Selling late father's house

HobgoblinBT

OP, I note that your bank account has been open for less than 12 months.  Do you hold any additional accounts eg with a building society that has been open for over 12 months that might be suitable to receive the payment?

smk77

HobgoblinBT said:

OP, I note that your bank account has been open for less than 12 months.  Do you hold any additional accounts eg with a building society that has been open for over 12 months that might be suitable to receive the payment?

Not a sole account. I have a joint account with my wife but was told that it wasn't suitable because a 3rd party had access. In reality, my wife doesn't have access. She doesn't have access to online banking and she doesn't have a card. But, of course, this is irrelevant. 

I do have a savings accounts with the bank I used to have a current account. It does have a sort code and account number.

badger09

smk77 said:

p00hsticks said:

smk77 said:

born_again said:

Have you tried ringing them & explaining the situation. If you can prove old account with the same details, they may make a judgement call & pay direct.

. I could pop into their office, then go to the Greggs around the corner, buy a sausage roll and take it back to them. They'll see the transaction on my account

I'm not sure that that would be helpful - in fact I suspect it might work against you. As you are not the only beneficiary, I'm a bit surprised that the solicitor is agreeing to pay it into an account in your sole name at all, as opposed to an executors account (I assume you are the sole executor?).

They might just be persuaded that the account was set up in your name specifically for the purposes of handling the estate funds in your role as executor and is only being used solely for that purpose (and you might use that an explanation for why the account was only recently set up) but if they see it  being used for other unrelated things like salary being paid in, sausage rolls being bought I think that would make them less, not more, likely to agree to any transfer into that account. 

And if they do make a payment by cheque, don't be surprised if it is made out to 'the executor of.....' 

Are the solicitors aware that this is a probate sale ?
Have they asked to see a copy of the will and/or grant of probate to confirm who the executor and beneficiaries are ?

We are all executors. I was under the impression (from MSE forums) that people don't really bother with executors accounts nowadays as they're not really required. I thought most banks didn't bother.

They haven't asked for will and.or grant of probate yet but this sale only just started last week. I have had some forms through the post but I've not had a chance to look at them.

The questionnaire asks:

Do all Executor’s have UK bank account?

So, they clearly will pay into our individual accounts. Also, in the email they wrote:

If you do have an Executors account or a bank account in your sole name that has been open for over 12 months, we can pay into either of these accounts.

Also:

We will issue cheque, and you can collect if local and then where you bank this cheque is up to you.


Nothing about it being paid to the executor of...

BIB
My reading of that is that they will issue a cheque. If you are local, you can collect it. By implication, if you’re not local, it will be posted. I’d be extremely surprised if post wasn’t the default option for a cheque payment. 

smk77

badger09 said:

smk77 said:

p00hsticks said:

smk77 said:

born_again said:

Have you tried ringing them & explaining the situation. If you can prove old account with the same details, they may make a judgement call & pay direct.

. I could pop into their office, then go to the Greggs around the corner, buy a sausage roll and take it back to them. They'll see the transaction on my account

I'm not sure that that would be helpful - in fact I suspect it might work against you. As you are not the only beneficiary, I'm a bit surprised that the solicitor is agreeing to pay it into an account in your sole name at all, as opposed to an executors account (I assume you are the sole executor?).

They might just be persuaded that the account was set up in your name specifically for the purposes of handling the estate funds in your role as executor and is only being used solely for that purpose (and you might use that an explanation for why the account was only recently set up) but if they see it  being used for other unrelated things like salary being paid in, sausage rolls being bought I think that would make them less, not more, likely to agree to any transfer into that account. 

And if they do make a payment by cheque, don't be surprised if it is made out to 'the executor of.....' 

Are the solicitors aware that this is a probate sale ?
Have they asked to see a copy of the will and/or grant of probate to confirm who the executor and beneficiaries are ?

We are all executors. I was under the impression (from MSE forums) that people don't really bother with executors accounts nowadays as they're not really required. I thought most banks didn't bother.

They haven't asked for will and.or grant of probate yet but this sale only just started last week. I have had some forms through the post but I've not had a chance to look at them.

The questionnaire asks:

Do all Executor’s have UK bank account?

So, they clearly will pay into our individual accounts. Also, in the email they wrote:

If you do have an Executors account or a bank account in your sole name that has been open for over 12 months, we can pay into either of these accounts.

Also:

We will issue cheque, and you can collect if local and then where you bank this cheque is up to you.


Nothing about it being paid to the executor of...

BIB
My reading of that is that they will issue a cheque. If you are local, you can collect it. By implication, if you’re not local, it will be posted. I’d be extremely surprised if post wasn’t the default option for a cheque payment. 

