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    • nichekos
    • By nichekos 6th Jan 18, 9:05 AM
    • 8Posts
    • 8Thanks
    Transferring Deposit and Balance to Conveyancer - From Multiple Accounts?
    • #1
    • 6th Jan 18, 9:05 AM
    Transferring Deposit and Balance to Conveyancer - From Multiple Accounts? 6th Jan 18 at 9:05 AM
    Hi there,

    I'll hopefully be purchasing my first house later this month, but currently my funds are spread across several accounts (some mine, and some my wife's).

    When it comes to transferring the deposit to my conveyancer, can this come from multiple accounts - e.g. some from me, and some from my wife? Or will it be better to all come from a single account?

    Similarly, there's going to be a fairly hefty balance to pay on completion too (e.g. large shortfall between mortgage and total price). Can these funds come from multiple accounts, or again, is it better to get the funds all in one place?

    Clearly I'll ask my conveyancer this first thing on Monday morning - but I am intrigued now, so just wondering what the most likely answer will be.

Page 1
    • JoJo1978
    • By JoJo1978 6th Jan 18, 9:30 AM
    • 336 Posts
    • 414 Thanks
    • #2
    • 6th Jan 18, 9:30 AM
    • #2
    • 6th Jan 18, 9:30 AM
    My husband and I transferred from multiple accounts over a period of time. As long as your solicitor agrees and you allow enough time for funds to clear should be OK.

    However, if you want to use CHAPS to transfer you will be charged each time you do this c. £25 per transfer. So my husband and I avoided this by first transferring between our own accounts (same bank so no charge.)

    Our solicitor also accepted BACS (no fee) and we could do up to £25k per day each that way. You need to be very careful with security this way, there are scammers about looking for evidence of people using this method.

    Get the solicitor account details in person not by email, don't accept any change in those details, ask to be called to confirm receipt from someone whose voice you will recognise. Do a test of £1 before transferring anything significant.
    Hamster in the wheel (London) 1999-2017
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    • davidmcn
    • By davidmcn 6th Jan 18, 11:06 AM
    • 7,009 Posts
    • 7,004 Thanks
    • #3
    • 6th Jan 18, 11:06 AM
    • #3
    • 6th Jan 18, 11:06 AM
    Doesn't matter how many accounts the funds are transferred from, but in any event your solicitor will probably want to see a paper trail showing the ultimate source of all the funds.

    Also - your posts so far are in first person singular but now you've mentioned a wife - are you buying in joint names? If not then does your lender know that your wife is contributing to the price?
    • nichekos
    • By nichekos 6th Jan 18, 12:01 PM
    • 8 Posts
    • 8 Thanks
    • #4
    • 6th Jan 18, 12:01 PM
    • #4
    • 6th Jan 18, 12:01 PM
    Yes - sorry for not making that clear. The house/mortgage is going to be in my name only, with my wife contributing as a 'gift' (she's a couple of years away from permanent residency in the UK - we were advised it's simpler to keep everything solely in my name now, and then we can add my wife to the deeds when we remortgage in a few years time).

    The mortgage provider and solicitor are fully aware of our circumstances and intentions; we've completed all the usual 'gift' procedures with letters, bank statements, and paper trails, and there hasn't been an issue (to date).
    • Tom99
    • By Tom99 7th Jan 18, 3:14 AM
    • 1,574 Posts
    • 1,017 Thanks
    • #5
    • 7th Jan 18, 3:14 AM
    • #5
    • 7th Jan 18, 3:14 AM
    It should not be a problem providing you tell your solicitor how much is coming from each bank and make sure you get the Acct No/Sort/Reference correct.
    Bear in mind there is a limit to faster payments, usually £10,000 - £25,000 so large amounts from multiple account may cost you several CHAPs fees.
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