Large bank transfer

ambroze · 8 July 2017 at 1:47PM

I've read recently that banks have frozen peoples accounts when large sums have been deposited from sale of houses or inheritance, because they suspect them of fraud or money laundering, and it's been a battle for customers to get their money back. I will in the next few months be receiving just under £100k from the sale of my house. It will be transferred from my ex partners account to avoid the solicitors fee of paying for each individual bank transfer. I bank with Nationwide. Do I need to phone them to warn them or do I need to get my solicitors to notify them? Sorry if this seems like dumb question, first time selling a house and never had such a large sum to handle!

robatwork · 8 July 2017 at 2:39PM

It's a good idea to phone them or go into a branch to warn them, yes.

However with banks, sometimes left hand doesn't talk to right hand, and it's possible it will still be marked as a transaction that needs to be investigated.

Probably moreso given you haven't had your account long, or a UK address since birth, and have just disputed a deposit!

PeacefulWaters · 8 July 2017 at 3:33PM

It's good of you to trust your ex enough with £100k for the sake of saving £30.

badger09 · 8 July 2017 at 4:14PM

My advice would be to either

Pay the £30 or whatever fee to have the money transferred from your solicitor's account directly into yours

or

Ask solicitor for a cheque (I know, I know:p). But at the cost of a few days interest, you could pay it into your bank account yourself, and you'd have a letter from the solicitor showing the precise amount, and, more importantly, the source. That would avoid any possible questions from the bank.

jonesMUFCforever · 8 July 2017 at 5:01PM

I agree, once the solicitors pay the money out there will be NO recourse from them should anything go wrong.

GingerFurball_2 · 8 July 2017 at 8:06PM

Pay the solicitors fee you cheap !!!!!!!.

ambroze · 9 July 2017 at 12:41AM

GingerFurball wrote: »

Pay the solicitors fee you cheap !!!!!!!.

A bit immature for this forum. The solicitors are requesting over £100 upfront, which judging by the £30 suggestions I think I may be being ripped off. Also due to personal circumstances I am cash poor despite being due this payment, so no I'm not cheap, just stuck and tied.

ambroze · 9 July 2017 at 12:42AM

badger09 wrote: »

My advice would be to either

or

Ask solicitor for a cheque (I know, I know:p). But at the cost of a few days interest, you could pay it into your bank account yourself, and you'd have a letter from the solicitor showing the precise amount, and, more importantly, the source. That would avoid any possible questions from the bank.

I didn't know this was possible, thanks. As I said, first time seller and no one to ask advice from. Thanks

bigadaj · 9 July 2017 at 7:58AM

GingerFurball wrote: »

Pay the solicitors fee you cheap !!!!!!!.

If you're saying cheap is a bad thing then you're on the wrong forum.

However saving a small amount that risks a large amount isn't sensible or advisable so in some circumstances, including this one, paying a little extra is probably worthwhile.

badger09 · 9 July 2017 at 2:33PM

badger09 wrote: »

My advice would be to either

Pay the £30 or whatever fee to have the money transferred from your solicitor's account directly into yours

or

Ask solicitor for a cheque (I know, I know:p). But at the cost of a few days interest, you could pay it into your bank account yourself, and you'd have a letter from the solicitor showing the precise amount, and, more importantly, the source. That would avoid any possible questions from the bank.

ambroze wrote: »

I didn't know this was possible, thanks. As I said, first time seller and no one to ask advice from. Thanks

That is precisely how my house sale proceeds were dealt with when I split from my long term partner (almost 30 years ago).

In fact, I'm surprised your solicitor is suggesting paying the whole proceeds into your partner's account under these circumstances. Have you actually been told this by the solicitor, or by your ex:cool:

mt99 · 9 July 2017 at 2:41PM

Your partner will have problems transferring the 100k to you anyway the most she can pay per day by faster payments is probably around 15k otherwise she will have to send it to you by chaps and that's a £30 fee that she will have to pay

also you are very trusting if you allow 100k to be paid into somebody else's account in the hope they will forward it on to you I agree with the above posters get a cheque in your name

Large bank transfer

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