Transferring the deposit (buying house)

homeless9

Hi,

I have been asked to transfer the deposit on a house to my solicitor by Telegraphic Transfer. I am not sure exactly what this is... I looked it up and I am guessing it is called a CHAPS Payment, is this correct?

Thanks.

greatcrested

Yes. CHAPS. Usually costs £25 - £35 depending on your bank. Same day.

But you could use Faster Payments (eg online transfer) also usually same day, though there are limits on how much (varies by bank) so you might need to do multiple transfers depending on the amount.

Either way, make 100% sure you get the destination bank details right!

homeless9

greatcrested said:

Either way, make 100% sure you get the destination bank details right!

Yeah, I am anxious about this. Although it sounds ridiculous I'd rather send the money in chunks of rather than 1 or 2 big payments as it's a large sum of money, a 50% deposit.

But I guess that would be silly and maybe more chance of messing up due to having to do 5 or more transfers.

I think I'll just set a payment up for £50, check if it goes through ok, then go to that payment click 'make another payment' and change the amount to the full amount and send. Then have my heart in my mouth for a short time.