Paying the deposit

funkymonkey849

My solicitor rang me on Thursday to say we are ready to exchange contracts next week and should complete the week after. We are FTBs in rented accomodation and the house we are buying is vacant so no chain.

He said he was sending paperwork with info on how to transfer money for a deposit but the letter came today and it just said can you make an appointment to come in to sign paperwork and pay the deposit - no other info.

My parents are gifting the deposit and will use the easiest payment method available. But I don't understand how the desposit is paid and how long it will take to clear so we can complete. Is it done by bank transfer? Do we need to have any sort of insurance to protect the money?

We are new to this and our solicitor just doesn't explain anything at all I have no idea what is left to do so feeling a bit in the dark.

worried_jim

Just transfer the money by standing order to the solicitors account- don't worry about it it will all be fine.

tb1105

we did ours via bank transfer online xx

tiggerjj

i just sent the money from my internet banking no problems

Radsteral

ring the solicitor.

|Though the leter coming from him should have his bank account details and a payment reference to add whne you pay..
depending how much is your 120 percent deposit, it may be allowed via internet banking.
my 10 percent deposit for the exchange was =23000 and hsbc would not transfer more than 10000 via internet or telephone banking.
so i went to the bank , paid 35 pounds , produced my passport and as long as you got the money , they can trassfer same day to your solicitor.
your parents can go to the bank and transfer it to your solicitor.... its bank to bank and very safe

funkymonkey849

Radsteral wrote: »

ring the solicitor.

|Though the leter coming from him should have his bank account details and a payment reference to add whne you pay..
depending how much is your 120 percent deposit, it may be allowed via internet banking.
my 10 percent deposit for the exchange was =23000 and hsbc would not transfer more than 10000 via internet or telephone banking.
so i went to the bank , paid 35 pounds , produced my passport and as long as you got the money , they can trassfer same day to your solicitor.
your parents can go to the bank and transfer it to your solicitor.... its bank to bank and very safe

Will ring solicitor first thing on Tuesday but am getting impatient waiting until then!

25% deposit (£18k), each parent gifting £9k each so can probs do bank transfer. Have been thinking about same day transfer for £30 but they are two seperate tramsfers so will cost twice as much - grr!

I'm just getting a bit anxious not knowing what's going on and my solicitor has been incredibly unhelpful since day 1

CLAPTON

what about a cheque?
they used to work OK

G_M

cheque - 3 to 4 working days to clear once the solicitor pays it into his account

BACS - 3 days via internet banking. Your bank may have a limit (£10K) per day and you'll need to know solicitors sort code and account number.

Faster Payments - near instant via internet banking. Your bank may have a limit (£10K) per day and you'll need to know solicitors sort code and account number. Both your bank and the solicitors must be geared up for FPs.

CHAPS - same day. Costs £25-35. you'll need to know solicitors sort code and account number.

funkymonkey849

Ok now I am really confused!

Had a letter on Saturday saying can we make an appointment to come to the office and pay the deposit. I made an appointment today for tomorrow.

I asked the solicitor how we should transfer money and that we are in a rush to complete asap and he said we can write a cheque or BACS transfer. He said that a BACS transfer will clear the same day?? And then we can exchange contracts on Thursday

So why are we going in on Wednesday?! My parents are transferring the money from 300 miles away so I'm really confused as to why we're going in on Wednesday and Thursday

Arghh I have noooo idea what's going on and every time I ask the solicitor a question he just doesn't answer it!!

Chinkle

You're stressing too much. If you want to hurry things up then you'll need to pay by BACs, otherwise hand over a cheque when you meet him. You will be meeting your solicitor to sign the paperwork. There's no need to go there on day of exchange - your solicitor will arrange everything and he'll call you when it's done.

Try not to panic, you are almost there!

funkymonkey849

Chinkle wrote: »

You're stressing too much. If you want to hurry things up then you'll need to pay by BACs, otherwise hand over a cheque when you meet him. You will be meeting your solicitor to sign the paperwork. There's no need to go there on day of exchange - your solicitor will arrange everything and he'll call you when it's done.

Try not to panic, you are almost there!

I'm having a stress because he doesn't explain when I ask simple questions aarrghhh

I thought you had to be there for exchange! That's why I was confused

I thought BACs takes a few days to clear though, and solicitor reckons it's same day. Would it be better to go for CHAPS, it's only £25?

Thanks for your reply! I feel a bit in the dark and we need to complete next week as we had to hand notice in on our rented place to avoid signing another 6 month leese