Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • ambroze
    • By ambroze 8th Jul 17, 1:47 PM
    • 57Posts
    • 15Thanks
    ambroze
    Large bank transfer
    • #1
    • 8th Jul 17, 1:47 PM
    Large bank transfer 8th Jul 17 at 1:47 PM
    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!
Page 1
    • robatwork
    • By robatwork 8th Jul 17, 2:39 PM
    • 3,912 Posts
    • 4,235 Thanks
    robatwork
    • #2
    • 8th Jul 17, 2:39 PM
    • #2
    • 8th Jul 17, 2:39 PM
    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
    • By PeacefulWaters 8th Jul 17, 3:33 PM
    • 6,855 Posts
    • 8,442 Thanks
    PeacefulWaters
    • #3
    • 8th Jul 17, 3:33 PM
    • #3
    • 8th Jul 17, 3:33 PM
    It's good of you to trust your ex enough with £100k for the sake of saving £30.
    • badger09
    • By badger09 8th Jul 17, 4:14 PM
    • 5,124 Posts
    • 4,339 Thanks
    badger09
    • #4
    • 8th Jul 17, 4:14 PM
    • #4
    • 8th Jul 17, 4:14 PM
    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). 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
    • By jonesMUFCforever 8th Jul 17, 5:01 PM
    • 23,994 Posts
    • 11,302 Thanks
    jonesMUFCforever
    • #5
    • 8th Jul 17, 5:01 PM
    • #5
    • 8th Jul 17, 5:01 PM
    I agree, once the solicitors pay the money out there will be NO recourse from them should anything go wrong.
    What goes around - comes around
    give lots and you will always receive lots
    • GingerFurball
    • By GingerFurball 8th Jul 17, 8:06 PM
    • 937 Posts
    • 885 Thanks
    GingerFurball
    • #6
    • 8th Jul 17, 8:06 PM
    • #6
    • 8th Jul 17, 8:06 PM
    Pay the solicitors fee you cheap !!!!!!!.
    DEBT FREE!

    Debt free by Xmas 2014: £3555.67/£4805.67 (73.99%)
    Debt free by Xmas 2015: £1250/£1250 (100.00%)
    • ambroze
    • By ambroze 9th Jul 17, 12:41 AM
    • 57 Posts
    • 15 Thanks
    ambroze
    • #7
    • 9th Jul 17, 12:41 AM
    • #7
    • 9th Jul 17, 12:41 AM
    Pay the solicitors fee you cheap !!!!!!!.
    Originally posted by GingerFurball
    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
    • By ambroze 9th Jul 17, 12:42 AM
    • 57 Posts
    • 15 Thanks
    ambroze
    • #8
    • 9th Jul 17, 12:42 AM
    • #8
    • 9th Jul 17, 12:42 AM
    My advice would be to either



    or

    Ask solicitor for a cheque (I know, I know). 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.
    Originally posted by badger09

    I didn't know this was possible, thanks. As I said, first time seller and no one to ask advice from. Thanks
    • bigadaj
    • By bigadaj 9th Jul 17, 7:58 AM
    • 10,006 Posts
    • 6,401 Thanks
    bigadaj
    • #9
    • 9th Jul 17, 7:58 AM
    • #9
    • 9th Jul 17, 7:58 AM
    Pay the solicitors fee you cheap !!!!!!!.
    Originally posted by GingerFurball
    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
    • By badger09 9th Jul 17, 2:33 PM
    • 5,124 Posts
    • 4,339 Thanks
    badger09
    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). 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.
    Originally posted by badger09
    I didn't know this was possible, thanks. As I said, first time seller and no one to ask advice from. Thanks
    Originally posted by ambroze
    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
    • mt99
    • By mt99 9th Jul 17, 2:41 PM
    • 347 Posts
    • 154 Thanks
    mt99
    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
    • IanManc
    • By IanManc 9th Jul 17, 5:28 PM
    • 312 Posts
    • 434 Thanks
    IanManc
    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!
    Originally posted by ambroze
    I think it is worth paying the solicitor's fee for each individual transfer to avoid your money being paid into your ex-partner's account.
    • GingerFurball
    • By GingerFurball 9th Jul 17, 10:31 PM
    • 937 Posts
    • 885 Thanks
    GingerFurball
    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.
    Originally posted by bigadaj
    Paying £100 to ensure that a 6 figure sum gets transferred to me and not my ex partner seems like money well spent in my opinion.
    DEBT FREE!

    Debt free by Xmas 2014: £3555.67/£4805.67 (73.99%)
    Debt free by Xmas 2015: £1250/£1250 (100.00%)
    • agrinnall
    • By agrinnall 10th Jul 17, 7:36 AM
    • 18,434 Posts
    • 14,147 Thanks
    agrinnall
    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
    Originally posted by mt99
    Impossible to say as we don't know who the ex-partner banks with and there are many banks that allow higher faster payments than £15K (including some that would easily allow the full £100K to be transferred in a single day).
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

72Posts Today

1,610Users online

Martin's Twitter
  • RT @thismorning: 'Sometimes the best gift is releasing somebody else from the obligation of having to give to you' says @MartinSLewis. Do y?

  • Shana tova umetuka - a sweet Jewish New Year to all celebrating. I won't be online the rest of t'week, as I take the time to be with family

  • Dear Steve. Please note doing a poll to ask people's opinion does not in itself imply an opinion! https://t.co/UGvWlMURxy

  • Follow Martin