House Purchase settlement

Geriatric

I am buying a Council house for cash and have have a date for settlement. A Bank Draft had been agreed as payment and Council had also been give details of Santander. Today the Council stated that they now require a wire tranfer and the documents would be available the following day.
Unbelievably they stated a bankers draft would need clearance and this would take upto 10 working days before documents could be released.
I am doing my own conveyancing and the Council have been very slow in responding and also fixing a completion date.
I have responded stating that I will arrive with a Bank draft as agreed in exchange for the documents on completion date.
Apart from the frustration in their belated request having agreed payment terms I have two points.
1. They Bank with th Co-op Bank and I with the present uncertainty surrounding this bankI would be reluctant to transfer funds to them and to wait a day for the fumds to be found by the Council. Views appreciated.
2. Santander branch say they cannot draw a Bank Draft (not a counter cheque) for more than £100,000 and I would need two cheques at a cost of £20 each. I do not want to give the Council a let out by bringing two cheques. Santander head office replied to a secure message by stating that there was no limit on the amount of a Bank Draft and that the cost was £10. I asked them last week to convey this to the branch and for them to contact me but so far nothing. Anybody have experience of Santander Bank Drafts?

samehat

Any views here?

G_M

Geriatric wrote: »

...... Today the Council stated that they now require a wire tranfer and the documents would be available the following day.
So arrange a CHAPS payment.


Unbelievably they stated a bankers draft would need clearance and this would take upto 10 working days before documents could be released.


....I have responded stating that I will arrive with a Bank draft as agreed in exchange for the documents on completion date.

Responding like that seems somewhat pointless

Apart from the frustration in their belated request having agreed payment terms I have two points.
1. They Bank with th Co-op Bank and I with the present uncertainty surrounding this bankI would be reluctant to transfer funds to them and to wait a day for the fumds to be found by the Council. Views appreciated.
Is your concern:
a) that the Council might run off with your cash or
b) that the Co-op might go tits up?

Arrange a CHAPS transfer

2. Santander branch say they cannot draw a Bank Draft (not a counter cheque) for more than £100,000 and I would need two cheques at a cost of £20 each.
Arrange a CHAPS transfer

I do not want to give the Council a let out by bringing two cheques.
and waiting 10 working days.....

Arrange a CHAPS transfer

Santander head office replied to a secure message by stating that there was no limit on the amount of a Bank Draft and that the cost was £10. I asked them last week to convey this to the branch and for them to contact me but so far nothing. Anybody have experience of Santander Bank Drafts?

Arrange a CHAPS transfer

Geriatric

Originally Posted by Geriatric View Post
...... Today the Council stated that they now require a wire tranfer and the documents would be available the following day.
So arrange a CHAPS payment.


Unbelievably they stated a bankers draft would need clearance and this would take upto 10 working days before documents could be released.


....I have responded stating that I will arrive with a Bank draft as agreed in exchange for the documents on completion date.

Responding like that seems somewhat pointless

Not at all that was agreed method of payment.

Apart from the frustration in their belated request having agreed payment terms I have two points.
1. They Bank with th Co-op Bank and I with the present uncertainty surrounding this bankI would be reluctant to transfer funds to them and to wait a day for the fumds to be found by the Council. Views appreciated.
Is your concern:
a) that the Council might run off with your cash or
b) that the Co-op might go tits up?

Arrange a CHAPS transfer
Not worried about the Council but Co-op certainly a worry.
CHAPS refused to confirm that in the event of something untowards happening moneys sent by CHAPS might get stuck in Co-op and I would be unsecured creditor

2. Santander branch say they cannot draw a Bank Draft (not a counter cheque) for more than £100,000 and I would need two cheques at a cost of £20 each.
Arrange a CHAPS transfer
Santander branch instructed by head office to raise one cheque at cost of £10

I do not want to give the Council a let out by bringing two cheques.
and waiting 10 working days.....

Arrange a CHAPS transfer
Council in error and documents exchanged for bank draft

Santander head office replied to a secure message by stating that there was no limit on the amount of a Bank Draft and that the cost was £10. I asked them last week to convey this to the branch and for them to contact me but so far nothing. Anybody have experience of Santander Bank Drafts?
Arrange a CHAPS transfer
No problem with Santander I picked up the Bank Draft as above and exchanged for Documents. I think Bank Draft is the cleanest and quickest method if doing it yourself.