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payment to solicitors from diffefent accounts

Hello,

I would like to know if solicitors accept payments for a house purchase from different accounts or if you had to group all fhe money into one current account and then send it over via chaps.

Regards

Comments

  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    That shouldn't be a problem.

    Though it would make more sense for you to ask your solicitor what their requirements are.
  • eddddy
    eddddy Posts: 17,508 Forumite
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    MarcoM wrote: »
    Hello,

    I would like to know if solicitors accept payments for a house purchase from different accounts or if you had to group all fhe money into one current account and then send it over via chaps.

    Regards

    Are all the accounts in your name?

    Because, if not, this happened to somebody I know recently:
    • The buyer's wife transferred funds to the solicitor from her own account (rather than coming from buyer's account).
    • So the solicitor insisted on AML checks on the wife - which proved difficult (she was abroad).
    • In the meantime, the money sat in limbo - the solicitor would not accept it, and would not return it, without AML checks. (Exchange of contracts was delayed as a result)
  • MarcoM
    MarcoM Posts: 802 Forumite
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    eddddy wrote: »
    Are all the accounts in your name?

    Because, if not, this happened to somebody I know recently:
    • The buyer's wife transferred funds to the solicitor from her own account (rather than coming from buyer's account).
    • So the solicitor insisted on AML checks on the wife - which proved difficult (she was abroad).
    • In the meantime, the money sat in limbo - the solicitor would not accept it, and would not return it, without AML checks. (Exchange of contracts was delayed as a result)


    this AML seems to be a right pain thats why i asked.
    Do you know what the AML check consisted of?
  • Slinky
    Slinky Posts: 10,683 Forumite
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    We contacted one bank and told them we were buying a house and would be moving unusual amounts of money into our account. As they knew this was a temporary thing, we ended up having more than £85K in their account but they extended additional protection to our money in the event of a bank collapse.


    We then transferred money from all sorts of accounts we held into that one account and from there onto the solicitor.
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  • MarcoM
    MarcoM Posts: 802 Forumite
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    Slinky wrote: »
    We contacted one bank and told them we were buying a house and would be moving unusual amounts of money into our account. As they knew this was a temporary thing, we ended up having more than £85K in their account but they extended additional protection to our money in the event of a bank collapse.


    We then transferred money from all sorts of accounts we held into that one account and from there onto the solicitor.





    slinky die the solicitor insist the money all came from one account?
  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    A recent thread with exactly the same question...
    https://forums.moneysavingexpert.com/discussion/comment/75049738#Comment_75049738
    Slithery wrote:
    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
    G_M Posts: 51,977 Forumite
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    Slinky wrote: »
    We contacted one bank and told them we were buying a house and would be moving unusual amounts of money into our account. As they knew this was a temporary thing, we ended up having more than £85K in their account but they extended additional protection to our money in the event of a bank collapse.
    Your bank does not provide the protection.
    Your bank did not 'extend' the protection.
    Protection comes from the FSCS.
    The FSCS provides protection up to £1m for temporary high balances.
  • Slinky
    Slinky Posts: 10,683 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    MarcoM wrote: »
    slinky die the solicitor insist the money all came from one account?


    I don't recall if they insisted, it was just easier from our point of view to collect it all in one place. Most of the other accounts the money came from insisted that it go to an account in our name, so we couldn't just close an account and get them to transfer the balance to the solicitor.



    Our solicitor didn't make any extra charges for receiving the money in lumps.
    Make £2024 in 2024
    Prolific £907.37, Chase Interest £59.97, Chase roundup interest £3.55, Chase CB £122.88, Roadkill £1.30, Octopus referral reward £50, Octopoints £70.46, Topcashback £112.03, Shopmium referral £3, Iceland bonus £4, Ipsos survey £20, Misc Sales £55.44
    Total £1410/£2024  70%

    Make £2023 in 2023  Total: £2606.33/£2023  128.8%

  • Sanne
    Sanne Posts: 523 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    When I asked our solicitor she said the money could come from a number of accounts (all were in my name), however, to make it easier, I transferred them all into one and then over to her.

    As the money was previously held across three accounts I still had to show proof of this for AML purposed thoigh.
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