Paying deposit to solicitor - which account?

JeffersR

I'm a FTB in the process of buying a property, got my mortgage offer through ok and I'll very soon be needing to provide my deposit to my solicitor ready for contracts exchange.

I've got money from potentially 3 accounts that I want to take money from to use for my deposit (a Nationwide Cash ISA, Lloyds current account & a Lloyds Easy Saver). Question is do I need to make sure all the deposit amount is in one account so it's nice and easy and also should I make sure all the deposit money is in my current account for easy access?

Also what should I be aware of regarding timescales/charges if I'm transferring money between accounts (Nationwide ISA to Lloyds current for example)?

Southend1

Sounds like you're just ahead of me in the process- I have surveyor going out tomorrow then the nervous wait for mortgage offer (or not!).

Be careful if all the money is in one account as some banks limit the amount you can transfer via online banking to approx £10k per day. You can use a CHAPS transfer to do it all in one go via the branch (I think fee is £23).

Best of luck!

System

From experience, solicitors prefer Chaps payments for the reason outlined above (no limit on the amount transferred)

KingElvis

I just went into the Natwest and they transferred the whole 33k FOC which was nice.

Faster payments have a limit of 10k PD

lazer

Southend1 wrote: »

Sounds like you're just ahead of me in the process- I have surveyor going out tomorrow then the nervous wait for mortgage offer (or not!).

Be careful if all the money is in one account as some banks limit the amount you can transfer via online banking to approx £10k per day. You can use a CHAPS transfer to do it all in one go via the branch (I think fee is £23).

Best of luck!

Snap - my survey is being done tomorrow too, its so nerve wrecking!
If the valuation gets approved, i'll move all the money into the one account, reluctant to take it out if the ISA's until the last minute though, as i can't move it back in if it all goes wrong!

Southend1

Yes, I have the same concern re: taking money from ISAs before things are certain.

Which bank are you getting your mortgage through?

casualwalks

I just sent my through in two payments one. Didn't seem to cause a problem.

htb

i had my deposit in 3 different accounts (2xbuilding societies and one bond). The bond could have taken up to 3 weeks to instruct and clear (but it came through in 10 working days). Check access to your ISA.

I had the building societies make cheques out to me ( when its over a certain amount, they only do cheques) and I paid it into my current account ready for when the solicitor needed it. Be mindful some banks can take 5 working days to clear cheques. I then transferred the whole amount via internet banking over 2 days (because of the 10k per day limit). Long and convoluted process, but it didn;t cost me anything and it was ready when I needed it...I bought a repossession so I needed the money ready in 21 days without delay... My solicitors were happy with a transfer (didnt have to be Chaps ) just a simple transfer to their client account, but they definitely didnt want cash or a cheque.

Just be mindful of timescales.