Who is entitled to interest accrued

Kassie60

I hope someone will be able to advise me on a current situation.
My friends partner died in July 17 and she is the main beneficiary. He had a bungalow which he left to hercand which has recently been sold. The solicitors (who have been dealing with probate and the conveyancing) are holding onto the money from the bungalow and also have been been holding, since July, a substantial amount of money from bank accounts and other monies that they have been collecting. All this money is accruing substantial amounts in interest. My question is, will this interest be paid to my friend. It seems immoral that the solicitors should benefit from this money, particularly as their fees are bound to be extortionate.

getmore4less

Substantial!
How much is there?
What rate is on the client account?

Mojisola

Kassie60 wrote: »

All this money is accruing substantial amounts in interest. My question is, will this interest be paid to my friend.

It should be but the account it's held in isn't likely to be earning very much interest.

Kassie60

The property sold for £215K a week ago. And I would guess there is minimum of £30K which is from accounts, pensions, shares etc.

Tom99

Are the solicitors the sole executor?

macman

So maybe £150 in interest after 6 months. Now that the property is sold, ask them to make an initial distribution.

Kassie60

My friend and her son are joint executors. He lives away so my friend put the estate in the hands of solicitors

Yorkshireman99

Kassie60 wrote: »

I hope someone will be able to advise me on a current situation.
My friends partner died in July 17 and she is the main beneficiary. He had a bungalow which he left to hercand which has recently been sold. The solicitors (who have been dealing with probate and the conveyancing) are holding onto the money from the bungalow and also have been been holding, since July, a substantial amount of money from bank accounts and other monies that they have been collecting. All this money is accruing substantial amounts in interest. My question is, will this interest be paid to my friend. It seems immoral that the solicitors should benefit from this money, particularly as their fees are bound to be extortionate.

The solicitor is obliged by law to put the money into a clients account and any interest is due to the residual beneficiaries.

Margot123

Kassie60 wrote: »

The property sold for £215K a week ago. And I would guess there is minimum of £30K which is from accounts, pensions, shares etc.

When you say 'sold for', do you mean the funds were transferred or the property was SSTC a week ago?
Also, if the solicitors are the sole executors, they may take quite some time longer to issue payment. They have to make sure that the deceased didn't have any outstanding debts, and that can take a year or more from Probate being granted.

Sorry, but your friend is most likely in for a much longer wait than they anticipated.
If they are suffering financial hardship, they could plead for an interim payment from the estate.

And.......yes, they are entitled to the interest on the client account. The solicitor should have told them the interest rate.

Kassie60

It's not so much the money, it's the principal. But whatever the amount my friend should benefit it.

Margot123

Kassie60 wrote: »

My friend and her son are joint executors. He lives away so my friend put the estate in the hands of solicitors

Have both your friend and her son renounced or reserved executorship?