solicitor refusing to transfer my part of house sale to sibling

TripleH

Or can you open a sterling account with your bank? You can request the solicitor hold the funds in a client account until you get an account open, but you may need to show you are trying to open an account as solicitors etc don't like to hold funds in a client account too long.

lincroft1710

If a property owned by 3 persons is sold then it is correct and sensible for the solicitor acting for the joint vendors, to distribute the proceeds equally to each vendor, who can then make their own arrangements about what next happens to their share.


By not doing this there is the potential for problems to arise.

tetrarch

Just trying to work around the issue.

Could you execute a deed of variation with the solicitior giving your third to your brother. Once the money is in, do a DIY DoV and he can pay the money more efficiently to you

Regards

Tet

tetrarch

Fix #2

Assuming that your aim is to convert to Euro at some point. In my experience Wise.com offer very competitive rates and you can operate a GBP account with them with the ability to FX the money to yourself when exchange rates suit at some point in the future

Regards

Tet

schoey61

tetrarch said:

Fix #2

Assuming that your aim is to convert to Euro at some point. In my experience Wise.com offer very competitive rates and you can operate a GBP account with them with the ability to FX the money to yourself when exchange rates suit at some point in the future

Regards

Tet

I asked the solicitors to use WISE which would have solved the problem IMMEDIATELY.. they have refused.. those who use WISE, know how simple and effective it is.. but one step too far for the solicitors , perhaps understandable, but their bank is using a 4% mark up plus bad exchange rates, I am not stingy, and accept losses in transfers , but daylight robbery turns me into a hedgehog,, deed of gift is perhaps possible and not too late, thanks again for your time, appreciated

silvercar

schoey61 said:

tetrarch said:

Fix #2

Assuming that your aim is to convert to Euro at some point. In my experience Wise.com offer very competitive rates and you can operate a GBP account with them with the ability to FX the money to yourself when exchange rates suit at some point in the future

Regards

Tet

I asked the solicitors to use WISE which would have solved the problem IMMEDIATELY.. they have refused.. those who use WISE, know how simple and effective it is.. but one step too far for the solicitors , perhaps understandable, but their bank is using a 4% mark up plus bad exchange rates, I am not stingy, and accept losses in transfers , but daylight robbery turns me into a hedgehog,, deed of gift is perhaps possible and not too late, thanks again for your time, appreciated

The problem with WISE, from a solicitor's point of view, is that WISE have one account number and sort code, with the WISE reference being used to identify the account owner. So a transfer to WISE is harder for the solicitor to ID.

Section62

schoey61 said:

Section62 said:

Repeating part of user1977's point, in UK law the general principle is things are legal unless there is something that makes them illegal.

So if there were a law that a solicitor must pay a legacy into whatever bank account a beneficiary nominates then the solicitor would be acting unlawfully by having (and operating) a policy of only paying money to an account in a beenficary's name.  But there is no such law, hence the solicitor is free to have a policy with that effect.

very good, I like it, though it doesn't,t help my cause, I commend you and I think you're right, but if I am correct, and PLEASE DO CORRECT me if I,m wrong , if we asked the solicitors again, truly stating our case,  and they changed their minds AND they  DID transfer to my brothers account, they would ALSO NOT BE BREAKING THE LAW? which comes down then to my previous comment of it just being all a matter of  "chance "?

No, provided they comply with (for example) anti-money laundering legislation.

There's no law which says they can't amend their policy or make exceptions to it.  The just need to ensure compliance with their regulatory requirements and other relevant legislation such as the Equality Act 2010.

schoey61

silvercar said:

schoey61 said:

tetrarch said:

Fix #2

Assuming that your aim is to convert to Euro at some point. In my experience Wise.com offer very competitive rates and you can operate a GBP account with them with the ability to FX the money to yourself when exchange rates suit at some point in the future

