Sending deposit to Solicitor

fioney25

Hello,

I can imagine this being a really blonde question so I apologise in advance.

My partner and I are in a position to exchange contracts. We have been advised to send across our deposit via our banks "telegraphic transfer system" and not by BACs as it may not be accepted due to the large deposit.

I can imagine that there are a lot of people that send their deposit this way but I really don't know how I'm meant to do this. Do I have to log onto a banking system?

Can anyone shed any light on this for me?

Thanks

laughingcow81

Try calling your bank - we had to do it this week and they did it for us over the phone.

benjus

Traditionally CHAPS is used for this purpose. Some banks allow CHAPS transfers via their online banking systems, others require you to call or go to a branch. As long as the instruction is received by the deadline (3pm ?) it's guaranteed to be received on the same day. You'll have to pay about £25 for a CHAPS transfer.

Since Faster Payments came along, it is possible to use this instead of CHAPS. However, while they are usually instant, they are not actually guaranteed to go through on the same day and should not be used for time-critical payments. The limit for a Faster Payments transfer is £100k, but many banks impose their own, much lower, limits, so FP may not be an option for this reason.

squeeks

You can send multiple smaller faster payments if you are running close to the limits.

benjus

squeeks wrote: »

You can send multiple smaller faster payments if you are running close to the limits.

Again, depends on the bank. Some banks have a limit per day.

martinsurrey

benjus wrote: »

Again, depends on the bank. Some banks have a limit per day.

me and the mrs sent our deposit over 2 days across our 2 accounts using free faster payments.

just told the solicitor what we were doing and to expect £XXk on XX day with YY description.

mrsmazza

We sent ours by bacs, wasnt a problem.

LateStarter

My bank has a limit of 25k per day and money showed up in solicitor's account 2 days later when I used BACS for the deposit. I could have sent 120k for payment over 5 days, or spend £25 on CHAPS - money shows up same day. I chose to add £25 to the cost of the £300k house I was buying.

Everybody's situation is different.