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  • FIRST POST
    • LuckyG
    • By LuckyG 17th Jul 17, 10:10 AM
    • 140Posts
    • 227Thanks
    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 2
    • LuckyG
    • By LuckyG 17th Jul 17, 11:19 AM
    • 140 Posts
    • 227 Thanks
    LuckyG
    I've emailed my solicitor to ask them to send out the bank details in writing before I transfer the money.
    If they send it today I'll receive it tomorrow.

    I don't actually have an exchange date set yet anyway (just know that it's some time this week) so one more day won't hurt.
    • leespot
    • By leespot 17th Jul 17, 11:20 AM
    • 542 Posts
    • 436 Thanks
    leespot
    I've emailed my solicitor to ask them to send out the bank details in writing before I transfer the money.
    If they send it today I'll receive it tomorrow.

    I don't actually have an exchange date set yet anyway (just know that it's sometime this week) so one more day won't hurt.
    Originally posted by LuckyG
    Good choice. The amount of money is not likely to be insignificant, always better to be safe. Good luck with the rest of the purchase
    • LuckyG
    • By LuckyG 17th Jul 17, 11:22 AM
    • 140 Posts
    • 227 Thanks
    LuckyG
    Good choice. The amount of money is not likely to be insignificant, always better to be safe. Good luck with the rest of the purchase
    Originally posted by leespot
    It's going to be over £40,000 so a massive amount of money for me.

    Thank you
    • Fosterdog
    • By Fosterdog 17th Jul 17, 11:24 AM
    • 3,354 Posts
    • 5,729 Thanks
    Fosterdog
    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. They handle much more sensitive information every day.
    • DumbMuscle
    • By DumbMuscle 17th Jul 17, 11:26 AM
    • 196 Posts
    • 290 Thanks
    DumbMuscle
    It's going to be over £40,000 so a massive amount of money for me.

    Thank you
    Originally posted by LuckyG
    Bear in mind you'll probably need to go into the bank and instruct a CHAPS payment to transfer that all in one go, rather than doing it online (or you could transfer over multiple days, but then you may end up delaying exchange and frustrating the rest of the chain)
    • aneary
    • By aneary 17th Jul 17, 11:27 AM
    • 744 Posts
    • 622 Thanks
    aneary
    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. They handle much more sensitive information every day.
    Originally posted by Fosterdog
    Depends on the solicitor mine won't but my mum who has her own firm doesn't have an issue. Some solicitors still use faxes it generally depends on who runs the firm and how old fashioned they are.
    • glentoran99
    • By glentoran99 17th Jul 17, 11:29 AM
    • 4,822 Posts
    • 3,825 Thanks
    glentoran99
    Bear in mind you'll probably need to go into the bank and instruct a CHAPS payment to transfer that all in one go, rather than doing it online (or you could transfer over multiple days, but then you may end up delaying exchange and frustrating the rest of the chain)
    Originally posted by DumbMuscle
    You can do Chaps online, Well at least you can with my bank
    • LuckyG
    • By LuckyG 17th Jul 17, 11:29 AM
    • 140 Posts
    • 227 Thanks
    LuckyG
    Bear in mind you'll probably need to go into the bank and instruct a CHAPS payment to transfer that all in one go, rather than doing it online (or you could transfer over multiple days, but then you may end up delaying exchange and frustrating the rest of the chain)
    Originally posted by DumbMuscle
    Yes, I'm going to go into Nationwide and do it in one go via CHAPS.
    • eddddy
    • By eddddy 17th Jul 17, 11:30 AM
    • 5,422 Posts
    • 5,087 Thanks
    eddddy
    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. They handle much more sensitive information every day.
    Originally posted by Fosterdog
    As explained in post #19 - the risk is that email may have come from a scammer, and not your solicitor.


    There are examples where scammers have apparently hacked into solicitors' email accounts to get names and email addresses of their clients - and then the scammers sent emails to the clients with payment instructions, with the scammer's sort code and account number.


    Edit to add...

    I imagine that solicitors systems can be a very lucrative target for hackers. If you can trick just one client into paying into the 'wrong' account, you might make £50k or more.
    Last edited by eddddy; 17-07-2017 at 11:36 AM.
    • Lucky Duck
    • By Lucky Duck 17th Jul 17, 11:36 AM
    • 114 Posts
    • 64 Thanks
    Lucky Duck
    As explained in post #19 - the risk is that email may have come from a scammer, and not your solicitor.


    There are examples where scammers have apparently hacked into solicitors' email accounts to get names and email addresses of their clients - and then the scammers sent emails to the clients with payment instructions, with the scammer's sort code and account number.
    Originally posted by eddddy
    Indeed, google (or any other search engine) will give details of where this has happened.