I've made it perfectly clear to them that I am not local and a 500 mile round trip would be required to collect the cheque. Their response: Company policy. No mention of posting as an alternative. I've asked how this is in my best interests. Response. Do you want us to proceed.

user1977

smk77 said:

HobgoblinBT said:

OP, I note that your bank account has been open for less than 12 months.  Do you hold any additional accounts eg with a building society that has been open for over 12 months that might be suitable to receive the payment?

I do have a savings accounts with the bank I used to have a current account. It does have a sort code and account number.

And does it accept BACS payments from third parties? If so, just use that! Problem solved.

Bookworm105

smk77 said:

I've made it perfectly clear to them that I am not local and a 500 mile round trip would be required to collect the cheque. Their response: Company policy. No mention of posting as an alternative. I've asked how this is in my best interests. Response. Do you want us to proceed.

you have my sympathy but solicitors are not given a list of what to do in respect of compliance with money laundering rules. Each solicitor is expected to interpret them as they see fit, hence inevitably they will be very cautious.

I agree that refusal to post a cheque seems ridiculous as the issue they are protecting themselves against is who did they pay, not what happened to a cheque made out to the named person. I can only assume they regard a postal address as "unverified" and therefore risky whereas personal collection offers the opportunity to ID check the collector top confirm payee and collector are one and the same person.

is it too late to ask them to pay your share to one of the other beneficiaries and then that person pays it over to you once they have it?

smk77

user1977 said:

smk77 said:

HobgoblinBT said:

OP, I note that your bank account has been open for less than 12 months.  Do you hold any additional accounts eg with a building society that has been open for over 12 months that might be suitable to receive the payment?

I do have a savings accounts with the bank I used to have a current account. It does have a sort code and account number.

And does it accept BACS payments from third parties? If so, just use that! Problem solved.

I will need to find out.

smk77

Bookworm105 said:

smk77 said:

I've made it perfectly clear to them that I am not local and a 500 mile round trip would be required to collect the cheque. Their response: Company policy. No mention of posting as an alternative. I've asked how this is in my best interests. Response. Do you want us to proceed.

you have my sympathy but solicitors are not given a list of what to do in respect of compliance with money laundering rules. Each solicitor is expected to interpret them as they see fit, hence inevitably they will be very cautious.

I agree that refusal to post a cheque seems ridiculous as the issue they are protecting themselves against is who did they pay, not what happened to a cheque made out to the named person. I can only assume they regard a postal address as "unverified" and therefore risky whereas personal collection offers the opportunity to ID check the collector top confirm payee and collector are one and the same person.

is it too late to ask them to pay your share to one of the other beneficiaries and then that person pays it over to you once they have it?

What frustrates me is that there are 3 of us. They are happy to pay out to the other 2 because on the initial questionnaire, I stated that they've had the account for more than 12 months but mine less. So, they're taking my word for it. Yet, when it comes to me, because I was honest, even though I can show 6 months of bank statements with mortgage payments, Council Tax payments, Energy bill payment etc they're sticking to their policy which, ironically, from what they have written, allows them the freedom to apply a risk based assessment.

They've now given the post option and the option to pay to either one of the other beneficiaries. I don't trust the post and, whilst I trust my siblings, it's a responsibility for them. I think I am just going to have to take the trip unless, as suggested above, I can take BACS payments into a savings account.

Bookworm105

smk77 said:

They've now given the post option and the option to pay to either one of the other beneficiaries. I don't trust the post and, whilst I trust my siblings, it's a responsibility for them. I think I am just going to have to take the trip unless, as suggested above, I can take BACS payments into a savings account.

sorry but you have lost a bit sympathy if you won't trust a cheque in the post which has now been offered as a solution,  but are not prepared to incur the travelling cost to collect it.

smk77

Bookworm105 said:

smk77 said:

They've now given the post option and the option to pay to either one of the other beneficiaries. I don't trust the post and, whilst I trust my siblings, it's a responsibility for them. I think I am just going to have to take the trip unless, as suggested above, I can take BACS payments into a savings account.

sorry but you have lost a bit sympathy if you won't trust a cheque in the post which has now been offered as a solution,  but are not prepared to incur the travelling cost to collect it.

The solicitor sent a letter the other day that needed to be signed for. As I wasn't in, the postie was unable to deliver. The next morning, the letter was posted through the letter box and therefore unsigned. Forgive me for not trusting a cheque through the post.

I have stated "I think I am just going to have to take the trip unless" so I am clearly prepared to go. The costs are irrelevant in the grand scale of things. As a parent with various parental responsibilities, it's the inconvenience for my family that's the issue.

Fortunately, this is all irrelevant now. Having contacted HSBC, they have confirmed my old savings account will accept BACS and Faster Payments. I've tested this myself and transferred from my current account (with another bank) into the HSBC savings account. The solicitor are happy to make the payment into that account. Sorted.