I am acting for myself in the sale of a house, and the conveyancer for the purchaser is a legal executive employed by a solicitors' firm. We have used the Law Society's Standard Conditions and so far everything has progressed smoothly. When discussing the details of how we will complete, I reminded the other conveyancer that the monies payable to me on completion will include the entire purchase price (including the deposit which I agreed could be held by him) plus the interest on the deposit. That the interest is payable to me is stated in the contract and is not in dispute.
The other conveyancer has written to me stating a figure for the interest that will be paid, saying it has been calculated by his firm's accounts department. I have calculated an annual rate of interest based on that figure (dividing by the number of days interest will have accrued, multiplying by 366, and assuming interest is compounded annually), and it comes to 0.6%. This presumably is pre-tax, as any tax payable will be payable by me and not by the other conveyancer.
Does 0.6% sound about right?
Thanks in advance!