Solicitors Fees Payable When?

billybear1

We are hoping to exchange tomorrow in order to complete before the bank holiday. We have our solicitor bill (including a slight shortfall on the mortgage) of around £2k to pay. A couple of things

They are open on a Sunday, but accounts aren't in so cannot take any payment.

They only take £1k in cash or card, the person in is unsure if they can take both on the same day in order for us to clear the £2k balance.

Does this mean they will not allow us to exchange before this balance is paid off?

Will an online banking transfer go through in time like it does to my partners account pretty much instantly, I don't fancy paying ANOTHER C.H.A.P.S payment.

Cheers...
BB

Gentoo365

If you ring your bank now they should be able to check to see if your solicitors account accepts 'faster payments'.

Banks will have internal limits on how much to send via this method, but if you make a phone call they can do all the security checks on the phone so should be ok to send £2,000k.

Make sure you specifically say that you want it to go via 'Faster Payments' and that you want it to arrive today or tomorrow morning. Do not let them send it via BACS as it will not get their till Wednesday.

Check your solicitors terms and ensure that you are paying to the correct sort-code and account number. Also check what you need to put into the reference field. If in doubt then include the case reference, or something that uniquely identifies your case.

Make sure that the solicitor is willing and able to receive payments direct into their bank account. It can have money laundering implications if done wrong (i.e. extra checks on funds source).

If the solicitors accounts do not accept faster payments then I guess you need to ask the solicitors what they would normally do.

G_M

As you are Exchanging (10% of the purchase price usually needed from you, and not the solicitor's bill) AND Completing within days -full purchase price is needed from you and mortgage lender + solicitor's bill plus stamp duty etc)

It is up to you to ensure the amount required is received by the solicitor in good time. He will not Exchange without the full funds given the immediacy of Completion.

Faster Payments will probobly work, but you''ll need the solicitors bank details, AND confirmation they accept FPs.

CHAPS will work same day, but cost £25 - £35.

go_cat

When we paid ours we did it by bank transfer straight into our solicitors holding account

billybear1

Thanks everyone for the replies. Managed to speak to them today and as they have over 10% and we can drop rest of funds in tomorrow. Let's hope it all goes through ok. Finally!