Transferring Funds when buying

tommocov

Hi there, I'm about to complete my first property purchase.

When it comes to transferring funds, im paranoid about transferring the funds to a wrong account and not being able to recover them.

What is the safest method to pay the deposit etc and which would you say that offers you the most protection?

SmashedAvacado

Bank transfer.
Email the solicitor for their bank details
but then phone them to verify that they are correct.

Ask them to do the same in relation to any money they send to you
Don't rely on email alone / phone alone

davidmcn

No method offers you any special protection if you get the account details wrong (though you'd have to be spectacularly unlucky to accidentally use a wrong number which matches another live account and for that accountholder to run off with the money). So the answer is, get the account number right. And don't trust e.g. emails apparently from your solicitor including the bank details without separately checking them.

spo2

I submitted a small amount first of all, then rang the solicitors to check it had been received. Once I had confirmation of this, I transferred the rest

AnotherJoe

spo2 wrote: »

I submitted a small amount first of all, then rang the solicitors to check it had been received. Once I had confirmation of this, I transferred the rest

^^^^^ This. Also, don't use phone numbers from emails, use one you got directly from them.

pinkteapot

spo2 wrote: »

I submitted a small amount first of all, then rang the solicitors to check it had been received. Once I had confirmation of this, I transferred the rest

I did the same. I could hear my solicitor rolling their eyes down the phone when I said I wanted to do this, but I also had The Fear. Did the same when we bought a car too.

Benight

tommocov wrote: »

Hi there, I'm about to complete my first property purchase.

When it comes to transferring funds, im paranoid about transferring the funds to a wrong account and not being able to recover them.

What is the safest method to pay the deposit etc and which would you say that offers you the most protection?

If you are about to complete, you would have already paid the deposit, so you know the bank details. Use the same ones (unless the solicitor has told you otherwise) if you can pay the balance by BACS/Faster payments.

But it may be too much, and you need to use CHAPS.
Act quickly as the banks close shortly!

caprikid1

When I send any money to anyone I send a £1 first. When I get suitable confirmation that they have received it then I will send the rest.


In the case of large property purchases often in chunks over a week or so till its all there.


All of this goes out the window if you don't properly verify it.


If in doubt send a £1 and walk though the door and ask them to verify it !.