Does Conveyancer charge three lots of “Telegraphic Transfer” fees?

FTBuyerRosie

Hi, All

Does Conveyancer normally charge three lots of “Telegraphic Transfer” fees?

One for sending deposit fund; one for sending completion fund and one for sending Land Registration fee? I was not expecting to pay the last one

Thanks

FTBuyerRosie

Just to clarify: that is 3 times £39+VAT.

prudryden

FTBuyerRosie wrote: »

Just to clarify: that is 3 times £39+VAT.

The banks charge for the wire transfer - probably £20/25. The additional is probably his charge. He could have sent them by BACS which is free, but can take several days. Chaps is instant.

FTBuyerRosie

Yes, I would have thought that the Land Registration fee can be sent by BACS, but was told that it has to be sent by Telegraphic Transfer.

Richard_Webster

I send deposits and Land Registry Fees by cheque at no charge!

Only the completion of the purchase and paying off a mortgage on a sale (in most cases) requires a TT/CHAPs transfer.

D7895510

The deposit is usually "held to order" meaning your solicitor will hold on to it and send it with the completion monies or send the deposit by cheque unless you buying upwards of £1 mil!!!

I would seriously question the land registry fee TT charge, especially as the Land Registry DON'T give out bank details to send them money!! it's all done on account, by cheque or DD. Sometimes we send Stamp Duty Payment by TT buy only when it's Mega bucks!

I would ask for proof of how the payments were made. They can send you a print out of the financials related to your transaction which will detail how all the payments were sent.

timmyt

FTBuyerRosie wrote: »

Hi, All

Does Conveyancer normally charge three lots of “Telegraphic Transfer” fees?

One for sending deposit fund; one for sending completion fund and one for sending Land Registration fee? I was not expecting to pay the last one

Thanks

to be factually clear for you OP:

1. the deposit is sent by cheque NOT bank transfer
2. the Land Registry fee is always sent by cheque - if the firm has any other system, that is their problem not your cost
3. the balance to pay the seller on the day of completion is sent by bank transfer

so you should only be paying one TT fee.

(incidentally, D7895510 is wrong to say the depoit is usually held to order. It is not. It is only ever held to order in the rare case where a cheque will have no time to clear because the exchnage is close to the completion date)

A BACS is not free for firms, and it is also the time and paperwork in sending it that causes a firm to charge for one, whether a CHAPs or BACS.

Remember that every second a solicitor is working on your file means you should be paying them for their time. They are only spending their time because it is helping you. They are not a charity.

prudryden

"A BACS is not free for firms." Eh? Since when? We send out numerous BACS payments every day free. If we were getting charged, we would pass the charge on to the client.

D7895510

timmyt wrote: »

to be factually clear for you OP:

1. the deposit is sent by cheque NOT bank transfer
2. the Land Registry fee is always sent by cheque - if the firm has any other system, that is their problem not your cost. The "other systems" are FREE so it will be no-ones issue!
3. the balance to pay the seller on the day of completion is sent by bank transfer

so you should only be paying one TT fee.

(incidentally, D7895510 is wrong to say the depoit is usually held to order. It is not. It is only ever held to order in the rare case where a cheque will have no time to clear because the exchnage is close to the completion date). This actually happens a lot in the firm I work for thanks!!! especially in a chain or where a deposit is really low it's not worth sending a cheque

A BACS is not free for firms, and it is also the time and paperwork in sending it that causes a firm to charge for one, whether a CHAPs or BACS. We charge a nominal fee for BACS which is charged by the bank to us. you pay "costs" to the solicitor/fee earner to deal with every aspect of the transaction! not cost plus telegraphic Transfers for their time

Remember that every second a solicitor is working on your file means you should be paying them for their time. They are only spending their time because it is helping you. They are not a charity.

.

Each firm will operate slightly different. but they should all oblige if you ask for a print out of your account and specifically why they are charging 3 TT fees

FTBuyerRosie

timmyt wrote: »

A BACS is not free for firms, and it is also the time and paperwork in sending it that causes a firm to charge for one, whether a CHAPs or BACS.

Remember that every second a solicitor is working on your file means you should be paying them for their time. They are only spending their time because it is helping you. They are not a charity.

I had no idea that the Land Registry fee can be sent by cheque hence asked them if it can be sent by BACS. Of course they are not a charity, but if “the Land Registry fee is always sent by cheque” then they are dishonest to charge me £39+VAT “Telegraphic Transfer” fee for sending the Land Registry fee.

I have no issues with the first two lots of “Telegraphic Transfer” fees, because originally the proposed exchange and completion days are close; so cheque is not fast enough for deposit.

D7895510

if exchange and completion was so close they should have held your deposit to order. shame on them!!!!!