    .
    • jimbog
    • By jimbog 17th Jul 17, 11:37 AM
    • 615 Posts
    • 979 Thanks
    jimbog
    You could always send a token amount (say £1) first and then ring the solicitors to see if they have received it before sending £39999
    The problem with quotations on the internet is that you can never verify their authenticity - Abraham Lincoln
    • LuckyG
    • By LuckyG 17th Jul 17, 11:48 AM
    • 140 Posts
    • 227 Thanks
    LuckyG
    You can do Chaps online, Well at least you can with my bank
    Originally posted by glentoran99
    I'll have a read around that, thank you
    • LuckyG
    • By LuckyG 17th Jul 17, 11:49 AM
    • 140 Posts
    • 227 Thanks
    LuckyG
    You could always send a token amount (say £1) first and then ring the solicitors to see if they have received it before sending £39999
    Originally posted by jimbog
    That's a good idea also, thanks.
    • Fosterdog
    • By Fosterdog 17th Jul 17, 12:05 PM
    • 3,354 Posts
    • 5,729 Thanks
    Fosterdog
    As explained in post #19 - the risk is that email may have come from a scammer, and not your solicitor.


    There are examples where scammers have apparently hacked into solicitors' email accounts to get names and email addresses of their clients - and then the scammers sent emails to the clients with payment instructions, with the scammer's sort code and account number.


    Edit to add...

    I imagine that solicitors systems can be a very lucrative target for hackers. If you can trick just one client into paying into the 'wrong' account, you might make £50k or more.
    Originally posted by eddddy
    But surely the same scammers could also send the same details via post? A letter head is very easy to falsify. If the solicitors systems are so easily hacked then there will be a lot more information available to any scammers. The only way around it would be everyone having to go into branch and have it printed in front of them on letter headed paper but even then a rogue employee would have access to that and could still carry out the same scam.

    I'm not saying that what you are saying is false, I do believe you and have heard of the scams but it's not emails themselves that are the weak link in the scam it would be overall security.

    Although saying that through my job I could easily list over a hundred local businesses that I would never deal with on a personal level from seeing how poor their security is and how they don't see IT security as important. Even when I've explained things to them and found them solutions incredibly cheaply but they still refuse as little as £10 a year to have even basic protection. Worst one being a financial advisor who I have to clean up his system from viruses at least once a year and that computer has his entire client base and all of their details on it
    • eddddy
    • By eddddy 17th Jul 17, 12:12 PM
    • 5,422 Posts
    • 5,087 Thanks
    eddddy
    But surely the same scammers could also send the same details via post?
    Originally posted by Fosterdog
    Yes - that's exactly what I said in post#19.

    As I also said in post#19, you can follow up with a phone call to the solicitors (on a number you trust), to confirm the details.


    FWIW, if an employee of the solicitor is a fraudster and gives you fake details on behalf of the solicitor, that is likely to be the solicitor's problem not yours. The solicitor will have been defrauded by their employee.
    • glentoran99
    • By glentoran99 17th Jul 17, 12:37 PM
    • 4,822 Posts
    • 3,825 Thanks
    glentoran99
    Yes, I'm going to go into Nationwide and do it in one go via CHAPS.
    Originally posted by LuckyG


    you can do chaps online with nationwide that's my bank
    • Linton
    • By Linton 17th Jul 17, 1:43 PM
    • 8,495 Posts
    • 8,437 Thanks
    Linton
    you can do chaps online with nationwide that's my bank
    Originally posted by glentoran99
    For £40K+ ? Many online accounts have a maximum/day for money transfers.
    • TBagpuss
    • By TBagpuss 17th Jul 17, 1:49 PM
    • 6,038 Posts
    • 7,787 Thanks
    TBagpuss
    I spoke to my solicitor, she gave me the details over the phone. It was clear and I read them back to her.

    Will I need to actually go to my solicitors office to get them?
    Originally posted by LuckyG
    No, but if the details are wrong then you have no proof it was their error not yours. That's why it's generally best to get them in writing.

    House buyers and their solicitors are prime targets for scammers so most savvy solicitors won't give out, or accept, bank details by e-mail, or will require them to be verified directly.
    • LuckyG
    • By LuckyG 17th Jul 17, 3:22 PM
    • 140 Posts
    • 227 Thanks
    LuckyG
    It's all done, I phoned my solicitor again regarding her sending me the bank details by post. She informed me that she had sent me the bank details when I received my welcome pack containing the terms and conditions.

    I eventually found it in amongst all my paperwork and my deposit is now fully paid.
    It's a weird feeling to be poor again but nice that we're another step closer to getting the keys.

    I went into Nationwide to do it as I need a new card reader, however it ended up being done via my online account anyway using a card reader in branch.
    It was only a £20 charge too which was less than I thought.

    Thanks for the advice
    • glentoran99
    • By glentoran99 17th Jul 17, 3:25 PM
    • 4,822 Posts
    • 3,825 Thanks
    glentoran99
    For £40K+ ? Many online accounts have a maximum/day for money transfers.
    Originally posted by Linton

    Your thinking of normal bacs transfer

    "CHAPS Limit


    Providing there are sufficient cleared funds available to cover your transaction and fees, there is no minimum or maximum transfer limit"
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