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Transferring funds to solicitors

Jonah01
Jonah01 Posts: 268 Forumite
Part of the Furniture 100 Posts
in House buying, renting & selling
Hi,

We are due to complete in a couple of weeks.

I need to transfer some funds to my solicitors before completion.

The amount is over 20k.

I have my solicitors bank details. What is the best way to do this?

Do you have to use CHAPS or can I just transfer it using my online banking?

Thanks everyone.
«1

Comments

  • Richard_Webster
    Richard_Webster Posts: 7,646 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    You can probably use online banking.

    There may be a limit of say £10K per day its no big deal if it comes in two dollops over successive days.
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
  • grimsalve
    grimsalve Posts: 627 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Or just pop into your local branch and ask what they'd recommend?
  • Gwhiz
    Gwhiz Posts: 2,322 Forumite
    Part of the Furniture Combo Breaker
    grimsalve wrote: »
    Or just pop into your local branch and ask what they'd recommend?

    They'll suggest CHAPS and happily charge you for it ;)
  • MegaMiniMouse
    MegaMiniMouse Posts: 595 Forumite
    Just send it online, and see what happens - either it will work, or it won't

    It may not go by Faster Payments - the limits on Faster Payments vary wildly between banks, but it will almost cetainly be better than sending a cheque

    MMM
  • grimsalve
    grimsalve Posts: 627 Forumite
    Part of the Furniture 500 Posts Name Dropper
    Gwhiz wrote: »
    They'll suggest CHAPS and happily charge you for it ;)

    If you're in a hurry then CHAPS is probably the safest and quickest and I guess this is what you pay for. It's what the solicitor will do at completion anyway ... and they will happily charge you for it! ;)

    If I had a couple of weeks to transfer the money then I'd just write them a cheque.
  • MegaMiniMouse
    MegaMiniMouse Posts: 595 Forumite
    grimsalve wrote: »
    If I had a couple of weeks to transfer the money then I'd just write them a cheque.

    Very old-fashioned!

    MMM
  • Gwhiz
    Gwhiz Posts: 2,322 Forumite
    Part of the Furniture Combo Breaker
    grimsalve wrote: »
    If you're in a hurry then CHAPS is probably the safest and quickest and I guess this is what you pay for. It's what the solicitor will do at completion anyway ... and they will happily charge you for it! ;)

    If I had a couple of weeks to transfer the money then I'd just write them a cheque.

    I agree... but asking a bank what to do is like asking a car salesman if you should tick all the options! ;)
  • traineepensioner
    traineepensioner Posts: 329 Forumite
    Part of the Furniture 100 Posts
    "Originally Posted by grimsalve
    If you're in a hurry then CHAPS is probably the safest and quickest and I guess this is what you pay for. It's what the solicitor will do at completion anyway ... and they will happily charge you for it!

    If I had a couple of weeks to transfer the money then I'd just write them a cheque    ."

    A personal cheque will take 7 working days to clear....but doesn't incur charges :p Make 'em wait I say :)
    No longer trainee :o
    Retired in 2012 (54) :)
    State pension due 2024 (66) :(
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Find out which bank the solicitor uses. Do they accept Faster Payments?

    Which bank do you use? Do they send Faster Payments? Ifyes, what is their transaction and/or daily limit?

    How quickly does it have to arrive? BACS is free but takes 3 working days. Faster Payments is free, goes same day (usually instant), but depends on the banks involved.

    CHAPS costs £25-35 and is same day and reliable.

    Cheque is .... well, last centuary!

    (Cash is an option I used once years ago - harder now as you have to explain where you got it.......bit risky too unless you have beefy friends)
  • flora48
    flora48 Posts: 644 Forumite
    Tenth Anniversary 500 Posts Combo Breaker
    You have time to make online payments over a few days. I would want to save myself the £25 CHAPS fee. I was able to transfer funds online to my solicitor.
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