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Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 33522
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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My sister and I are selling my fathers house under his

Customer Question

Hello, my sister and I are selling my fathers house under his instruction. We have joint LPA in property and finance affairs- this was his decision. He wants us to split the proceeds of the sale, however, our conveyancer is saying that we need a joint bank account to do this. Is this correct? If not why is the conveyancer telling us this?
Submitted: 9 months ago.
Category: Law
Expert:  Clare replied 9 months ago.
HiThank you for your questionMy name is***** shall do my best to help you but I need some further information firstIs there any reason why the money cannot be paid into your father's bank account?
Customer: replied 9 months ago.
In answer to your question, no. However, my father has expressed that we have the money from the sale as he is not in a great mental capacity, hence the LPA that he wanted us to do. He has washed his hands of any help within financial matters and has not taken any part whatsoever within the property sale and the finding of a new ward- assisted flat for himself.
Expert:  Clare replied 9 months ago.
The Conveyancer is being understandably careful.You are selling as Attorneys and not as joint owners and on that basis the money does not belong to you and cannot simply be divided between you.If you wish to receive the monies on behalf of your father then it shoudl be into an account in joint names which preserves your roles as Attorneys only acting in the best interests of your fatherPlease ask if you need further details
Clare, Solicitor
Category: Law
Satisfied Customers: 33522
Experience: I have been a solicitor in High Street Practice since 1985 with a wide general experience.
Clare and other Law Specialists are ready to help you
Customer: replied 9 months ago.
Okay, that now makes sense!
So, if we leave the proceeds in my father's bank account can he transfer the amounts out?
If my sister and I open a joint account, firstly would we need the LPA certificate to do so and how would we access the funds afterwards?
Expert:  Clare replied 9 months ago.
If your father wishes to give you the money as gifts then it is better that he does this from his account
Customer: replied 9 months ago.
So he can transfer the money from his account?
Customer: replied 9 months ago.
If it is not a 'gift' from him and it goes into a joint account is it liable for taxation?
Expert:  Clare replied 9 months ago.
I am not certain what you meanIf he gives you this money then it is a gift.If you are meant to use the money for his benefit then it can remain in his account
Customer: replied 9 months ago.
Many thanks for your help and advice.
Expert:  Clare replied 9 months ago.
You are most welcome

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