Cash Buyer - Payment Question

Stuart-84 · 10 May 2019 at 12:51PM

Hi,

I'm currently in the process of buying a flat, for which I'll be paying cash. As such, I just wondered if anyone who has done something similar could confirm how exactly one goes about actually making a payment of that size when the time comes, or what the easiest way is, given that it exceeds the daily payment limits of online banking.

I've tried looking through the Barclays website (my main bank) for details on this, but can't seem to find anything useful. I realise it may vary from one bank to another, but generally speaking would it just be a case of going into your branch and doing this with the person on the service desk? Or is it preferable to book an appointment with someone? Presumably they will require some ID, but is there anything else you're likely to need, besides obviously the payment details?

Any help would be appreciated.

Thanks

xylophone · 10 May 2019 at 12:54PM

I'm currently in the process of buying a flat,

You aren't using a solicitor and neither is the other party?

davidmcn · 10 May 2019 at 1:00PM

If it's outside online limits then it's possible they can do it over the phone (possibly with extra security questions, callback to a known number etc). Don't know what Barclays' policy is though.

stripeyfox · 10 May 2019 at 1:01PM

doesn't your solicitor take care of the transfer of funds?

davidmcn · 10 May 2019 at 1:02PM

stripeyfox wrote: »

doesn't your solicitor take care of the transfer of funds?

You need to transfer your funds to your solicitor first though.

SmashedAvacado · 10 May 2019 at 1:04PM

The large payments team at your bank will help. You will pay a fee (around £40) and they will do some additional security checks - and you send to your solicitors.

Or

Drop a cheque at your solicitors (in person)

Slinky · 10 May 2019 at 1:42PM

We paid cash and transferred it to the solicitors over lots of transactions on consecutive days of £20K per time. We had alerted our bank in advance that we would be doing this.

sgun · 10 May 2019 at 1:46PM

Slinky wrote: »

We paid cash and transferred it to the solicitors over lots of transactions on consecutive days of £20K per time. We had alerted our bank in advance that we would be doing this.

we did the same although Santender allows up to £100,000 over the phone in one transaction so that was very handy.

Yellow_mango · 10 May 2019 at 2:06PM

I’m with Barclays and needed to go into branch (with ID) to transfer the exchange funds (deposit / stamp duty / fees) to the solicitor.

Stuart-84 · 10 May 2019 at 2:42PM

Thanks for the responses - to confirm, I am indeed using a solicitor (it was the transfer to them that I was referring to). Spreading the payments out over multiple days does sound like a good way of doing it, though in my case I don't think I'll have enough time for this. It seems like just popping into the local branch will be the way to go.

AnotherJoe · 10 May 2019 at 4:41PM

I did this in 2007 froma Barclays account, I don't recall how I transferred the money but it was painless enough I canT recall it But I'm sure I didn't send lots of £20k transactions. All done via solicitor so I'm guessing it was either BACS ora cheque. Solicitor was local so I could easily have taken the cheque to them.