Bank threatening to appoint L.P.A. receivers.

[Streetwise]

Re: Bank threatening to appoint L.P.A. receivers.

Yes. Read his latest blog.

http://paulatwatsonssolicitors.wordpress.com/

Thanks,Ive got to tell you plan B this is getting me down, the simplest way to stop this would be to sell the 2 flats and pay the bank of,the flats would probably make a profit now,or they could be sold as a going concern.

But these flats were supposed be for a pension, if the ( BUSINESS PARTNER ) looses them he has nothing and I mean NOTHING.

He is a self employed builder that has just found out he has a bad heart problem.

Thanks again,its very difficult asking for advice on forums especially has it seems i don't put my point over to well.

[Streetwise]

Re: Bank threatening to appoint L.P.A. receivers.

Hi to all,I am executor of my late partners estate she had two rental properties she rented out with a friend.

For the past two years i have been fighting the bank to stop them selling these properties i have offered to pay them back over a 15 year period but they have refused this offer.

The loan payments are up to date and have never been defaulted on.

They are now going to appoint L.P.A. receivers.

Any ideas on how to stop this.

All help appreciated.

Thanks in advance Streetwise.

This was the original question.Wish I never asked.

[Still Waving]

Re: Bank threatening to appoint L.P.A. receivers.

How can the estate be discharged properly if I cant get the bank to play Ball, all that's in the Estate is the Family Home and my late partners share in the flats that may or may not make a profit.

In post 31 you stated -

"July 2011 the bank write back telling me that the account had been transferred out of her name and solely into her business partners on the 1st of January 2011."

Assuming that the account was previously in your late other half's name jointly with her business partner, and as Probate had not at the time been granted, it seems to me that the bank should have amended the account to 'Executors of (deceased person) and Business Partner'. Anything else would have been unlawful, and should be challenged.

[Still Waving]

Re: Bank threatening to appoint L.P.A. receivers.

This was the original question.Wish I never asked.

With respect Streetwise, Garlok and PlanB and others have been to great lengths to help, and have given the most sound advice, ie get yourself a solicitor, and there has even been an offer to help you find one. This is what you REALLY need to do. Regards

[Streetwise]

Re: Bank threatening to appoint L.P.A. receivers.

In post 31 you stated -

"July 2011 the bank write back telling me that the account had been transferred out of her name and solely into her business partners on the 1st of January 2011."

Assuming that the account was previously in your late other half's name jointly with her business partner, and as Probate had not at the time been granted, it seems to me that the bank should have amended the account to 'Executors of (deceased person) and Business Partner'. Anything else would have been unlawful, and should be challenged.

No, Cosigner of agreement still alive account passes to him ( I was told in another Place ) and the bank told me it was known of my BUSINESS.

But family home still one of the securities for debt.

[Never-In-Doubt]

Re: Bank threatening to appoint L.P.A. receivers.

No, Cosigner of agreement still alive debt passes to him ( I was told in another Place ) and the bank told me it was known of my BUSINESS.

Thing is if you're the appointed beneficiary to any will then you'll have authority to deal for the deceased, in so much as what would/should happen is surely your wife's share upon her death, would need to be discharged (bought by other partner or sold off). It doesn't automatically pass to the sole survivor (you OR the business partner) as you'd have a claim to any profit the sale may generate. Unless you bought out your partners share you'd surely need to sell all assets and divvy the cash between the estate and the business partner.

Likewise the bank cannot say its none of your business if you were the executor of the will/estate.

[Streetwise]

Re: Bank threatening to appoint L.P.A. receivers.

Thing is if you're the appointed beneficiary to any will then you'll have authority to deal for the deceased, in so much as what would/should happen is surely your wife's share upon her death, would need to be discharged (bought by other partner or sold off). It doesn't automatically pass to the sole survivor (you OR the business partner) as you'd have a claim to any profit the sale may generate. Unless you bought out your partners share you'd surely need to sell all assets and divvy the cash between the estate and the business partner.

Likewise the bank cannot say its none of your business if you were the executor of the will/estate.

Yes I understand that perfectly,I should have said account passes to him,you got in fast I edited the post.

[Still Waving]

Re: Bank threatening to appoint L.P.A. receivers.

Thing is if you're the appointed beneficiary to any will then you'll have authority to deal for the deceased, in so much as what would/should happen is surely your wife's share upon her death, would need to be discharged (bought by other partner or sold off). It doesn't automatically pass to the sole survivor (you OR the business partner) as you'd have a claim to any profit the sale may generate. Unless you bought out your partners share you'd surely need to sell all assets and divvy the cash between the estate and the business partner.

Likewise the bank cannot say its none of your business if you were the executor of the will/estate.

Likewise, if the flats were to be sold and there was still a shortfall on the debt, then the bank would have a claim on the estate of the deceased as well as the surviving business partner. So it still seems a nonsense to me that the account was transferred to solely the business partner.

[PlanB]

Re: Bank threatening to appoint L.P.A. receivers.

