solicitor refusing to transfer my part of house sale to sibling

schoey61

Hoenir 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

 but their bank is using a 4% mark up plus bad exchange rates,

They will transfer you £ Sterling though. The net proceeds due to you. The only charge will that for the transfer. 

hi , the transfer fee is NOT the problem, its the 4% markup on the exchange rate that is.. the highest in the country

sheramber

schoey61 said:

user1977 said:

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.

I get it, and you've been really helpful.. and I,very much appreciate,  learnt a lot today.. my brother will be giving it a last shot in a phone call with solicitor head partner ,my brother is obviously uk based, and has had most contact with solicitors.. if this fails I would enquire about " deed of gift" .. I just don,t want any delays on payments to my siblings , and the clock is ticking, contracts to be signed mid next week, so I will have to weigh all pro,s and cons , thanks again

A Deed of Variation means you are giving up your share , not that the solicitor is paying your brother on your behalf.

sheramber

https://www.legalfutures.co.uk/latest-news/law-firm-fined-for-paying-proceeds-of-sale-to-third-party

twitwoo

Have you looked into whether you could use a Wise.com account or a similar money transfer service? 

I used to have a Euro account with a German bank (N26) and they used Wise.com, which made transferring funds between my N26 & £ Sterling accounts very quick and straightforward, with good exchange rates & reasonable fees. 

Emmia

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

twitwoo said:

Have you looked into whether you could use a Wise.com account or a similar money transfer service? 

I used to have a Euro account with a German bank (N26) and they used Wise.com, which made transferring funds between my N26 & £ Sterling accounts very quick and straightforward, with good exchange rates & reasonable fees. 

 The question on WISE was asked... It's a No from the solicitors.

EssexHebridean

Not only are the solicitors entitled to say what they are, they are obliged to under the Solicitors accounts rules. 

gazfocus

You say you’re British but living in Germany…do you have ANY British ID available to you? If so, opening an account with someone like starling bank should be possible. 

70sbudgie

Have you tried asking the solicitors for a copy of their policy? As long as you understand it*, it should identify the "why" with references - to money laundering legislation for example.

This may make it easier to identify possible solutions. (It sounds to me like you need somewhere for them to deposit GBP, to avoid their 4% mark up on foreign exchange). There must be German banks that would accept a deposit in GBP? 

* I say this, because I'm not convinced I would understand a law policy. 

prowla

Could you create a new shared account and have them pay it into that?

AskAsk

Schwarzwald said:

schoey61 said:

... t live abroad in germany...

Try to open a bank account wtih N26 in Germany, they should be able to receive GBP into such account without a problem. close the account after this transaction if you like

yes, this is true.  I had a tenant that was spanish and he moved to India and he asked me to return his deposit to his bank account, which was N26.  I had never heard of N26 before but I am not sure if he had set up the account in the UK or spain, certainly worth the OP looking into it.