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Cash Buyer - Payment Question
Comments
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I found the old correspondence recently from when I bought my house in 1995. I gave the conveyancer a cheque after exchange and the day before completion which was 2 days later...... how times have changed.Make £2026 in 2026
Prolific £177.46, TCB £10.90, Everup £27.79, Roadkill £1.17
Total £217.32 10.7%Make £2025 in 2025 Total £2241.23/£2025 110.7%
Prolific £1062.50, Octopoints £6.64, TCB £492.05, Tesco Clubcard challenges £89.90, Misc Sales £321, Airtime £70, Shopmium £53.06, Everup £106.08, Zopa CB £30, Misc survey £10
Make £2024 in 2024 Total £1410/£2024 70%Make £2023 in 2023 Total: £2606.33/£2023 128.8%0 -
Assuming that the cash is in your current account, give the solicitor a cheque?0
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Last time I sent the deposit by CHAPS for a £30 fee. I went in to the branch with 2 forms of ID and the letter from the solicitor with the payment details on it. The previous time I gave the solicitor a very large cheque.0
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Did you alert them in branch or over the phone?
We went into the branch to tell them that there would be large amounts of money appearing in our bank account from various other accounts at other banks, as we were closing accounts and accumulating funds ready for a house purchase, and that we would then be transferring it to our solicitors account.
We took ID with us to the bank.Make £2026 in 2026
Prolific £177.46, TCB £10.90, Everup £27.79, Roadkill £1.17
Total £217.32 10.7%Make £2025 in 2025 Total £2241.23/£2025 110.7%
Prolific £1062.50, Octopoints £6.64, TCB £492.05, Tesco Clubcard challenges £89.90, Misc Sales £321, Airtime £70, Shopmium £53.06, Everup £106.08, Zopa CB £30, Misc survey £10
Make £2024 in 2024 Total £1410/£2024 70%Make £2023 in 2023 Total: £2606.33/£2023 128.8%0 -
I wull ne in the same position as OP.
i have booked an appointment at the bank and the instructions
given online are to bring two forms of id.
There is no mention of having to bring proof of source of funds.
Did anyone have to provide evidence of where the money was from?
Regards0 -
I am with Barclays. Online banking (no the app), allowed me £50k a day so I did transfers over a few days. Was abroad so going into bank wasn't feasible.2019 MFW No. 74 £13700/£30000 (45.66%)
12k in 2018 No. 98 £6274.19/£18000 (34.85%)
BTL (start) £97440.00 (current) £68000.00
Residential (start) £275000.00 (current) £268000.000 -
With Lloyd’s.
Go into branch, no appointment needed. Take passport or driving licence. They will do transfer.
Do not use email details from soliciitor for their bank account, these can be hacked and changed and you will sent your money to a fraudster. (Is this an urban myth?)
Lloyd’s will text you when the transfer is made, usually within two hours. No money laundering checks0 -
"Paying cash" does not mean handing over a wad of £20s. It means not needing a mortgage.
The actual payment is exactly the same as any other large payment - you can fanny about using Faster Payments, or you can spend the trivial extra and gain the speed and protection of using CHAPS. Doesn't matter if it's equity going to your solicitor, straight to the vendor's solicitor, or if it's buying a new car or speedboat or motorhome or whatever.0 -
Do not use email details from soliciitor for their bank account, these can be hacked and changed and you will sent your money to a fraudster. (Is this an urban myth?)
Unfortunately not
https://www.thetimes.co.uk/static/connected-families/conveyancing-email-scam-hackers-steal-house-deposit/
https://www.telegraph.co.uk/money/consumer-affairs/property-sellers-warned-not-to-email-solicitors-we-lost-204000/0
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