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How long does it take to transfer deposit to solicitor?
Bliss77
Posts: 54 Forumite
Sorry if this question has been asked before.
We are due to exchange contracts today. Solicitors did try to exchange on Friday but the bottom of the chain apparently 'were messing around' according to our solicitors.
Found out this morning that the issue is that buyers' solicitor had returned the deposit to his client because they had originally taken it a week before. They therefore need the deposit transfered all over again before exchange can happen.
His deposit will be £23K.
We must exchange today or tomorrow at latest of our chain breaks (again!) so am really worried that it is going to fall apart again unless buyer can sort of their deposit quickly.
We are due to exchange contracts today. Solicitors did try to exchange on Friday but the bottom of the chain apparently 'were messing around' according to our solicitors.
Found out this morning that the issue is that buyers' solicitor had returned the deposit to his client because they had originally taken it a week before. They therefore need the deposit transfered all over again before exchange can happen.
His deposit will be £23K.
We must exchange today or tomorrow at latest of our chain breaks (again!) so am really worried that it is going to fall apart again unless buyer can sort of their deposit quickly.
0
Comments
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Solicitors normally demand CHAPS payment which is same day as long as it's done before 2PM (iirc), so should be doable if they get on with it.
In practice, I'd be questioning why they returned the money to him when he was still planning to complete in a couple of days. If nothing else, the £25odd CHAPS fee is something I'd rather not pay twice!0 -
They could use Faster Payments, provided the amount is within their bank's limit for sending FPs (some banks still have limits as low as £10k or so).
However, FPs are not guaranteed to go through in a specific timescale, so if timing is critical CHAPS is the only sensible option.Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0 -
Did a CHAPS payment to my solicitor on Thursday for use on Friday but they received it Thursday afternoon but it cost me £23.00.0
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