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Transferring deposit to solicitor...
keira1234
Posts: 29 Forumite
We are hoping to exchange and complete on our purchase within the next 2 weeks, our deposit and fees (approx 18k) are split over three current accounts to earn interest, when the time comes to transfer to solicitor do I move it all into one account to send over in one go or send three separate amounts from different accounts?
Does it matter?
Does it matter?
0
Comments
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It doesn't matter so long as they know what to expect. My solicitor gave me a reference number that has to be attached to each money transfer and I sent them an email outlining how much was arriving as I sent it in three separate chunks.0
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Anyway you do it should not be a problem for the solicitor. Make sure you allow plenty of time.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If you are using CHAPS (the near-instant transfer) then bear in mind that each separate transfer will cost you money.
If you are using standard bank transfer, double check that you won't be breaching any daily transfer limits.0 -
If you are using standard bank transfer, double check that you won't be breaching any daily transfer limits.
Most banks allow you to transfer a maximum of £10k per day by faster payment. Make sure you quote the reference provided by your solicitor.
Make sure all money is paid well before completion to ensure no hiccups. After all, you will only lose a few pound in interest for a few days - well worth it for peace of mind IMHO.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0
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