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

Thrugelmir

The_Bookman said:

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.

If opening an account is to much trouble. Suffer the fee. 
The solicitors are simply protecting themselves. If the money were to be transferred to either one of you and not the other. Then that party failed to release the funds etc etc. Then liability for the others share would fall on the solicitors. May not happen often, but undoubtedably has over the years. People can be extremely deceptive. 

The_Bookman

And so the answer to the original question: "Is there a legal requirement that PROFITS from a house sale MUST be paid SEPARATELY to both owners?" is in fact 'No'. There isn't.

My conveyancers have just confirmed that. But they want us to sign some sort of indemnity, which they must of course draw up, at a cost, said cost of which exceeds the cost of two Bank Transfers, before they will pay it into one account.  Rip-Off Britain at its finest, because I suspect most of us know exactly how long it takes to transfer money from one account to another, especially if Faster Payments are involved.

My sincere thanks to everyone who took the time and trouble to reply.

DCFC79

What optoon are you going to choose ?

steampowered

Yes, it is (for all intents and purposes) a legal requirement. 

You may refer to section 27 of the Law and Property Act 1925 (http://www.legislation.gov.uk/ukpga/Geo5/15-16/20/section/27), also covered in the Land Registry's technical guidance at https://www.gov.uk/government/publications/private-trusts-of-land/practice-guide-24-private-trusts-of-land.

The effect of this section is that, where property is being purchased which is held by more than two owners (in legal terms joint ownership is described as a trust in land), unregistered equitable interests (e.g. trusts, certain types of right of way) will only get "overreached" (i.e. cease to apply) if monies are paid to at least two co-owners.

I can also see that the conveyancer may not wish to get drawn into future disputes between you and your wife if you were to (for example) divorce and try to blame them for letting one spouse call the shots and take the money.

Stop being so bloody difficult and give them your bank account details and your wife's bank account details. Or just go and open a joint account.

Why on earth do you think your conveyancers are doing this to "drum up fees"? Surely you are paying a fixed cost and it is in the conveyancers' interests to get the transaction done as smoothly as possible? The bank transfer fee only covers the cost the conveyancer pays to the bank.