Regards

Tet

I asked the solicitors to use WISE which would have solved the problem IMMEDIATELY.. they have refused.. those who use WISE, know how simple and effective it is.. but one step too far for the solicitors , perhaps understandable, but their bank is using a 4% mark up plus bad exchange rates, I am not stingy, and accept losses in transfers , but daylight robbery turns me into a hedgehog,, deed of gift is perhaps possible and not too late, thanks again for your time, appreciated

The problem with WISE, from a solicitor's point of view, is that WISE have one account number and sort code, with the WISE reference being used to identify the account owner. So a transfer to WISE is harder for the solicitor to ID.

yes,,,thanks, you're right,,, I do also have my own IBAN by WISE in my name ... their bank would apparently transfer into it.. BUT.. it,s a Belgian IBAN, where WISE EUR are situated financially, THUS ..IT IS STILL an European transfer/SWIFT/ and as such still liable for the 4% mark up And miserable exchange rate

schoey61

Section62 said:

schoey61 said:

Section62 said:

Repeating part of user1977's point, in UK law the general principle is things are legal unless there is something that makes them illegal.

So if there were a law that a solicitor must pay a legacy into whatever bank account a beneficiary nominates then the solicitor would be acting unlawfully by having (and operating) a policy of only paying money to an account in a beenficary's name.  But there is no such law, hence the solicitor is free to have a policy with that effect.

very good, I like it, though it doesn't,t help my cause, I commend you and I think you're right, but if I am correct, and PLEASE DO CORRECT me if I,m wrong , if we asked the solicitors again, truly stating our case,  and they changed their minds AND they  DID transfer to my brothers account, they would ALSO NOT BE BREAKING THE LAW? which comes down then to my previous comment of it just being all a matter of  "chance "?

No, provided they comply with (for example) anti-money laundering legislation.

There's no law which says they can't amend their policy or make exceptions to it.  The just need to ensure compliance with their regulatory requirements and other relevant legislation such as the Equality Act 2010.

thanks again , sincerely appreciate your time

user1977

schoey61 said:

Section62 said:

schoey61 said:

user1977 said:

schoey61 said:

user1977 said:

schoey61 said:

user1977 said:

schoey61 said:

thanks for your reply, was wondering if anyone knows the actual "legality" of this situation, ie. are the solicitors legally bound to transfer my proceeds into my account or, as I wish into a "third party " account, 

No, they're not legally bound to do anything in particular. It's legal for them to have the policy which they have, it would be legal for them to have a different policy.

thanks,, to be clear, you're saying that any internal policies they decide on are legal?

No, I'm saying this particular policy is legal.

do you know where I can find this? somewhere in the solicitors act ? I just want written legal proof that solicitors are bound by law to transfer all parts of funds , as in our case , three separate amounts into each corresponding beneficiaries account., . I CAN,T FIND THIS, AND I HAVE LOOKED, ALOT.. so if you know where I can find this, I,d be very grateful

Find what? Generally, things are legal unless there is something saying they're not.

They have a duty of care with client money and it's safer (and less hassle) for them to ensure it goes to account(s) in the names of the sellers rather than have potential arguments about the validity of instructions to do otherwise.

If you don't like that, you don't need to use them (and they don't need to continue to act for you).

hi, honestly I am grateful you take the time to replay, and you're point about less hassle/validity is valid. which I think is what it,s personally all  about with the solicitors refusal. but that does  not necessarily make it  legal, and call me old fashioned but somewhere there is a legal ruling on this,and that,s what I,m trying to find out, I,m just perhaps in the wrong place . my fault

Repeating part of user1977's point, in UK law the general principle is things are legal unless there is something that makes them illegal.

So if there were a law that a solicitor must pay a legacy into whatever bank account a beneficiary nominates then the solicitor would be acting unlawfully by having (and operating) a policy of only paying money to an account in a beenficary's name.  But there is no such law, hence the solicitor is free to have a policy with that effect.

if we asked the solicitors again, truly stating our case,  and they changed their minds AND they  DID transfer to my brothers account, they would ALSO NOT BE BREAKING THE LAW?

I'll say this once again: it's legal for them to have the policy which they have, it would be legal for them to have a different policy. Both of these options would be legal. That doesn't mean they need to do either.