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Stage Payments through solicitor's bank account. Why?

Bitten & Hisses · 2011-01-27 17:23:49

Just wondering, what is the reason for a bank insisting that all stage payments on a self build be released through a solicitor's account, rather than being paid directly to the client? From what I can see, it serves absolutely no purpose whatsoever, apart from placing another obstacle and thus delay in the supply chain.…

27-01-2011 5:23pm

#1

Bitten & Hisses

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Just wondering, what is the reason for a bank insisting that all stage payments on a self build be released through a solicitor's account, rather than being paid directly to the client? From what I can see, it serves absolutely no purpose whatsoever, apart from placing another obstacle and thus delay in the supply chain. For the record, I am not referring to a house purchase whereby the solicitor is releasing payments to a developer, but a self build where the client is issuing all payments to various suppliers.

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