Getting money to the solicitor

gb26 · 17 March 2011 at 9:37PM

We also used BACS to do ours, we had a £10K a day limit but just transferred it over two days. Solicitor received it by the next day, most banks have that faster payment thing(sorry not sure on the technical name) so transfers are pretty much instant, assuming both banks are signed up to it.

Moomum · 17 March 2011 at 9:37PM

We transferred our deposit and now the remainb money by Internet transfer, only took two days and was free. Our bank doesn't have a limit so we could do it all once which was handy.

chrest · 17 March 2011 at 10:39PM

gb26 wrote: »

We also used BACS to do ours, we had a £10K a day limit but just transferred it over two days. Solicitor received it by the next day, most banks have that faster payment thing(sorry not sure on the technical name) so transfers are pretty much instant, assuming both banks are signed up to it.

This may be a dumb (blonde) question but is BACS, CHAPS and Bank Transfer all the same thing?

Henry_Hoover_2 · 17 March 2011 at 10:58PM

CHAPS is same day.

Halifax charge £25, but you will need to arrange it before 1pm for it to be same day.

F_T_Buyer · 17 March 2011 at 11:55PM

Best just to write a cheque at least a week before. Easiest and cheapest
.

timmyt · 18 March 2011 at 11:38PM

chrest wrote: »

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.

i cannot remember the last deposit I received by cheque. never send a cheque, waste of the chain's time, unless you have more than say 6 days prior noice to get the money to them. just do CHAPS (same day).

dalesully · 20 November 2012 at 4:48PM

There are three main payment schemes. CHAPS (instant £25 no limit), BACS (can take few days) and FASTER PAYMENTS (up to £100,000 takes 2 - 16 hours depending)
Easiest and cheapest by far is the Faster payments which can be done online or by phone. The main banks and building societies are doing 'faster payments' now up to £100,000.

you can check if an account accepts faster payments by going to the 'sort code checker' @ payments council org uk..

and see what their upper limits are..

Everyone needs to know about Faster payments! there is no need to pay to move money quickly nowadays.