Sending a deposit. Barclays. CHAPS

davidmcn

homeless9 said:

Say it's busy at the bank and I don't have time....

Thursday is the day of exchange and completion and I have a day off work. The branch opens at 9am. Would it be that much of an issue if I went to the bank first thing that day, had arranged a CHAPS payment before 10am (which I believe it's likely it would go through more or less instantly?)......

I am only person buying, I am buying a new build. So no chain. Would it cause much of an issue if my solicitor didn't have my payment until, say, 11am on the day of completion?

In theory it should be fine. The bank transfers themselves happen instantly, it's the time taken at either end for humans to do actually process them (and notice that they've arrived) which causes any delay.

Thrugelmir

homeless9 said:

I am only person buying, I am buying a new build. So no chain. Would it cause much of an issue if my solicitor didn't have my payment until, say, 11am on the day of completion?

There's no guarantee as to when your solicitor will receive notification that the funds are in. Your solicitor likewise has to organise a CHAPS transfer for the entire purchase price before the cut-off time with their bankers. 
Cutting it all fine. 

[Deleted User]

Three threads on making this CHAPS payment and we're still not there yet.  I've read Barclays' website and I do not see that there is a limit for sending a CHAPS online.  For making a Faster Payment, yes but not CHAPS.  Have you phoned Barclays and asked them?

I wait with bated breath for the 4th instalment of the CHAPS saga.

Tiglet2

I have transferred £165,000 in one CHAPS payment from Barclays (admittedly some years ago and no pandemic to contend with).  There was a fee of £25 for Barclays to do this.  I did have to visit the branch and there were a few forms that the Bank had to complete, together with showing my ID.

It is your responsibility to make sure your solicitor has the funds in time for completion.  If the funds are not there or are late, you will be in breach of the contract (if you have exchanged).  

Misericorde

Lloyds seems to be even worse - a £20000 limit for BACS transfers and if you want to go over this or use a CHAPS payment, then you have to go into a branch. No appointments offered and at age 83 I dont fancy queueing on the pavement for hours. Am also a high risk Coronavirus category. I shall probably die before I can get my own money out of the current account and over to the solicitors.

Is there no provision for people at risk from the virus?

csgohan4

Misericorde said:

Lloyds seems to be even worse - a £20000 limit for BACS transfers and if you want to go over this or use a CHAPS payment, then you have to go into a branch. No appointments offered and at age 83 I dont fancy queueing on the pavement for hours. Am also a high risk Coronavirus category. I shall probably die before I can get my own money out of the current account and over to the solicitors.

Is there no provision for people at risk from the virus?

transfer 20k each day until you have given enough to the solicitors is an option, otherwise speak to the lender to see if they can do anything

Thrugelmir

Misericorde said:

Lloyds seems to be even worse - a £20000 limit for BACS transfers and if you want to go over this or use a CHAPS payment, then you have to go into a branch. No appointments offered and at age 83 I dont fancy queueing on the pavement for hours. Am also a high risk Coronavirus category. I shall probably die before I can get my own money out of the current account and over to the solicitors.

Is there no provision for people at risk from the virus?

£20k is more than adequate limit for normal daily transactions. It's in place to protect you. 

Misericorde

Yes, but it will take 9 days to transfer the sum involved. (£25000 per day, not as I first said.)

Their website says they will agree a higher sum, or do a CHAPS transfer, but I have to go into the branch. Being in lockdown as 'extremely vulnerable,' how can I do this? Anyone know what arrangements are made for people who are shielding?

davidmcn

Misericorde said:

Yes, but it will take 9 days to transfer the sum involved. (£25000 per day, not as I first said.)

Their website says they will agree a higher sum, or do a CHAPS transfer, but I have to go into the branch. Being in lockdown as 'extremely vulnerable,' how can I do this? Anyone know what arrangements are made for people who are shielding?

Contact them and ask? They'll have other methods of accessing services for customers with disabilities, so I expect there are means of doing it which don't require you to get to the branch.

Mickey666

Seems like a large amount for a deposit payment, though I suppose it has already been agreed so too late to change it now.

I've never agreed to the standard 10% deposit that conveyancing solicitors usually ask for.  All it really needs to be is enough to cover the sellers direct costs if the buyer pulls out after exchange.  I don't think I've ever paid more than 2.5%.  With the last house I bought the vendors solicitor insisted it had to be 10% and refused to consider anything less.  Fortunately, I had the vendor's number so called him to discuss the issue and he was quite happy with 2.5% and instructed his solicitor to accept it.  With current house prices, 10% can be a lot of money that most people don't have to hand and so have to arrange a short term loan, with all that hassle and expense, that isn't strictly necessary at all.