Best and safest way to transfer payment to solicitor?

ultim

I need to transfer the deposit to my solicitor before contract can be exchanged.

What is the best way to do this? Online banking or go to my branch directly? I keep thinking i might transfer to the wrong account! haha

holly_hobby

Telegraphic Transfer or BACS - both are electronic transfers which are auditable and traceable.

If there is no rush, BACS won't cost anything if you do it yourself through your on-line banking.

You will need the solicitors client fund account number, sort code and whom they bank with.

Your funds will be held in the Solicitors client fund until TT'd on exchange.

Hope this helps

Holly

ultim

Thank you for your advice.

Just tried online banking but the amount im transferring exceeds my daily limit. Guess i have to pop to the bank tomorrow.

holly_hobby

Yes - if you have all the Sols account details, your local branch can do the bacs for you (hopefully shouldn't be a cost).

Holly

johnk

holly_hobby wrote: »

Yes - if you have all the Sols account details, your local branch can do the bacs for you (hopefully shouldn't be a cost).

Holly

Can the branch do BACS over limit? I always thought you have to pay for CHAPS.

Mrs_Z

Can you call your bank or send them a secure message?

Mine was very helpful as had the same problem (ie, tried doing it on line but exceeding the limit), but was able to sort it all out over the phone.

TrickyDicky101

When I used online banking to transfer £28k to my solicitors, I did it over 3 days so that each transfer was within the £10k daily limit. If you have the days to do it, this was a painless process. Do make absolutely sure you have your solicitor's account details correct though.

InkZ

I did it via online banking in chunks. Very scary until they phone to confirm though lol

maurice28

TrickyDicky101 wrote: »

When I used online banking to transfer £28k to my solicitors, I did it over 3 days so that each transfer was within the £10k daily limit. If you have the days to do it, this was a painless process. Do make absolutely sure you have your solicitor's account details correct though.

I would echo this - we transferred £18k to our solicitors via online banking over two days - obviously you need to factor in the time this will take to clear with your solicitor.

vacheron

We sent 85K over 3 days using BACS.

I could only send 15K/day max from our joint account, but we noticed that if my OH logged in to the joint account with her details she could then send a further 15K, so we managed to do 30K /day that way.

ultim

I had to pay £25 fee to transfer the money. The this was nationwide bank.