can you pay conveyancing fees in cash

piesporterh

Does anybody know if solicitors will accept cash for conveyancing fees? or do they have a facility to swipe your debit card? We really need to complete this friday (pressure from buyers and vendors) but our money is in an internet account and we have had to transfer it to our current account. If we transfer the money to the solicitors account, it will take another three days? Any ideas anybody, we are desperate

LittleVoice

Solicitiors will accept cash - but let them know in advance. Presumably they have already done their money laundering checks on you.

Of course you could arrange telegraphic transfer for same day.

Some firms may have facility to accept payment by debit card but you would need to check with your solicitor on whether it applied to that practice.

piesporterh

thanks for your reply, it is quite a huge amount though as we are putting £10,000 deposit down plus the other fees charged. Will have to ring them first thing in the morning.

Doozergirl

You can't pay that much in cash! There are money laundering rules! My solicitor won't accept cash at all. Whne you said conveyancing fees, I literally thought you meant the fee that the solicitor is charging you, not your deposit et al!

Same day transfer will cost you £25 or so. Just call your bank!

piesporterh

Sounds like the telegraphic transfer fee is the best way to do it. do both banks and solicitors charge a fee for using this facility?

System

We were in the same boat. Managed to get it all from our internet savings account to our current account about 3 days beforehand (£86k but could only transfer £25k at a time). We then arranged a CHAPS transfer to the solicitor the day before exchange/completion.

Doozergirl

Just the bank. The telegrahic transfers you pay the solicitors are for transferring the money from your solicitor's bank onto your vendor's solicitor.

KiKi

Yeah, call your bank or go into a branch and ask to do a CHAPS transfer to your solicitors' account.

You'll need their sort code, account number and reference (if there is one). If you do it before 1100ish, it should go through by 1500. Barclays CHAPS payments cost £35 (did one recently!). You might also need a form of ID...I did because the branch I went into didn't know me. If you do it over the phone I'm sure it's fine.

golddustmedia

A CHAPS transfer is the way to go, BUT BEWARE!!!

I've now been caught out twice by this one. Barclays seem to be VERY bad at sorting them out.

I would recommend going into the bank branch first thing in the morning, doing the paperwork in person and ensure it's all "in the system" as the local branch only fax it to the relevant central department.

Then call and check back every hour.

The CHAPS system closes about 3 or 4pm so if not complete by lunchtime you run the risk that if the solicitor hasn't recieved the money in time they cannot send it back out same day so you don't complete.

I've twice had the misfortune that the money cleared to my solicitor AFTER the daily cut off for sending out new payments and had until the next business day. That's also why I would NOT do this on a Friday, as you'll be waiting until Monday/Tuesday if it goes wrong.

Where possible get faxed confirmations from your bank as to where the money is, as if the money is guaranteed in transit by the bank the solicitor may send the money out promptly or early.


Personally I think the whole thing is ridiculous!

To buy my last house:
Buyer sent money to their solicitor
Their solicitor to my solicitor
My solicitor to my bank
My bank sent mortgage money to my account
Combined money sent to solicitor for purchase
My solicitor sends money to sellers solicitor
Sellers solicitor sends money to seller.

That's 7 separate transfers for moving house! Should be able to do that electronically in minutes, it took 4 days and cost me about £300 in transfer fees and interest!