Please help- sold a house and have banking issues

oscarsamuel

Hello,

my mum and dad have sold the family home and the deposit is currently held with the solicitor. 

They are not together and the house is sold on a 50/50 basis split. 

My father who has signed over  His half of the house to me has a crap credit score and the banks will not even open him a current account. 

The solicitor says he needs to transfer the money into a bank account that’s got his name on it, what can we do in this situation?

I’ve asked for my metro bank to have him as a joint applicant on my account and they have declined. 

I’m going to go mad, please help  

[Deleted User]

He needs to ask a bank for a basic account.

If they won't, it's not his credit history which is the problem, but something more serious, such as CIFAS.

DCFC79

oscarsamuel said:

My father who has signed over  His half of the house to me has a crap credit score history and the banks will not even open him a current account.

Definitely not down to the score since banks etc cant see it, they see the history.

What is exactly on his credit history/file/report ?

Get him to check his report and then come back with whats on it.

Robin9

If he's "signed over " his 50% to you surely the proceeds will come to you and not your father?

xylophone

The solicitor says he needs to transfer the money into a bank account that’s got his name on it,

How so if your father has signed a document  making over the  money to you?

oscarsamuel

Thank you everyone for your replies. 

I’ve spoken to him at length, He’s admitted he has a cifas on his account due to his friends laundering a few thousand pounds through his account but I know my father well, and it’s not something he would do, he’s said he didn’t even realise it at the time but he’d let his ‘friends’ use his account. He’s quite embarrassed by it.

I’m absolutely devastated he has let people take advantage of him. He’s a vulnerable individual. 

When I say signed his half over to me, I don’t mean legally, he has told me he doesn’t need or want his half so he will give it to me once the house is sold.

there is one week left for the sale of the house money to arrive as the deposit already has and I don’t want to put it in a monzo account. 

Please help  

Shakin_Steve

His position of 'giving it to you once the house is sold' is causing problems. Both of you should speak to the solicitor who is receiving the funds and ask him if there is a legal way for him to sign a document so the money can be transferred directly to you. If your father baulks at this, then maybe he wasn't intending to give you the money.

oscarsamuel

Thanks shakin,

can this be done though? Will it be a no go due to Money laundering? 

Shakin_Steve

What? Why?

Thrugelmir

Does your father have other financial issues, i.e. debts? 

oscarsamuel

Guys,

all I’m asking is, is there any reason why the solicitor can’t transfer the deposit into my bank account?

does it HAVE to be my fathers bank account? My father DOES want it to go into my account if there’s no legal reason it can’t.