This was the original question.Wish I never asked.

Yes you do seem to be under fire for all sorts when I sense you are trying your best to unravel a chain of events which took place during a time when you were grieving for your late wife and attempting to hold things together for the sake of your two sons. You've had a lot to cope with in the last two years.

Furthermore these financial events were being conducted between your late wife's business partner and the bank, and since you were not party to these shenanigans (when maybe you should have been in law) it's perfectly understandable that you do not have all the facts at your fingertips. Why would you when the bank never gave you the necessary information at the time, and appears to have had a selective memory when you asked for it subsequently.

Please don't feel disheartened by some of the negative comments on this thread, because it seems to me that you are only trying to protect the interests of your children and I'm sure your late wife would be proud of you for fighting so hard for them. From what you say your late wife wanted everything she owned to be divided between you and the boys. If the full amount is ultimately lessoned by a tax bill then so be it. You've not got to that stage yet.

I'm not seeing any lies and inconsistencies, I'm seeing someone who has been battling a bank for two years and is feeling exasperated. I would too.

[Streetwise]

Re: Bank threatening to appoint L.P.A. receivers.

Likewise, if the flats were to be sold and there was still a shortfall on the debt, then the bank would have a claim on the estate of the deceased as well as the surviving business partner. So it still seems a nonsense to me that the account was transferred to solely the business partner.

If there was a shortfall they can come after the Family home as I understand it.

[Streetwise]

Re: Bank threatening to appoint L.P.A. receivers.

Yes you do seem to be under fire for all sorts when I sense you are trying your best to unravel a chain of events which took place during a time when you were grieving for your late wife and attempting to hold things together for the sake of your two sons. You've had a lot to cope with in the last two years.

Furthermore these financial events were being conducted between your late wife's business partner and the bank, and since you were not party to these shenanigans (when maybe you should have been in law) it's perfectly understandable that you do not have all the facts at your fingertips. Why would you when the bank never gave you the necessary information at the time, and appears to have had a selective memory when you asked for them subsequently.

Please don't feel disheartened by some of the negative comments on this thread, because it seems to me that you are only trying to protect the interests of your children and I'm sure your late wife would be proud of you for fighting so hard for them. From what you say your late wife wanted everything she owned to be divided between you and the boys. If the full amount is ultimately lessoned by a tax bill then so be it. You've not got to that stage yet.

I'm not seeing any lies and inconsistencies, I'm seeing someone who has been battling a bank for two years and is feeling exasperated. I would too.

Plan B , before someone comes on and as a rant remember we weren't married we lived in SIN.Not you and me i mean my late partner.

[MrsD]

Re: Bank threatening to appoint L.P.A. receivers.

OK

so Streetwise, have you had anything in writing from the bank to explain this situation (the passing of the flats to your partner's partner)?
Has the business partner nothing to say about the situation or is he happy to sit back and see your children's inheritance pass to him?
Is the business partner a British citizen?
So what did the partner get back when he sent the SAR to the bank? and have you seen it?
I'm not really interested in the tax ramifications or anything else other than finding out what actually happened, you need to go to a solicitor and tell him the whole pertinent story, pertinent being the operative word here.
If the bank have acted unlawfully it can be stopped but easier to stop it sooner rather than later and as I said before never believe they are looking after your interests.

[garlok]

Re: Bank threatening to appoint L.P.A. receivers.

Well plan B this started out as trying to get the OP to do something correctly, behave within the law and give him the best advice possible based on the circumstances he has provided here not what he has provided elsewhere which I see from the quotes here is contradictory. I have already reported the whole matter to the site's owner as the very best advice was given to the OP at the very outset but as time has worn on there have been contradictions refusals to answer the most simple of questions and still we have the reluctance to go and get legal advice seemingly now full backed by yourself which I see as something far more sinister when I check my personal e-mails from a very good friend of yours. So I now take your rather rude comments as being deliberately set out to wind me up. And have you sought out proper legal advice on the OPs behalf. No I did not think so. I did and quoted the OPs posts to them calling in a favour. I reported back here for everyone's benefit but it is now my oopinion that this thread has another agenda.

regards
G

[PlanB]

Re: Bank threatening to appoint L.P.A. receivers.

There is one very simple answer to all this and that is to honestly and openly go to a qualified legal professional to get it all unravelled if this is a genuine case. I detect a serious reluctance to do this at every turn. That is the best advice anyone could give you and is gold dust in your position if it is genuine.
It has been given to you several times and it has been declined. WHY?

Streetwise did not decline the advice given by this site to seek professional legal help. He was advised by AAD to contact Andrew (a solicitor) and he did. Andrew has told him that he is not in a position to help. Streetwise is actively seeking an alternative contact method for Paul. These steps taken by the OP are not an example of a serious reluctance to take professional advice.

[Never-In-Doubt]

Re: Bank threatening to appoint L.P.A. receivers.

& calm........

I will move the tax posts to a new thread.

Lets keep things on track or we will close the thread until such time that occurs.