Need a joint account with my brother due to house sale

lottiemay

Can anyone advise a quick and easy set up for a joint account with my brother please?  We only need the account to transfer money from the sale of our deceased mums property.  Once the money is in the account we will transfer it out to our own accounts.  Wasn’t sure if there are specific accounts for this?

Keep_pedalling

Can’t you just get the conveyance solicitor to pay you 50% each?

MorningcoffeeIV

Any joint account would do it.

Alternatively, just ask your solicitor to split the money in two and send to each of you.

eskbanker

Or just open an executor account? Even if both of you are executors, that doesn't necessarily require a joint account as such....

lottiemay

No, we already asked this and they told us we need a joint account to transfer the funds into.  It would have made more sense to pay us 50% each, I completely agree

lottiemay

eskbanker said:

Or just open an executor account? Even if both of you are executors, that doesn't necessarily require a joint account as such....

Thank you, I didn’t even know that such an account existed!

SiliconChip

lottiemay said:

No, we already asked this and they told us we need a joint account to transfer the funds into.  It would have made more sense to pay us 50% each, I completely agree

Get a better solicitor would be my recommendation, what you've been told by yours is complete nonsense.

Keep_pedalling

lottiemay said:

eskbanker said:

Or just open an executor account? Even if both of you are executors, that doesn't necessarily require a joint account as such....

Thank you, I didn’t even know that such an account existed!

They do but finding a bank that will provide one is not so easy. An ordinary joint account is easier. 

Futuristic

If both of you have already got Monzo/Starling you can open joint account very quickly or open normal account then join there but really even high street banks should be quick as well. 

xylophone

Open a joint account with your (or your brother's) current account provider.

It will probably involve making an appointment and going to the branch together.

Zanderman

lottiemay said:

eskbanker said:

Or just open an executor account? Even if both of you are executors, that doesn't necessarily require a joint account as such....

Thank you, I didn’t even know that such an account existed!

Executors accounts are, usually, just everyday accounts but often with some restriction on use, most banks will offer them if asked.

Are you executors?  Or are the solicitors executors? If you are I'm surprised you've got as far as a house sale without coming across the concept of such accounts!

There's no obligation to have one though. Legal requirements are merely that you get probate (if needed) and that you can provide (if ever asked) documentation that the assets have been divvied up in line with the will, no need for a special account for that.  

Not even a joint account either, as one of you can just pay the other.