Transferring deposit / CHAPS

Biggles

Cara79 wrote: »

Definitely have an email & also verbally confirmed

Ah, but who from? Not from any bank, I'll be bound.

Maybe I'll query this again then.

I wouldn't worry, just make the payment.

The solicitor has no way of querying the source of the funds with your bank, who wouldn't tell him anyway, and the bank will obey your instructions.

But, from the size of the accounts involved, Faster Payments would probably do the job without incurring the CHAPS fee.

jennifernil

Yes, certainly Lloyds (and Halifax/BOS) allow £25k per day per account to go via faster payments. Our daughter has several accounts so I think will be sending her deposit in chunks of £25k straight to the solicitor's client account.

Cara79

Fab, thank you

Cara79

Biggles wrote: »

Ah, but who from? Not from any bank, I'll be bound.

I wouldn't worry, just make the payment.

The solicitor has no way of querying the source of the funds with your bank, who wouldn't tell him anyway, and the bank will obey your instructions.

But, from the size of the accounts involved, Faster Payments would probably do the job without incurring the CHAPS fee.

Yep you're right, it wasn't from the bank, it was the solicitor saying it.

Like you say, I think the faster payments is the way to go!
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agrinnall

If you do use Faster Payments I would advise you to make the transfers the day before the money has to be at your solicitor (or maybe even the day before that if it has to be there in the middle of the day rather than at the end). While transfers from the banks you mention would normally get there the same day it isn't a guaranteed same day service in the way CHAPS is, and it's better to lose an extra day's interest than suffer the additional stress of it not arriving on completion day.

TastyTeeth

I did a CHAPS payment, but realised afterwards I could have transferred it in several chunks via Faster Payment and not incurred a £25 fee.

You live and learn...

G_M

bear in mind the destination account number/codes are often different for a CHAPS and Faster Payments, so you will need to check your solicitor's bank's correct codes, otherwise your cash could disappear into a temporary, but frustrating void!

You'll also need to ensure a relevant reference is attached to identify it as your payment (rather than Mr Smith's, who is also buying a house the same day!)

Cara79

Just thought i'd update....

I went into the sols yesterday & queried again about consolidating & making one payment - this time they've said yep it's fine.

So, i transferred about £32k yest in faster payments & the rest is nationwide
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