Sending Desposit to solicitor?

humadoon

Hi,
My purchase is in final stages and my solicitor (Countrywide) have requested me to transfer the funds to them, is it normal?

picklepick

Yes. They will then hold it in escrow between exchange and completion, when it is moved to the vendors.

go_cat

Perfectly normal procedure

humadoon

i borrowed some money from a friend around 3500 and i get 100 quid every month from my brother (he is paying me back for some money he borrowed from me), do i have to get them money laundering check?

hazyjo

Did you declare that to your mortgage provider?

Jx

humadoon

hazyjo wrote: »

Did you declare that to your mortgage provider?

Jx

No i didn't i had the 20 % deposit when i applied for mortgage, i was thinking i will pay the solicitor fee and stamp duty by Credit card but my solicitor say i can't do that. he is asking me to transfer all the funds including fees.

kingstreet

Are you asking how/when/if you should pay your deposit and other costs to your solicitor, or are you asking about borrowing money to pay the fees?

The issue seems to have changed in about three posts.

humadoon

kingstreet wrote: »

Are you asking how/when/if you should pay your deposit and other costs to your solicitor, or are you asking about borrowing money to pay the fees?

The issue seems to have changed in about three posts.

appologies i wasn't clear,

In my first post i was asking if its okay to transfer funds to my solicitor.

after that i asked about the identity check or money laundering check for the people i am borrowing.

WestonDave

Most solicitors are wary of credit card payments for 2 reasons - firstly they get clobbered for around 2% of it in card charges (so would need to pass that charge on to you and you then get stroppy about it!) and because of chargebacks - Solicitors Accounts Rules are very strict and could easily be breached by a credit card company calling back funds. They also tend to want it all paid before completion as its a lot easier to get paid when you want them to sort out completion than when you are safely in your new home and are short of cash!

kingstreet

humadoon wrote: »

appologies i wasn't clear,

In my first post i was asking if its okay to transfer funds to my solicitor.

after that i asked about the identity check or money laundering check for the people i am borrowing.

Fair enough.

1. Yes. You have to transfer the deposit and fees to your solicitor. They will be unable to complete your purchase of the property if you don't.

2. Based on the small amount of information you've given, no money laundering checks would take place on individuals not involved in this house purchase transaction.

3. Solicitors do not normally accept such payments. You may need to use a cash advance or credit card cheque if you have no other way of paying. Such a route may however have large interest/fee implications.