Transferring money to solicitors

G_M

Maybe I'm wrong, have misremembered or things have changed. Or it depends on the banks used. I've not used CHAPS for years.

But I distinctly remember being given 2 sets of codes for BACS and CHAPS.

Happy to be corrected.

edit:

Looking at this explanation of CHAPS here:

The preferred branch identification method used in CHAPS for domestic payments is BICs. However, UK Sort Codes are supported in most domestic payment message formats if no BIC is available.

mr_average_2

Solicitors will take any form of payment you like really, their only stipulation is that the funds must be cleared in their account at the point they need to send them on to the other side. I have done it with cheques in the past (no cost), but if you consider this, then you will need to provide the cheque to your solicitor well in advance, it will take at least 6 banking days for a paid in cheque to get to the cleared funds position.

enginesuck

I went into the solicitors office and paid around 50k using my debit card. (Transferred into current account from saving the previous day)

Everything went smoothly and no charges.

Yorkie1

The only snag with routine BACS transfers could be if the bank stops the payment for fraud investigation - you'd have no way of knowing when the funds would be released.

With CHAPS, I think the risk of this happening is far lower.