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Proceeds of Sale from Jointly Owned Property?
westv
Posts: 6,598 Forumite
Our solicitor says the proceeds have to go into a joint account. A colleague at work says that, when she sold her jointly owned property, her sale proceeds went into a single named account (in the name of the other person) after she agreed verbally with her solicitor that this was ok.
Who is correct? We don't have a joint account and I really don't want to have to set one up just for one transaction.
Who is correct? We don't have a joint account and I really don't want to have to set one up just for one transaction.
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Comments
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We have had our form through to say where we want the proceeds to go. They will automaticly go into a joint account unless you say. You can have them paid into a single account but you both have to sign to say you agree.0
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Ok thanks. So, as long as we both agree, the proceeds can go where we want them to go.0
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posted by karen 098
You can have them paid into a single account but you both have to sign to say you agree.
This is absolutely spot on.0 -
This is more about the solicitor stepping aside from potential trouble. As long as you are prepared to give him an instruction which covers his backside, he must do what you tell him.Ok thanks. So, as long as we both agree, the proceeds can go where we want them to go.After the uprising of the 17th June The Secretary of the Writers Union
Had leaflets distributed in the Stalinallee Stating that the people
Had forfeited the confidence of the government And could win it back only
By redoubled efforts. Would it not be easier In that case for the government
To dissolve the people
And elect another?0 -
Sent a letter to solicitor (signed by both parties) that we both agreed to the money going to single account. Have today received a letter from solicitor with another form to be signed and witnessed. They have also asked for a copy of the passport for the witness. What a load of anal crap. Why can't they just accept our written instructions?0
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Our solicitor says the proceeds have to go into a joint account. A colleague at work says that, when she sold her jointly owned property, her sale proceeds went into a single named account (in the name of the other person) after she agreed verbally with her solicitor that this was ok.
Who is correct? We don't have a joint account and I really don't want to have to set one up just for one transaction.
i owned a house with my sister. when we sold that they paid 50% into my account and 50% into hers. you get hit for an extra CHAPS fee though.0 -
Sent a letter to solicitor (signed by both parties) that we both agreed to the money going to single account. Have today received a letter from solicitor with another form to be signed and witnessed. They have also asked for a copy of the passport for the witness. What a load of anal crap. Why can't they just accept our written instructions?
money laundering regs.0 -
chewmylegoff wrote: »money laundering regs.
Seems like money laundering regs is a cover all excuse for a whole pile of crappy form filling etc.0 -
Put it this way if it was a messy divorce, you could just sign on behalf of partner, how do they know that the other person is happy with this?
So they need to protect themselves.Pawpurrs x
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