddled with the money in his account for a while and really the money they make in interest no matter how small should be transparent.
Then when I sold the house the estate agents held onto the initial deposit for nearly six months - really had to chase them down for it.