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  • FIRST POST
    • LuckyG
    • By LuckyG 17th Jul 17, 10:10 AM
    • 123Posts
    • 200Thanks
    LuckyG
    Transferring deposit to solicitor
    • #1
    • 17th Jul 17, 10:10 AM
    Transferring deposit to solicitor 17th Jul 17 at 10:10 AM
    Today is the day I empty my bank account

    I've realised that there is no account number on my completion statement, just a reference number.

    My solicitor has told me to take this into the bank and they'll know what to do. Is this standard?
Page 3
    • G_M
    • By G_M 17th Jul 17, 3:30 PM
    • 40,188 Posts
    • 45,927 Thanks
    G_M
    My solicitor sent the details in an email, I don't quite get why security would be an issue when they are only providing an account number and sort code. .
    Originally posted by Fosterdog
    There have been a number of cases where fraudsters have intercepted emails (don't ask me how but it can be done) nd then altered the account details.

    Buyer then transfers money to the fraudsters account, they move it on and vanish.See

    http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/11605010/Fraudsters-hacked-emails-to-my-solicitor-and-stole-340000-from-my-property-sale.html

    http://www.telegraph.co.uk/money/consumer-affairs/another-homebuyer-loses-67k-solicitors-fail-warn-email-fraud/
    Last edited by G_M; 17-07-2017 at 3:33 PM.
    • Xenon
    • By Xenon 17th Jul 17, 4:32 PM
    • 39 Posts
    • 56 Thanks
    Xenon
    I am in the early stages of house hunting etc etc

    If/when the time comes to hand over the deposit i will be doing it in person face to face.
    I will accept the details in writing and signed in case of any mistakes.

    DOH !

    To clarify getting the solicitors bank details - not handing the cash in person.
    Last edited by Xenon; 17-07-2017 at 5:40 PM. Reason: I am an idiot
    • G_M
    • By G_M 17th Jul 17, 4:54 PM
    • 40,188 Posts
    • 45,927 Thanks
    G_M
    I am in the early stages of house hunting etc etc

    If/when the time comes to hand over the deposit i will be doing it in person face to face.
    I will accept the details in writing and signed in case of any mistakes.
    Originally posted by Xenon
    • browneyone
    • By browneyone 17th Jul 17, 7:34 PM
    • 52 Posts
    • 39 Thanks
    browneyone
    When I went into my nationwide branch to transfer 13k they sat me down on a computer and showed me how to just do it myself online.
    • LuckyG
    • By LuckyG 17th Jul 17, 7:41 PM
    • 123 Posts
    • 200 Thanks
    LuckyG
    When I went into my nationwide branch to transfer 13k they sat me down on a computer and showed me how to just do it myself online.
    Originally posted by browneyone
    That's what happened for me today, the only reason I couldn't do it from home was because my card reader isn't working.
    • browneyone
    • By browneyone 17th Jul 17, 7:47 PM
    • 52 Posts
    • 39 Thanks
    browneyone
    He advised (branch manager) to do the same when I transfer they remaining 26500...just split the amounts.
    • glentoran99
    • By glentoran99 17th Jul 17, 7:48 PM
    • 4,345 Posts
    • 3,246 Thanks
    glentoran99
    He advised (branch manager) to do the same when I transfer they remaining 26500...just split the amounts.
    Originally posted by browneyone
    Why split the amounts though?
    • G_M
    • By G_M 17th Jul 17, 7:52 PM
    • 40,188 Posts
    • 45,927 Thanks
    G_M
    Why split the amounts though?
    Originally posted by glentoran99
    Because most banks (including Nationwide) have limits on how much can be sent via Faster Payments. This varies from £10K per transaction to often £20K per transaction or sometimes £20K per day, though some banks allow greater amounts, so you need to check your bank's rules.

    Check in advancce - don't leave it to the last minute!

    Of course, using CHAPS (usually a £25 - £35 charge) there is no limit.
    • glentoran99
    • By glentoran99 17th Jul 17, 7:58 PM
    • 4,345 Posts
    • 3,246 Thanks
    glentoran99
    Because most banks (including Nationwide) have limits on how much can be sent via Faster Payments. This varies from £10K per transaction to often £20K per transaction or sometimes £20K per day, though some banks allow greater amounts, so you need to check your bank's rules.

    Check in advancce - don't leave it to the last minute!

    Of course, using CHAPS (usually a £25 - £35 charge) there is no limit.
    Originally posted by G_M
    Ah I thought we were discussing CHAPS and was wondering why split the payments, Is CHAPS more secure? asks for a lot more information
    • davidmcn
    • By davidmcn 17th Jul 17, 8:22 PM
    • 5,439 Posts
    • 5,154 Thanks
    davidmcn
    Ah I thought we were discussing CHAPS and was wondering why split the payments, Is CHAPS more secure? asks for a lot more information
    Originally posted by glentoran99
    The system isn't inherently more secure, but it tends to be used for larger amounts so you would expect your bank to do more security (e.g. calling you back and asking random security questions rather than just letting you do it all online).
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