House inquiry

Gemma_burley

Hi. Im new to this but its just a quick one. My family and i have inherited a house and its estate through my grandmothers will. She passed away in September and the natwest were dealing with her will and so forth. We received a letter on the 13th stating that the house had been sold and contracts signed. How much do solicitors usually take off the asking price and how long does it usually take to come through. Ive read so many forums stating where banks and solicitors have held on to the money to add interest on there charges. Thank you in advance.

marliepanda

Gemma_burley wrote: »

Hi. Im new to this but its just a quick one. My family and i have inherited a house and its estate through my grandmothers will. She passed away in September and the natwest were dealing with her will and so forth. We received a letter on the 13th stating that the house had been sold and contracts signed. How much do solicitors usually take off the asking price and how long does it usually take to come through. Ive read so many forums stating where banks and solicitors have held on to the money to add interest on there charges. Thank you in advance.

Interest would be soooo minimal it wouldn't be worth it. You see people saying it all the time but they're being ridiculous. You're talking a few quid.

Your solicitors fees will be detailed in the contract that you signed with them when you asked them to help you with the estate.

The bank will take off the outstanding mortgage.

Have you actually completed or just exchanged?

Who is dealing with this! Your parents?

AnotherJoe

Gemma_burley wrote: »

Hi. Im new to this but its just a quick one. My family and i have inherited a house and its estate through my grandmothers will. She passed away in September and the natwest were dealing with her will and so forth. We received a letter on the 13th stating that the house had been sold and contracts signed. How much do solicitors usually take off the asking price and how long does it usually take to come through. Ive read so many forums stating where stupid people claim that banks and solicitors have held on to the money to [STRIKE]add[/STRIKE] gain from the interest on there charges without realising that interest is paid to clients and in any case these days is utterly trivial . Thank you in advance.

Fixed your typing for you

steampowered

Client money is held in a separate client account. How much interest do you think is really paid on these accounts?

Check the interest rate on your current account to get an idea.

In any event, interest on client money is passed on to the client (unless it is so tiny as to not be worth doing - there is usually a minimum threshold of £10 or something like that which won't be passed on as the amount is so small).

G_M

I assume NatWest were appointed Executers under the will, yes? Or perhaps the Executers (whoever they are) decided to employ NatWest to help them.

Either way, the cost of conveyancing for the sale will be dwarfed by the cost of acting as Executers!

You will not receive the money till the Estate is wound up. That means when the Executers have paid any Inheritance Tax, and debts owed by the deceased etc, and Probate has been granted.

without knowing how far the probate process has got, we cannot say when you'll get the money.

Ask? Though ringing or writing will push up the final bill as it will almost certainly be charged by the quarter-hour........

edit: Advice to others:

When writing a will, never name a bank or solicitors as Executers unless you absolutely have to (ie you have NO friends/relatives, or none you trust). It's expensive!

If you name a relative, they can always ask a solicitor to help them, with either all or some of the work, if they feel out of their depth, but at least they have that choice.

jlaw4

it should be being dealt with one of three firms as i work for Natwest. Have you spoken to the estates team? They may be able to give you an update?