Transferring funds to solicitors

westv

Faster payment limit is, I think, £10,000 a day.

MegaMiniMouse

westv wrote: »

Faster payment limit is, I think, £10,000 a day.

It varies (wildly) from bank to bank, and from month to month, as banks change their policy in the light of experience

MMM

G_M

The industry limit for FP was raised on 6th Sept 2010 from £10K to £100K.

However, no individual banks have yet offered this except to corporate customers or for Standing Orders. Not for one-off payments.

The individual banks' limits for one-off payments vary from £300 (Santander) to £20K (Lloyds). See here.

grimsalve

G_M wrote: »

Cheque is .... well, last centuary!

If it ain't broke why fix it?

I don't write many cheques these days, possibly the last one I made out was for my solicitor (two years ago!). It was hard work remembering how to do my signature :rotfl:

I think I had a couple of weeks to transfer the money to them so a cheque worked out just fine for me. It was a large sum of money so if the time had been tighter then I probably would've just paid the CHAPS fee (you end up paying this again on behalf of your solicitor at completion anyway). If there's several thousand pounds changing hands then paying £30 to keep it safe and secure doesn't seem like a bad idea to me.