Selling share of house from abroad with no uk bank account

[mickymack]

Good day all

Myself and my brother were left my fathers house when he sadly died last year, My brother is in the process of buying my half of the house to enable me to complete on a house purchase in Bulgaria. What should have been (so i thought) a fairly straight forward process has turned into something of a nightmare!

I had an offer accepted on a house in December after the probate was completed, we (unfortunately) decided to use the same legal firm to deal with the assent of deed to myself and my brother, Unfortunately the firm were completely inept, losing original death certificates, refusing to field phone calls and taking weeks to respond to the most simple emails as a result it took them 3 months just to submit the B1 application to HMLR.

The sellers of my house are threatening to pull out and i was forced to sign a pre agreement contract which would mean me losing the 10% deposit should i fail to complete by 25th June 2022.

So We instructed a different firm to deal with the last part of the jigsaw, the transfer of equity from myself to my brother to enable him to purchase of my half. However I do not have a UK bank account and they have just informed me that they can no longer represent us as they, by law. have to pay the funds on completion into a UK bank account that must have been open for a min of 12 months.

I have not lived in the UK for over 15 years and have no UK bank accounts or addresses in the UK. My only bank accounts are "virtual". N26 (which has no UK ties) and Revolut
Now panicking as i stand to lose a substancial amount of money and the house if i cannot complete by 25th June, My Brother has had a mortgage approved to fund the purchase and i have been told i can expedite the transfer of equity by the LR so that side isn't a problem.

Any advice would be grasped with both hands!!

[Sam101]

A most unfortunate position, but the regulations regarding holding bank accounts in the UK should have been pointed out to you by your solicitors at an early stage. I cannot see a way around this, but if the solicitors are sufficiently wise, they should know what can be done. If not, there are solicitors that deal with overseas matters who may help you, or your existing solicitors.

Ask your present solicitors why they have not explained the position to you.

Is there a way for your brothers bank to help, presuming that he has a UK bank.

[mickymack]

A most unfortunate position, but the regulations regarding holding bank accounts in the UK should have been pointed out to you by your solicitors at an early stage. I cannot see a way around this, but if the solicitors are sufficiently wise, they should know what can be done. If not, there are solicitors that deal with overseas matters who may help you, or your existing solicitors.

Ask your present solicitors why they have not explained the position to you.

Is there a way for your brothers bank to help, presuming that he has a UK bank.

Hi Sam

Thanks for the reply, We did ask our Solicitors if the money could be paid into my brothers bank account but they said the bank has to be in My name only. We are waiting to speak to his bank on Monday as they are the ones giving my brother the Mortgage on the house. Hoping they can suggest a solution.

[des8]

The Law Society take on this problem: https://www.lawsociety.org.uk/Contac...r-lives-abroad

The conveyancing protocol is here: file:///C:/Users/Pc/Downloads/conveyancing-protocol-2019.pdf

It is not so much the law but a protocol which is mandatory for firms belonging to the Conveyancing Quality Scheme, and advisable for all others.
Go back to your conveyancers when you have read up on the case quoted and ask them to review their position in the light of their professional obligations.
They should (IMO) have notified you of this requirement at the start, not end , of the process.

If that fails hunt around for a more understanding firm (or complete the conveyancing yourselves)

[mickymack]

A most unfortunate position, but the regulations regarding holding bank accounts in the UK should have been pointed out to you by your solicitors at an early stage. I cannot see a way around this, but if the solicitors are sufficiently wise, they should know what can be done. If not, there are solicitors that deal with overseas matters who may help you, or your existing solicitors.

Ask your present solicitors why they have not explained the position to you.

Is there a way for your brothers bank to help, presuming that he has a UK bank.

Update. I realised that the revolut account i have has a UK sort code and account number and its been open for 4 years, i just never used it and completely forgot about it. In fact they are a UK bank with a branch in London. However My solicitor have refused to accept this to deposit the funds with no explanation. confused and angry do not come close! currently trying to find a firm that can help.

[dslippy]

These are not Regulations and to quote from the protocol: "However, solicitors are bound by professional obligations to their clients throughout the transaction. There may be instances where a solicitor should use their professional judgement, as they are required to act in the best interests of each client. Those obligations will take precedence over the protocol."
They have a discretion, and the revolut account appears to be OK.
Take the heat out of the situation and talk to them properly.

[mickymack]

update

]We found a firm who initially accepted our bank account and time frames but have just informed us after 2 weeks that they in fact cannot pay the proceeds into the revolut account, Does anybody know if its possible for me to give instructions for the proceeds of the sale to be paid to a 3rd party? maybe a solicitor or a family member? somebody with a UK bank account?

[dslippy]

At least get a qualifying bank account as soon as you can. You might not need it but two weeks is lost already.
Money laundering is a hot issue, and people understandably are reluctant to play games with workaround schemes that just invite investigation.