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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 26128
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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Wonder if you can help. My nan passed away last August, via

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Hello, wonder if you can help. My nan passed away last August, via an investment advisor she had a bond which earned her interest. We had a power of attorney in place and followed the will which said certain monies to go to the grand children and the rest to my mum (Eleanors only child) following advise from financial advisor even though no house to sell just the bond to cash in we went to a sollicitors to get grant of probate and swore on affidavit etc, the finance company have sent a representative numerous times and i have even written a letter signed by myself to say as nan had put me and mum as beneficiaries to her bond I no longer wanted anything to do with it and just for it to be cashed in for my mum. Nearly a year later and we are no further forward just out of pocket by solicitors fees and no interest for a year. How do we get this company to release my nans money. My mum is 71 and its taking its toll on her health? Karen
Assistant: Where are you? It matters because laws vary by location.
Customer: Hertfordshire UK
Assistant: What steps have you taken so far?
Customer: written to finance company. Followed their best advise consulting a solicitor. Rung head office to consult there. All to no avail!
Assistant: Anything else you want the lawyer to know before I connect you?
Customer: Cant think of anything. Other than we be very patient up until now, and I cant keep having my mum upset by all this. I have to keep taking time off work to meet with these people and its not funny any more.

Hello and thank you for your question. I will be very pleased to assist you. I'm a practising lawyer in England with over 10 years experience.

  1. Please accept my condolences for your loss. May I clarify who obtained grant of probate in your grandmother's estate?
  2. Do you know whether the bond was held in your grandmother's name or held in trust?
  3. What reason's if any has the finance company provided for not releasing the bond?
  4. Are you dealing with the financial advisor still or the bond provider?
  5. Have you seen evidence that the financial advisor actually purchased the bond for your grandmother? i.e. it exists
Customer: replied 5 days ago.
we went to crane & staples solicitors in wgc for grant of probate. I believe held in trust.
we have all paperwork to do with bond. Taken out with st james place. but everything since nans passing has been passed to atlantis we have dealt with foysal ahmed. we have had excuse after excuse for why they havent released money. we have gave notice to wrap this up by or we would take further. That time is up they are offering an appt to come see us Monday. I dont think he should come any more i feel my father will say something unproffessional as he thinks they are crooks. i dont want to afford them any more of my time.

Thank you. Who is named on the grant? Is it your father?

Customer: replied 5 days ago.
No My mum ***** ***** and myself.

Thank you. On that basis it is you and your mother that have legal standing to deal with the bond. Precisely what is required will depend upon the nature of the bond and how it is held but typically regardless of how it is held what is involved is the completion of a claim form produced by the institution with which it is held, the production by you of a grant of probate and an instruction (usually included on the above form) as to where to transfer the money.

Some bonds have a maturity period which prevents them form being cashed earlier than a certain date but where this applies, almost all have the option to cash in early on payment of a penalty (usually sacrificing some interest).

Meetings are all well and good but this is fundamentally a simple process and I am concerned that meetings potentially avoid the organisation commiting themselves to writing. There should be a very clear set of requirements the organsation should have (usually along the lines of the above) and it is simply a matter of complying with them. If they are refusing to pay monies out, they must provide a concise explanation of the reasons why not.

If they cannot or will not provide reasons, or ultimately despiteyour having complied with their reasonable requirements, as admiistrators you can make an application to the County Court under part 8 for an order that the funds are released together with costs and expenses. I have never experienced a situation where such an application is necessary but it is available as an option if they will not comply. The relevant claim form is below:

https://www.gov.uk/government/publications/form-n208-claim-form-cpr-part-8

If I were involved I would be emailing or writing to the company asking for a concise explanation as to what requirements remain outstanding or what hurdles exist to realising the bond within 7 days and if no response is received I would follow this up with a further letter warning of 14 days notice for a part 7 application to the County Court. I do not see the need for a meeting (partiularly if they are chargin for such meetings) as under normal circumstances there is nothing to discuss in such situations. It is simply a matter of procedural paperwork.

If you require any further assistance in respect of realising the funds or in drafting any correspondence along the above lines, please do not hesitate to revert to me.

Does the above answer all your questions? If it does, I should be very grateful if you would kindly take a moment to click a rating for my service to you today. Your feedback is important to me. If there is anything else I can help with please reply back to me though

Has the above answered your questions satisfactorily?

Joshua and 2 other Law Specialists are ready to help you

I'm just following up on our above conversation. I hope the above was of some assistance. Please let me know if you have any further queries. If you have a moment I should be very grateful if you would kindly take a moment to click a rating to rate my service or alternatively just provide some brief feedback so I know if I was able to help. I'd be most grateful. All the best