Paying deposit

headsashed

Coming up to exchange and assume i have to pay my deposit soon, have a few questions.

firstly do i have to wait until my solicitor tells me to pay it or can i pay it into their account now so that it is ready

how do i pay it, can i just transfer it electronically through internet banking like normal bills or do i have to request it another way, obviously i am conscious that it is several thousand pounds, can i do that electronically or is there a limit.

eightpints

the solicitor will let you know, it's done through CHAPS, instant payment I had to do it in branch of my bank, £25 for the pleasure tho.

G_M

Rubbish! Why pay a CHAPS fee.

Speak to your solicitor and get the sort code, account number and if relevant reference. Ask if his bank accepts Faster Payments (or look up his sortcode in the sortcode checker).
If both your ban and his bank accept FP you can transfer immediately fre. Note SOME banks have an upper limit so check, but the industry limit was £10K (may have been raised now).

If not FPs, then use internet banking to do a BACS transfer - again free but take around 3-5 working days.

Your solicitor willl have to use CHAPS for the full amount on Completion as a) it's a higher amount and b) it's more time-critical. Costs between £25 and £35.

paint

I started drip-feeding my deposit to my solicitor at £10,00 per day (my Bank's daily Faster Payments limit) via internet banking, starting 10 working days prior to when I was targeting completion. Wanted to save the CHAPS fee.