Is there a legal requirement that PROFITS from a house sale MUST be paid SEPARATELY to both owners?

The_Bookman

OK... I'll try and keep this simple.
1. My wife and I are selling our house, which we own jointly, and are buying another one. 
2. There will be money left over after all costs and disbursements
3. We do not have a joint bank account; we never have and we don't want one now.
4. We are happy for the profits to be paid into one or other of our sole accounts.
5. The conveyancing solicitors, whilst accepting that we don't have a joint account, are insisting that the profits must be paid to both of us, and now require details of each of our bank accounts.
I'm expecting this will result in us being charged for two telegraphic transfers instead of one. Yes, I know, we could open a joint account; we don't want to.
What I would very much appreciate is a definitive answer, quoting Act & Section of the relevant statute, that confirms they are correct in what they say the law requires, or someone who knows more than telling me definitively that they are wrong and probably trying to drum up extra fees.
Thanks in advance.

davidmcn

I would consider it acceptable to pay to one party if I had written confirmation from the other party that they were happy with it. No legal reason why that can't be done, though I suppose they might be paranoid that such things could be forged and they end up with a claim against them.

Are they insisting on doing the transfers by CHAPS rather than another method, and how much are the fees you're quibbling about?

bigmortgage

It takes mere minutes to open a starling joint current account in the app. And then mere minutes to close it after you receive the funds.

The_Bookman

bigmortgage said:

It takes mere minutes to open a starling joint current account in the app. And then mere minutes to close it after you receive the funds.

What app are you referring to?

zagubov

The_Bookman said:

bigmortgage said:

It takes mere minutes to open a starling joint current account in the app. And then mere minutes to close it after you receive the funds.

What app are you referring to?

The Starling Bank account is a phone app.

TadleyBaggie

The_Bookman said:

bigmortgage said:

It takes mere minutes to open a starling joint current account in the app. And then mere minutes to close it after you receive the funds.

What app are you referring to?

Just a wild guess...the Starling app perhaps.

greatcrested

There is no statute that requires this.

But there may well be something in the solicitors Code of Practice or Professional Standards.

Or it could be a cautious decion (or standard practice) to avoid any possibility of the solicitor's firm being held responsible by one party for paying the money to the other party.

D_M_E

Opening a new account and transferring a large sum into it almost immediately will most likely lead to the account being frozen and no access to the funds for who knows how long - banks are very suspicious these days.

Can you not pick one of your accounts and add partner to it as joint account, have the funds transferred to it, distribute them as required then notify bank to make account single holder once done - probably have to do it in branch if there is one anywhere near you.

princeofpounds

Just looked up the Law Society Conveyancing Protocol checklist. It only suggests that funds should be sent to the bank details supplied at the start of the transaction. 

Can't think of why this would be a protocol, although perhaps it could be related to a joint tenants/tenants in common issue?

Anyway, personally I wouldn't waste my breath fighting this, but each to their own.

The_Bookman

D_M_E said:

Opening a new account and transferring a large sum into it almost immediately will most likely lead to the account being frozen and no access to the funds for who knows how long - banks are very suspicious these days.

Can you not pick one of your accounts and add partner to it as joint account, have the funds transferred to it, distribute them as required then notify bank to make account single holder once done - probably have to do it in branch if there is one anywhere near you.

Now that's something I hadn't considered. I don't know if it can be done with First Direct, but I'll explore it. Many thanks.

The_Bookman

zagubov said:

The_Bookman said:

bigmortgage said:

It takes mere minutes to open a starling joint current account in the app. And then mere minutes to close it after you receive the funds.

What app are you referring to?

The Starling Bank account is a phone app.

Ah. I read your 1st post as 'sterling', not 'starling'.