Solicitor holding onto house sale money

Verdasson

Hello,

I inherited a house in May last year and 'sold' it mid-December. There were a few problems with the buyer and actual completion and transfer of funds didn't happen until 13th February. This solicitor who was acting as Executor as well has been holding onto over £375,000 since this date. I am spitting feathers. I rang yesterday to ask what the hell was happening and basically got a load of bull from his secretary. What should be my next move?

Thanks for any help

V

xylophone

Did the will leave you the house, the proceeds of sale of the house, or a sum of money from the estate?

quidsy

Maybe the estate probate hasn't been completed yet. Does the solicitor have to satisfy HMRC. Maybe there are other beneficiaries and/or debts that need to be satisfied before they can release funds. I don't think spitting feathers is the way to go if you aren't sure of the delay. A civil call, email or even letter might be a better way to go

Verdasson

Hello,

Yes, sole beneficiary of the house and assets. I was told 2 weeks ago that it was in the hands of the probate clerk for finalising. Still no movement

G_M

So the Executer has sold the property.

The money raised now resides in the estate, under the Executer's control.

The Executer has to ensure that all Estate bills and debts, and any Inheitance Tax due, has been paid before he can release the remaining funds to the Beneficiaries in accordance with the will.

This is perfectly normal.

Just because you are named Beneficiary does not mean you get the cash straight away.

C_Mababejive

What would happen if a solicitor spent all the money?

Marktheshark

An advert is usually placed in the London Journal asking for anyone with a claim against the estate to come forward within one month, given the value of the estate the solicitor as executor needs to make sure someone does not roll up demanding a couple of hundred grand on a debt to find out you spent the cash.
They will pay you when the estate is finalised and not before.

Guest101

C_Mababejive wrote: »

What would happen if a solicitor spent all the money?

There's a good chance he handles millions every year, this 375000 isn't going to be a lot in grand scheme to him or her

RuthnJasper

C_Mababejive wrote: »

What would happen if a solicitor spent all the money?

Is that a serious question? If so, hopefully he would be arrested for theft, prosecuted, convicted, punished and banned from practising in law-related employment for the rest of his life!

G_M

C_Mababejive wrote: »

What would happen if a solicitor spent all the money?

????

The same as would happen if a counter clerk at the bank spent your money after it was deposited in your account.

Mojisola

Verdasson wrote: »

Yes, sole beneficiary of the house and assets. I was told 2 weeks ago that it was in the hands of the probate clerk for finalising. Still no movement

An executor can pay out an interim payment while keeping back a reasonable sum to cover any other bills that might come in.

If you're desperate for money, you could ask for that.