What is the best way to transfer deposit amount to the solicitor?

sam.ssrs

Hello all,

FTB here. I have a relatively bigger amount to transfer to my solicitor for my deposit. This amount is sitting in multiple different bank accounts.

What is the best way to transfer it to the solicitor?

Slithery

On my recent purchase the cheapest solution was to just transfer it using the HSBC mobile banking app, the daily limit was £25k so I did it over a couple of transactions.

Be warned that your solicitor may charge extra depending on how many transactions you make, I think mine quoted an extra £10 per transaction if there were more than two so it may make more sense to consolidate the cash in one of your accounts first depending on the figures.

Check out the prices that your bank(s) quote for different payment methods with higher limits as well, but really without knowing your exact circumstances in more detail it's impossible to advise one way or another as it depends on so many unknown (to us) factors.

G_M

Depends on the multiple different accounts and the amounts involved.


If most are in savings acounts and can be easily transferred into your 'linked' current account, then get all the £ together there. Then either


* pay £25 /£35 for a Telegraohic Transfer for the full amount to the solicitor or
* trasfer it in smaller amounts by 'Faster Payments' depending on your current account's limits for such transactions (£10K per transaction? £10K per day? £20K per day? whatever)

AnotherJoe

Make very very sure to whom you are transferring. Don't accept emails telling you what the bank details are. Start with the initial details they give you on paper (especially if you visited) otherwise phone them and ask, and even then I'd first transfera small amount, phone and ask if they've got it before sending the main amount. And then I'd call again to check.

davidmcn

Slithery wrote: »

your solicitor may charge extra depending on how many transactions you make, I think mine quoted an extra £10 per transaction if there were more than two

A charge to receive payments? That's cunning. *makes a note*

G_M

davidmcn wrote: »

....That's cunning. *makes a note*

Oh dear! This site is becoming a resource for moneyextractingexperts........


:eek::eek:

Finchy2018

I did mine yesterday - split over 2 payments so it wasn't a CHAPS but just went into branch and they sent the money for me.

agrinnall

I would be inclined to transfer it all into one of your accounts then transfer from there to your solicitor. If you have an account with a bank that has a large limit, or allows multiple transfers per day, then you can use the Fater Payments System, otherwise you might want to consider spending a relatively small sum (around £30) on a CHAPS payment which will ensure it all gets to the destination the same day, if it's done before the cut off time.

Sanne

I’ve done mine using CHAPS - if you have multiple current accounts check the fees, I’ve ended up paying £20 with one, my main bank wanted £30. Transfer all into that one account first, might need to be done over a couple of days depending on limits.

bertiewhite

I have simply used online banking to transfer the money from my Halifax account to the solicitors account and like Slithery, I had to do it in separate amounts as not to exceed the daily limit.

I have not been charged for doing it this way and I would have argued the point if I had as it was the solicitors preferred method.

pinklady21

If you are consolidating into one bank account, just make sure you leave sufficient time for the cash to arrive in the account so that you can then send it to the solicitors.
I had a bit of a nail biting few days when my bank informed me that the Building Society cheques I was paying in on a Monday to arrive in my account by Friday, may not have cleared in time.....
I could have sent the money from the building societies directly to the solicitors via CHAPS, but thought there was enough time, and didn't want to pay a fee to move my own money if I didn't have to!
In the end, despite my bank claiming that they could not guarantee the cheques would clear in time, they did, and the payment was made by the bank via CHAPS so only one fee to pay overall.
Best of luck.