Itās a mechanism for the auctioneer to make sure they get their fees pronto.
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If you went out with the cheapest rate in market for borrowers sub 60%ltv and who could prove no missed repayments in 5 years youād hoover up some amount of good loans .
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Throw a fifty or so in an estate agents account sitting around whilst transactions complete, and itās a fair chunk of interest for them maybe?
It used to be a huge part of their business model when rates were higher. Hold three or 4 transactions in the account for as long as possible. Repeat all year and say youād the bones of a million in there all year at 4% thatās 40k. And the cunts slow rolling everyone.
Solicitors the same. They are even worse. Holding shit in their accounts for probate or to settle cases etc. Bastards the lot of em
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What do they hold in their accounts to settle cases?
As in youād get a settlement. Their solicitor would pay your solicitor taking their sweet time both of them. And itād be a few weeks in each hand before the recipient would get it.
Solicitors used to have client accounts where all sorts of money would be sloshing around and no need to seperate it by client. It was like the RTE barter account basically.
I presume things are a lot tighter for them these days with money laundering etc. But they used to be able to do what they wanted.
Pre crash maybe.
Back when we were a proper country
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At the height of the tiger you could get 10% interest. 100k a year on other peopleās money.
Iām not sure if there are any rules on this. I think solicitors are supposed to forward any interest earned on funds they hold on clients behalf.
Doubt that. That would have meant mortgage rates were up around 13% which they havenāt been since the early 90s.
I know you could because we nearly put all.our money in one of the Iceland banks which was paying 12% at the recommendation of Martin Lewis. It was all our money as we awaited a house purchase to finalize. There were a string of accounts on money supermarket at the time paying 10%. The only reason we didnāt is we were too busy/lazy. A sliding doors moment. In some ways it may have been better had we lost it, as weād have been skint and with no house and sheād have had to move to Limerick**
**Maybe she wouldnāt but Iād have had a better chance of she didnāt have her dream home dangling under her nose.
I donāt think solicitors in Ireland were putting their client funds in Icelandic bank accounts.
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Apologies bucko, I thought you were referring to solicitors client accounts as that was the way the thread was going.
I donāt have a burning dislike of you btw. You are one of the good guys.
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where?
SIs came in in 04 to prevent anything like this.
What I would have thought was more common was solr carrying massive credit balances on client current accounts and having massive overdrafts on their own business accounts (through which they could make investments on own behalf etc .) and the banks allowing an overall offset of interest on positive Vs overdrawn balancesā¦ essentially giving interest free credit to the solr
Some cunt from BOI rang me this morning, telling me I was owed a refund on mortgage overpayments.
Possible scam, but we did close the mortgage with them lately so it was plausible something had come up in the settling of it. Anyway, your man was asking security questions so I told him to fuck off and Iād ring back directly to make sure it was legit.
20 mins on hold later I get through. Another 5 minutes of her fuck arsing around trying to find the closed mortgage account.
Oh she says, I have it here, and yes you are due a refund.
Hup says I. How much.
75c.
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Thankfully, I fixed my rate last year with Ulster Bank and the mortgage was purchased by PTSB.