Paying by credit card - EA's or solicitors

chickmug

I know it is traditional for the monies to be taken/paid from proceeds at completion but I wonder if you asked to pay separately by CC if any EA or solicitor would agree?

m_13

I don't think our Solicitor has even got a credit or debit card machine! They have always asked for us for cleared funds in their account on the day before completion. I suppose in theory it might be possible to get a cash advance on the card and pay that in as funds but most Solicitors have a limit over which they won't accept cash deposits due to money laundering rules (I think the limit is £10k).

Most auction houses allow you to pay exchange monies via credit card but they ask for 2.5% extra in charges.

m_13

I have further information based on the fact that we've just received our completion statement from our solicitor (we complete on the 10th March):

Please note that it is essential we are in possession of cleared funds on or before the completion date. There are 3 ways that you can deal with this:

• Let us have a cheque 7 working days before completion. This will allow time for the cheque to clear.
• Send us funds by CHAPS transfer which need to be in our account as cleared funds the day before completion.
• Let us have a BACS payment. If you let us have a BACS payment this will need to be in our account 2 days before completion as the sender can always call back a BACS payment within 24 hours of sending the same.

I'm just dashing off to pay the cheque in as technically it's 7 working days if I pay it in today!