Naive FTB question re deposit

I_Claudius

This is possibly going to make me look a bit simple but I'm buying my first property and am now in a position to exchange (finally!) and have a very naive question to ask

I'm lucky enough to have a substantial deposit (200K) and need to transfer to my solicitor asap in order to be able to exchange as quickly as possible

My question is whether I need to make 2 transfers (one for 10% deposit to exchange and another later one to complete) or whether I can transfer the entire deposit in one go.

I'm aware I'll be losing a week / 2 weeks interest whilst its with the solicitor (as an aside the cumulative effect of all that money going through solicitors banks week in and week out must work out pretty well for them?). I'm aware they'd just have to transfer it all back if everything went pearshaped :eek: but I presume it's safe in their hands

My 2nd question would be what's the quickest way to transfer this sum of money from a standard HSBC bank account (where the money is currently) to the solicitor and any idea of how it long it will take and how much it will cost

any input very gratefully recieved :beer:

I_Claudius

anyone? .

ohmsoft

Hi

You will need to ask your sols whether they would hold your whole funds in their client account for you - which I don't imagine would be a problem and you accept the loss of interest (client accounts pay next to nothing).

The quickest way to transfer is a CHAPS payment that providing is made before a set time (often 2pm) is same day - often a charge of about £30 for this. A cheaper option is BACs which takes 3-5 days with usually no charge.

hth

PS - doesn't make you look simple - no such thing as a naive questin with mortgages!

Robert_Sterling

The loss of interest gross would be £26 gross per day compared for example with having the money held in an account payiong 4.75% as does Halifax Websaver.

I_Claudius

thanks for the replies, much appreciated!