paying the rest of the money owed for completion

bs0u0128

since the accounts have limits on BACS to £1000 daily or £10000 daily, when it comes to buying a house without mortgage can solicitors override this? if not how else would it be done?

Bossyboots

bs0u0128 wrote:

since the accounts have limits on BACS to £1000 daily or £10000 daily, when it comes to buying a house without mortgage can solicitors override this? if not how else would it be done?

Solicitors are not restricted to these sums. They will have different agreements with their banks to allow them to transfer sums in the hundreds of thousands.

missbee

When I bought my house three years ago I had to pay an additional amount, albeit only £30ish, but I'm guessing the same would apply for any amount? I sent a cheque in advance - You should get a statement before completion date (when complettion date is fixed) which says exactly how much extra you need. Don't know if cheque any good for you. I don't know anything about BACS limits though - sorry!

Bossyboots

I assumed the OP was wondering how their solicitor would be able to transfer the purchase money to the seller if there are low limits on BACS, rather than how he/she was going to get their money to the solicitor in the first place.

bs0u0128

yep, thats correct bossyboots but thankyou to all

Snaggles

Often, the funds required for completion are sent by CHAPS rather than BACS.

CHAPS transfers (sometimes called Electronic Funds Transfers) are same day transfers between accounts (BACS takes about 4 working days). Banks tend to charge around £20 for a CHAPS transfer (solicitors charge you about £30+ though!), although if it is YOU sending a large amount, and you are borrowing the money (ie the money is from a mortgage), paying the CHAPS fee may well be cheaper than paying an extra 3-4 days interest.

I used to assess/process mortgages, and for a house purchase, we would usually (unless the customer had any objections) send the funds the day before completion, to ensure the solicitor had them first thing in the morning on completion day (to try and minimise any delays). You do pay an extra days interest sending the funds the day before though. The solicitor is then able to send the funds on to the vendor first thing, which saves time if there is a long chain.