Interest on money (retainer) held by solicitor

[strath44]

Hey folks,

we sold our house a year ago and there was an accident just as we were about to move.

The buyers solicitor held a retainer until the insurance was sorted out (in case insurance didn't pay out).

This has taken until today to sort and the insurance has paid out and the problem is sorted.

We have left the area and I don't want to use the original (our) solicitor to get the money back, but the buyers solictior say I have to have their approval? and that I must have it done through a solicitor, is this true? I have evidence of all insurance letters paying out etc.

Also there is no mention of interest on the money held in the buyers, client account (approx £10k retainer was held) should I get this back?

thanks!

Edited by strath44 on Monday 26th August 12:14

[DonkeyApple]

Probably held on escrow so your old solicitors may be a signatory for the release.

Re interest, I suspect that is dependant on what was agreed. I would hazard that if not mentioned or stipulated then there is none.

There is also the question as to who owns the money while in escrow as they would be the interest earner, not necessarily the capital beneficiary?

Just some thoughts but best to speak to a solicitor as always. Sure there will be one on here who can formerly clarify.

[strath44]

thanks mate