Telegraphic transfers

thenap80

Hi
I have been requested to send a telegraphic transfer to my solicitor for 40k who will then send on to the appropriate lender for me (I am paying off a key worker loan). I am going to be charged a transfer fee of £20 when I send to the solicitor but am also being charged a telegraphic transfer fee by the solicitors (of £48) which I assume is to cover the cost of them sending to the loan company. WHy, my question is, am I not being asked to send the money direct to the people who have given me the loan, and hence not needing to pay the extra £48????

kingstreet

That's a question you would need to put to the solicitor.

lookingforthelight

Dont see why you cannot pay directly to the loan company.

You just need their bank details - bank name, sort code, account number and account name.

Also, you can use these same details and pay by Faster Payments Service, (provided the people you are paying also use this system). Its still through your bank but its free and its same day service.

Richard_Webster

If all you are doing is paying off the loan then why use a solicitor at all?

If, on the other hand, you are remortgaging or selling, then the solicitor is personally responsible for getting rid of the old loan. He has to give an undertaking to the buyer's solicitors if selling to remove the mortgage from the title or if remortgaging then the new lender will still want the related mortgage on the property to be removed.

Lenders will only provide the discharge if they are sent the amount they require and the only way solicitor can ensure that this amount is sent is by doing it himself.

Sorry this seems un-trusting, but if thousands of pounds are at stake and he doesn't send enough then he has to make up the difference if the client can't be found or won't pay. If the individual got the figure wrong and sent the money himself then the lender might say there wasn't enough and the client could argue the issue and the solicitor would be stuck with making up the shortfall. Just not worth the hassle.