Bank Telegraphic Fee's

dfarry

Are the cost of these generally determined by the solicitor or lender.My Solicitor is charging around £35 for each transfer (one sale and one for purchase). However First Direct (my new lender) include a BTTF in their £299 arrangement fee......But the Solicitor doesn't know anything about the arrangement (or the paid BTTF) and said there is not special condition on the mortgage offer that states that this must be paid. The solicitor has suggested that this may be somthing to sort out direct with First Direct.I would have though this would be covered by the solicitor so I am a bit confused. Also they said the banking fee's (so presumably the BTTF) are set rates that they charge.

katyjinny

On the First Direct website they state that :-


if you are purchasing a property
In addition to the arrangement fee, you will also need to pay for your legal costs, valuation and survey. first direct will pay your money transmission fees.

My solicitor has quoted me £35 for each telegraphic transfer in a property sale so it must be a standard charge.

I would contact First Direct and ask them to confirm that 'money transmission fees' are the same as 'telegraphic transfer of funds'. Never take what your solicitor tells you as gospel. Treat them as you would a financial advisor.

dfarry

Hi and thanks for the reply...

Its all OK... though yes £35 to transfer some money electronically is stupidly expensive in this day and age!

I have spoken to FD and they don't charge (well other than the arrangement fee) to transfer mortgage funds to my solicitor. But the solicitor is sending money to my old lender as well as onto my sellers solicitor....

Its all a big con in my opinion but there's not much that can be done to get around it it seems

Bossyboots

dfarry wrote:

Hi and thanks for the reply...

Its all OK... though yes £35 to transfer some money electronically is stupidly expensive in this day and age!

I have spoken to FD and they don't charge (well other than the arrangement fee) to transfer mortgage funds to my solicitor. But the solicitor is sending money to my old lender as well as onto my sellers solicitor....

Its all a big con in my opinion but there's not much that can be done to get around it it seems

The bank will be charging your solicitor to make the transfers so they have no choice but to pass the cost onto you.

V.Lucky

Some Solicitors get these free from their bankers but still charge you.

£35 does seem steep, this must include a fee for their time in doing it too.

My Bankers charged me £20 when I bought some land recently from the council.

Bossyboots

Our bank charges us £35 for transfers. I think it may be more expensive for business accounts.

The solicitor cannot pass on as a disbursement something they have not paid out for. They can incorporate a fee for preparing the paperwork into their profit costs but they should not be claiming expenses they have not incurred.

lovelldr

Well, our solicitor quoted us £23.50 for bank transfers... so I can't see why there are so many different prices for em!!!

dfarry

I have paid the two fee's, it's what they charge.. they have done a very good job and their other fee's have beeen very low....all in all it's not worth the hassle I think....

I still think it's all a rip off though. (and really I blame the banks etc. more than the Sol.)

Fitzy29

Bossyboots wrote:

The bank will be charging your solicitor to make the transfers so they have no choice but to pass the cost onto you.

I worked as a mortgage convayancer last year, we had to send all money over £250 by TT or direct bank transfer as it only cost our firm £4 in bank charges each time but we passed on a charge of £35 to the client...

robbing...**ats if you ask me.:mad:

dfarry

I suspected as much Fitzy :mad: