Need a joint account with my brother due to house sale

IanManc

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

If you are both equal beneficiaries of your mother's estate, are both executors, and are each entitled to half of the net proceeds of sale of the house then there is no reason why you shouldn't each be paid out half the money. I can't see why it would need to be paid to a joint account opened solely for that purpose.

I'd ask again, and if your request is refused then ask for a reason - and I can't think of a valid one -  and then say you want to speak to the senior / managing partner at the firm about the issue.

Band7

It seems very strange for a solicitor, or anyone, to try and force people to apply for a joint account. Joint account applications, whether successful or not, will create a financial association which will stay on the credit files of both parties for a long time. Whilst this may not matter for some people, others wouldn't want to have such associations with their siblings.

https://www.moneyhelper.org.uk/en/everyday-money/banking/joint-accounts

badmemory

Could it be that the solicitors have already agreed the fees for this & don't want to pay the extra to send to 2 separate accounts.  Alternatively they could be charging for this anyway & want the extra profit.

lottiemay

Zanderman said:

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.

When we first went to the solicitors they just asked for an account to pay the proceeds into. We both agreed to pay it into one of my accounts and there didn’t seem to be a problem with it. But now they are saying that as it is only in my name they want a joint account.  We will ask again though, why they want a joint account, as we do have the probate letter and a copy of the will

Rob5342

xylophone said:

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.

There shouldn't be any need to visit a branch, just find a bank that lets you open a joint account online.

Any bank will do really as you'll close it almost straight away.

SiliconChip

lottiemay said:

Zanderman said:

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.

When we first went to the solicitors they just asked for an account to pay the proceeds into. We both agreed to pay it into one of my accounts and there didn’t seem to be a problem with it. But now they are saying that as it is only in my name they want a joint account.  We will ask again though, why they want a joint account, as we do have the probate letter and a copy of the will

The proceeds of my mum's house sale were paid into an account in my name only (which had been used for all executor transactions) even though my sister was a joint executor, we simply had to provide a Letter of Authority to the solicitor signed by both of us confirming that the payment should go to my account.