Getting money to the solicitor

chrest

Right after alot of messing, it looks like we may be exchanging contracts towards the end of next week! :j

But what is the cheapest and quickest way of getting our money to our solicitor? Bacs? Banker's draft? Assuming it isn't a personal cheque?

Have googled and cannot find anything.

PootleFlump_3

Best thing is to phone your solicitor to discuss. You can give them a personal cheque providing there is adequate clearance time which is obviously cheaper than TT or BACS.

Eric1

First check if your bank has a daily limit on BACS transfers.

Yorkie1

Quickest = CHAPS but costs £35-40 on average. gets there the same day (so long as you instruct before mid afternoon, I think)

Cheapest = personal cheque or BACS. No charge but takes 4-5 working days to clear (your solicitor will need the money cleared the day before it is actually needed) and as Eric1 says, check your daily limit for online or BACS transfers.

G_M

What bank do you use? How much money is involved?

Does your bank do 'Faster Payments'? Does your solicitor's bank also support (receiving) Faster Payments?

If so, what is your bank's FP limit? The industry limit is £100K but many banks have much lower limits.

Faster Payments if supported is free, and (virtually) instant.

BACS is free but takes 3 working days.

CHAPS is same day, but costs £25 - £35.

Persoanal cheques takes 7 working days, but could still bounce after that so yoru solicitor may not accept. Bankers draft takes 7 days but won't bounce.

hazyjo

G_M wrote: »

Bankers draft takes 7 days but won't bounce.

Oh hell, hadn't realised it took that long. Our solicitor said they would only accept a bankers draft or building society cheque (dont accept personal cheques). And the bank charged £20 for the bankers draft. Grrrrr. Will be at least another week until exchange for us then. Useless! Got the money sitting there and would have been more than happy to send it via quicker means.

Thanks,

Jx

G_M

hazyjo wrote: »

Oh hell, hadn't realised it took that long. Our solicitor said they would only accept a bankers draft or building society cheque (dont accept personal cheques). And the bank charged £20 for the bankers draft. Grrrrr. Will be at least another week until exchange for us then. Useless! Got the money sitting there and would have been more than happy to send it via quicker means.

Thanks,

Jx

BACS?
Faster Payments?
Ask the solicitor for sortcode/account number/reference and do an electronic transfer!

80schild

Our solicitor gave us their bank details so we can do an internet transfer. The bank lets us transfer 10k a day so will need to do it over two days when the time finally comes to exchange

hazyjo

G_M wrote: »

BACS?
Faster Payments?
Ask the solicitor for sortcode/account number/reference and do an electronic transfer!

I was under the impression it would be BACS and had already asked in the bank about it. Obviously having a blonde mo and forgot to ask how long the bankers draft would take to clear. Presumed it would be quicker. Told hubby this morning and he hadn't realised either (and he knows everything). Ah well, never mind, it's produced now so might as well use it. Will probably take another bloomin' week to exchange anyway.

Thanks,

Jx

chrest

G_M wrote: »

What bank do you use? How much money is involved?

Does your bank do 'Faster Payments'? Does your solicitor's bank also support (receiving) Faster Payments?

If so, what is your bank's FP limit? The industry limit is £100K but many banks have much lower limits.

Faster Payments if supported is free, and (virtually) instant.

BACS is free but takes 3 working days.

CHAPS is same day, but costs £25 - £35.

Persoanal cheques takes 7 working days, but could still bounce after that so yoru solicitor may not accept. Bankers draft takes 7 days but won't bounce.

Its 17000 and coming out of a Skipton Saving Bond, which has a 30day penalty rather than 30day notice.

I'm now wondering if we will even be able to do BACs, or transfer with it being a bond account rather than a current account?! Maybe a banker's cheque is the only option.

Spoke to my solicitor today and the only options she suggested were a banker's cheque or BACS stated that they both take 3 days to clear?! Not 7 days!

BottomRung

I transferred my deposit 2 days ago via CHAPS payment and cost me £25. Was with solicitor within 2 hours of leaving my account.